Summary:
Gabriel’s realised revenue and operating profit (EBIT) for the first half of the 2022/23 financial year were at the lower end of the company’s expectations. On that basis, the expectations for the full 2022/23 financial year were adjusted on 24 April 2023.
However, continued investment in the growth strategy contributes to the judgment that revenue development in the first half-year is above the general market trend, thus supporting the expectations for future growth.
The following selected financial highlights were realised in the first half-year:
- Group revenue was DKK 492.0 million (DKK 522.8 million)
- Earnings before depreciation, amortisation and impairment losses (EBITDA) were DKK 44.5 million (DKK 64.1 million)
- Operating profit (EBIT) was DKK 21.2 million (DKK 44.0 million)
- Profit before tax was DKK 13.4 million (DKK 46.6 million)
- Return on invested capital was 4.9% (19.6%)
- Operating margin was 4.3% (8.4%).
Expectations for the 2022/23 financial year:
In the annual report for 2021/22, management stated that it expected revenue of the order of DKK 1,000 - 1,100 million and operating profit (EBIT) of the order of DKK 50 - 60 million.
Given that realised revenue and operating profit (EBIT) were at the lower end of the company’s expectations, and as a result of major and continuing market uncertainties, the ranges for the full year were adjusted as follows on 24 April 2023:
After the first six months of the year, expectations are revenue of the order of DKK 950 - 1,050 million (DKK 1,065 million in 2021/22) and operating profit (EBIT) of the order of DKK 35 - 50 million (DKK 64.9 million in 2021/22).
Management continues to believe that revenue and profit in the current financial year 2022/23 will be challenged by the international political situation, foreign exchange and interest rate fluctuations, energy supply and inflation and the resulting market and logistical difficulties and uncertainties.
A high level of uncertainty thus still surrounds our expectations for the year.
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