Today, Nilfisk is presenting its first quarter results, with revenue of 259.0 mEUR – an increase of 1% compared with the first quarter of 2023. Organic growth was 3.7% and the EBITDA margin before special items was 13.2%. In addition, Nilfisk delivered a significant increase in gross margin in the first quarter of 2024. Gross margin was 41.8%, compared with 40.2% in the same period last year. This is due to a favorable product mix, volume growth, and careful management of prices and discounts.
René Svendsen-Tune, Nilfisk’s CEO, commented on the results:
- We delivered a solid set of results in the first quarter of 2024. We experienced a stabilization in EMEA and a positive change in momentum in US. That means we have seen an organic growth in demand, in particular in our Professional Business. We also saw growth in our Service Business, and our Consumer Business saw significant progress.
New products launched in Amsterdam
During 2024 Nilfisk will launch a series of new products from the next generation of cleaning machines, with an increased focus on sustainability, ergonomics, and technology. The first new products are being presented at the Interclean trade fair in Amsterdam May 14-17. Nilfisk will also participate in the ISSA trade fair in Las Vegas in November 2024 with more new product launches.
Expectations for 2024
Nilfisk confirms the financial expectations for 2024 that were communicated in the company’s 2023 annual report. Organic revenue growth is expected to be between 3% and 6% in 2024, and the EBITDA margin before special items is expected to be between 13% and 15%.
CAPEX spend is expected to be about 4 % of revenue, with more than half of that amount directed towards product investment.
Key figures
mEUR | Q1 2024 | Q1 2023 |
Revenue | 259.0 | 256.4 |
Organic growth | 3.7 % | -2.0 % |
Gross margin | 41.8 % | 40.2 % |
Overhead cost | 89.4 | 89.9 |
Overhead cost ratio | 34.5 % | 35.1 % |
EBITDA before special items | 34.2 | 28.1 |
EBITDA margin before special items | 13.2% | 11.0% |
CAPEX ratio | 4.9% | 2.6% |
Free cash flow | -7.4 | 13.1 |
Net interest-bearing debt | 267.3 | 317.9 |
Financial gearing | 1.9x | 2.4x |
Press contact
Nynne Jespersen Lee
Head of Group Communication
M: +45 42310007
E: njespersen@nilfisk.com
About Nilfisk
Nilfisk was founded in 1906 by the Danish engineer P.A. Fisker. Today the company is a world-leading global provider of professional cleaning equipment and services. More than 90% of sales are to professionals while the remaining part of the business aimed at consumers covers floorcare equipment, vacuum cleaners, and high-pressure washers.
Nilfisk’s products and services are sold in more than 100 countries and produced at 9 manufacturing sites across the globe. The main production facilities are in the US, Mexico, Hungary, Italy, and China. A total of approximately 4,700 employees secured revenue of 1,033.6 mEUR in 2023. The largest single market is the US covering 30% of revenue in 2023, followed by Germany (14%), France (10%), Denmark (6%) and the UK (4%).
