Thermador Groupe Reports H1 2024 Financial Results

Thermador Groupe has announced its financial results for the first half of 2024, revealing a 16.1% decline in turnover compared to the previous year. The group's total revenue amounted to €271.5 million, down from €323.7 million in 2023. Their subsidiaries' performance varied significantly, with Thermador seeing a notable drop of 34.7%, and Isocel experiencing a 44.2% decline.

The difficult market conditions have also impacted the group's profitability. The current operating income fell by 27.8% to €34.1 million, while the net profit attributable to the group decreased by 26.6%, reaching €25.3 million. Despite these setbacks, Thermador Groupe continues to maintain a strong financial structure, with a cash position of €47.7 million and bank debt of €33 million.

The group attributes the disappointing results to multiple factors, including a subdued energy renovation market, heavy rainfall affecting sales for Jetly and Odrea, and declining DIY market performance. Additionally, price reductions averaging 2.5% had an impact on the overall turnover.

Looking ahead, Thermador Groupe remains confident in its long-term development strategy and anticipates a stabilization in the energy renovation drive by January 2025. The group also recently signed a memorandum of understanding to acquire Compteur-energie.com, OTMetric, and MyMeterInfo, showing its commitment to future growth.

Despite the current challenges, the group remains optimistic about its business model and resilient to market fluctuations. Thermador Groupe has reassured its shareholders of its intention to maintain dividends in line with historical practices.