BARCELONA, 26 Oct. (EUROPA PRESS) -
Fluidra recorded sales of 1,623 million euros between January and September, 16% less than the same period last year, "standing within the expected range," as reported by the company in a statement.
The gross operating result (Ebitda) was 366 million, which reflects the decrease in sales but also a higher gross margin and the support of the company's simplification program.
The multinational pool and wellness company assesses that the result is "within expectations, with an improvement in the trend in the third quarter, in a difficult commercial environment."
Fluidra's net cash profit fell to 180 million euros, due to lower operating performance, while net profit was 108 million.
In the third quarter, the company focused on cash generation, "with progress in reducing working capital and net debt," and in July it completed the acquisition of Meranus and the first payment of the dividend.
In Europe, the pace of sales decline slowed down in the third quarter, because the inventory adjustment in the channel in this region was practically completed in the first half, but in North America this adjustment lasted one more quarter.
Commercial Pool sales continued to grow in the first nine months of the year, supported by the recovery of tourist activity.
Fluidra maintains its objectives for this year: it expects sales of 2,000 to 2,100 million, an Ebitda of 410 to 450, and a net cash profit per share of 0.95 to 1.15 euros.
The executive president of Fluidra, Eloi Planes, considers that these are "good results in a difficult context" and that leaving behind the inventory correction in the channel is positive for the normalization of the sector.
He added that his Simplification Program to improve margins "is progressing at a good pace" and that he is confident in the attractiveness of the sector and in Fluidra's ability to create value for its stakeholders.