Eagle Filters Group Oyj
Company Announcement
Eagle Filters Group Half-year review 1 January –
This release is a summary of Eagle Filters Group Oyj´s Half-year review January -
HIGHLIGHTS OF THE REVIEW PERIOD
JANUARY – JUNE 2023
Revenue increased by 108 % and amounted to
EUR 3.4 (1.6) million.Order intake increased by 66 % and amounted to
EUR 2.2 (1.3) million.Order backlog amounted to
EUR 2.4 (1.1) million at the end of the period.EBITDA was
EUR -0.5 (-0.9) million.
Eagle Filters Group Oyj
Eagle Filters Group operating costs decreased by 26% compared to the comparison period, as measures taken on cost savings are starting to take effect.Eagle Filters Group´s operating result was
EUR -389 (-483) thousand. Net result amounted toEUR -1 979 (147) thousandEagle Filters Group recorded impairments of approximatelyEUR -1.5 million related toNuuka Solutions Oy . After the aforementioned impairment,Eagle Filters Group has written off all of itsVenture Holdings and will continue to focus solely on Eagle Filters Oy´s business.During the review period
Eagle Filters Group carried out share issues amounting to approximatelyEUR 1.7 million .Despite improved EBITDA of
Eagle Filters Oy and lower cost structure ofEagle Filters Group , a need to secure new funding continues for H2 2023.
Eagle Filters Group´s description of risks and uncertainties is included in the complete report which is attached to this release as a pdf file
KEY FIGURES – EAGLE FILTERS GROUP
EUR '000 | 1–6 / 2023 | 1–6 / 2022 | 1–12 / 2022 |
Turnover | 30 | 80 | 110 |
Operating result | -389 | -483 | -839 |
Operating result / turnover (%) | Neg. | Neg. | Neg. |
Result for the financial period | -1 979 | 147 | -1 232 |
Earnings per share (EUR) | -0.02 | 0.00 | -0.02 |
Shareholders’ equity at the end of the period | 12 236 | 12 218 | 12 565 |
Equity ratio | 69.6 % | 74.1 % | 71.0 % |
Net debt | 3 369 | 2 884 | 2 634 |
Head count at the end of the review period | 4 | 4 | 4 |
Salaries | 123 | 119 | 249 |
CEO´S REVIEW
The first half of the year was a period of strong revenue growth. We grew revenue over 100% compared to H1 2022. Growth came both from existing customers and new customers all over the world. Group level costs kept decreasing as a result of cost cutting actions. Operations are now centralized at Kotka and the cost base in the
Strong growth typically also means recruitment of new people and increased logistics and processes. We were able to improve EBITDA during H1, but at the same time we also experienced some setbacks in the form of inbound material delays as well as manufacturing quality related customer complaints negatively impacting profitability.
Advanced materials development progressed and after years of effort, new high performance filter media products were introduced. These materials will be used both to increase the gas turbine filter business profitability as well as sold externally, with HVAC customers as the initial focus. First samples of the new material to potential customers in
FINANCIAL TARGETS AND OUTLOOK
The company’s management estimates that due to the special circumstances caused by Russia’s war on
For more information:
About Eagle Filters Group Oyj
Eagle provides high performance filtration solutions that cut CO2 emissions and increase profitability of the energy industry. Eagle’s technology improves performance and energy efficiency while cutting costs. The technology is being used by some of the world’s largest energy utilities.
The company group is listed on First North Growth Market Finland under the ticker EAGLE.
www.eaglefiltersgroup.com
Attachments
- Download announcement as PDF.pdf
- Eagle_Filters_Group_Oyj_Half-year_review_2023.pdf
© STT Info Finland, source