MG International: Decrease in Turnover in the 1st Half of 2024

MG International, a major player in the field of swimming pool equipment, announced a drop in its turnover of 18% in the first half of 2024, reaching 44.4 million euros. This decrease follows several years of growth due to the health crisis.

Operating profit fell by 30% to reach 3 million euros, while net profit suffered the same drop, standing at 2.7 million euros. This period marks a slowdown for the entire private pool industry.

However, the Poseidon branch, dedicated to the safety of public swimming pools, showed an increase of 20%, reaching 2 million euros in turnover. The company maintains its gross margin rate stable thanks to pricing measures and rigorous cost management.

The company's balance sheet recorded a slight decrease, from 67.2 million euros to 59 million euros, due to a reduction in trade receivables and better inventory management.

MG International is cautious for the second half, anticipating a slowdown in the downward trend but without hope of significant growth. Seasonality and market wait-and-see behavior should limit performance at the end of 2024.