Inside information, profit warning: KH Group Plc lowers its guidance for 2024
KH Group Plc
Inside information, 9 August 2024 at 9.50 am EEST
Inside information, profit warning: KH Group Plc lowers its guidance for 2024
KH Group Plc lowers its guidance for 2024.
In connection with the stock exchange release on 7 June 2024 regarding the sale of HTJ, the company updated its pro forma guidance for 2024 as follows: net sales of EUR 370–390 million and operating profit of EUR 9–13 million including the capital gain from Indoor’s real estate sale in Estonia. The previous guidance given on 30 April 2024 was updated only by excluding the discontinued HTJ figures from the earlier net sales and operating profit estimates. At the same time the company communicated that in the future all HTJ financials will be reported as discontinued operations.
According to the updated guidance, the company estimates, with the current Group structure, to reach pro forma net sales of EUR 340–360 million and operating profit of EUR 4–7 million in 2024.
The lowering of the guidance is based on lower-than-expected net sales and operating profit in Indoor Group both in the first and second half of year 2024. General market uncertainty, labour union strikes in Finland and the implementation of Indoor Group’s new ERP system have negative impacts on KH Group’s net sales and operating profit. The furniture market environment is not expected to improve during the second half of 2024.
For the Q2 2024, KH Group is expected to fall short of the pro forma figures of the comparison period. In the comparison period Q2 2023, excluding the discontinued HTJ figures, pro forma net sales was EUR 93.2 million and operating profit was EUR 0.3 million.
The company will publish its January–June 2024 Half-Year Report on Friday, 16 August 2024.
KH GROUP PLC
FURTHER INFORMATION:
CEO Ville Nikulainen, tel. +358 40 045 9343
DISTRIBUTION:
Nasdaq Helsinki Ltd
Major media
www.khgroup.com
KH Group Plc is a Nordic conglomerate operating in business areas of KH-Koneet, Indoor Group and Nordic Rescue Group. We are a leading supplier of construction and earth-moving equipment, furniture and interior decoration retailer as well as rescue vehicle manufacturer. The objective of our strategy is to create an industrial group around the business of KH-Koneet. KH Group’s share is listed on Nasdaq Helsinki.
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