Profoto shows lower sales for 2023
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Swedish lighting equipment manufacturer Profoto Holding AG reported sales for the full year 2023 totaled SEK 787m (848), which was 7 percent lower than the previous year. In the fourth quarter, sales decreased by 12 percent compared to the corresponding period the previous year to SEK 204m (230). Despite the lower sales level, the company reached its profitability target, as the EBIT margin was 25 percent in the quarter and 26 percent for the full year.
| Oct-Dec 2023 | Oct-Dec 2022 | Full year 2023 | Full year 2022 | |
| Net sales, SEKm | 204 | 230 | 787 | 848 |
| Net sales pro forma, SEKm | – | – | – | 872 |
| Organic growth, % | -10.1 | -12.5 | -12.6 | -0.8 |
| EBITA, SEKm | 63 | 95 | 258 | 299 |
| EBITA margin, % | 31.0 | 41.1 | 32.8 | 35.3 |
| EBIT, SEKm | 51 | 80 | 204 | 249 |
| EBIT pro forma, SEKm | – | – | – | 249 |
| EBIT margin, % | 25.0 | 34.9 | 26.0 | 29.3 |
| EBIT margin pro forma, % | – | – | – | 28.6 |
| Adjusted EBIT, SEKm | 51 | 80 | 204 | 257 |
| Adjusted EBIT margin, % | 25.0 | 34.9 | 26.0 | 30.3 |
| Profit/loss for the period, SEKm | 37 | 65 | 155 | 194 |
| Cash flow from operating activities, SEKm | 65 | 80 | 211 | 236 |
| Net debt, SEKm | 44 | 4 | 44 | 4 |
| Net debt/EBITDA LTM | 0.16 | 0.01 | 0.16 | 0.01 |
| Return on capital employed, % | 37.9 | 52.6 | 37.9 | 52.6 |
| Return on operating capital, % | 49.0 | 84.3 | 49.0 | 84.3 |
| Earnings per share, SEK | 0.92 | 1.61 | 3.88 | 4.85 |
The company attributes part of its slower growth to “the macroeconomic and geopolitical climate negatively impacting consumer spending and thus our customers’ willingness to invest,” as well as having no major product launches in 2023. Profoto has ramped up its marketing efforts and intends to return to its historical trend of one or two product launches a year.