| Key Figures (€ million – Pro Forma) | ||
|---|---|---|
| First quarter ended 31.3 | ||
| 2020 | 2019 | |
| Sales | 315.8 | 313.1 |
| Of Which: | ||
| Southern Europe | 94 | 109 |
| Rest of Europe | 56 | 51 |
| North America | 104 | 89 |
| Rest of the World | 62 | 64 |
| Cost of Sales | 145.9 | 145.0 |
| Gross Profit | 169.9 | 168.1 |
| Operating Expenses | 116.6 | 117.6 |
| EBITDA | 51.4 | 50.0 |
| EBITA | 35.9 | 35.0 |
| Net Profit/(Loss) | 1.6 | (2.6) |
Source: Fluidra Q1 2020 results.
COMMENT
Spanish swimming pool water treatment specialist Fluidra has posted sales for its first quarter of fiscal 2020 of E315.8 million, up 0.9% on the year prior.
The company reported that sales growth had been in the double-digits for both January and February prior to being impacted by Covid-19 in March. Southern Europe was the region most significantly affected by the pandemic with countries such as Italy, France and Spain experiencing high confinement measures in the second half of March, resulting in the sector's sales falling 13.8% on the year-earlier to E94 million. In contrast, North American sales were up 16.9% at E104 million.
The company's main product segment, Pool & Wellness, saw its sales increase 1.4% on the year earlier quarter to E306 million. The best performing of the segment's four business units was Commercial Pool where sales rose 11.5% to E26 million with good growth in Eastern Europe, the Middle East and Asia. The Residential Pool business unit also registered an increase, with sales up 1.4% to E219 million led by gas heaters and lighting equipment.
In contrast, the Fluid Handling business unit saw revenues decline 1.5% to E19 million and the Pool Water Treatment business unit by 2.6% to E42 million with Covid-19 having a noticeable impact in both cases.
Fluidra's second operating segment, Irrigation, Industrial & Others, saw its revenues fall 13.6% on the fiscal 2019 comparator period to E10 million.
Fluidra's EBITDA rose 2.9% on the year earlier to E51.4 million, while it registered a net profit of E1.6 million compared with a E2.6 million loss in the same period in 2019. The company said cost synergies and other margin improvement initiatives had driven the improvements.
“This has been a very positive first quarter if we take into account the context in which we have been operating worldwide,” Fluidra's executive chair Eloi Planes, said.