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Glaston: Second-quarter order intake and profitability holding up

Glaston Corporation has released its half year January-June 2023 financial report. The complete report is available here. The release is also available on the company’s website.

April–June 2023 in brief

  • Orders received totaled EUR 53.6 (56.2) million
  • Net sales totalled EUR 55.2 (53.5) million
  • Comparable EBITA was EUR 3.4 (3.5) million, i.e. 6.2 (6.6) percent of net sales
  • The operating result (EBIT) was EUR 1.9 (1.8) million
  • Comparable earnings per share were EUR 0.020 (0.016)

January-June 2023 in brief

  • Orders received totalled EUR 110.5 (115.2) million
  • Net sales totalled EUR 106.5 (105.8) million
  • Comparable EBITA was EUR 6.4 (7.0) million, i.e. 6.0 (6.6) percent of net sales
  • The operating result (EBIT) was EUR 3.8 (4.0) million
  • Comparable earnings per share were EUR 0.039 (0.037)

Glaston specifies outlook for 2023
In the first half of 2023, signs of increasing market uncertainty and more cautious customer behaviour were visible. Due to the slowdown in the architectural market, the demand environment is expected to be softer in Europe and China during the rest of the year, while demand prospects are better in the Americas. Despite the softening of the markets, demand continues to be supported by the strong mega-trends driving interest in energy-efficient glass solutions.

In 2023, Glaston has continued to focus on the execution of its strategy, which will incur costs and capital expenditure ahead of the effect on revenue growth. With ongoing geopolitical tensions and increasing uncertainty in the global business environment, a higher-than-normal level of unpredictability is related to customers’ investment decisions.

Glaston’s net sales and profitability development in 2023 continue to be supported by a healthy order backlog.

Despite the prevailing uncertainties, Glaston Corporation estimates that its net sales will increase in 2023 from the levels reported for 2022 and specifies its outlook for comparable EBITA, which is estimated to increase to EUR 13.7−15.7 million. In 2022, the Group’s full-year net sales totaled EUR 213.5 million and comparable EBITA was EUR 13.6 million.

(Previous outlook: Glaston Corporation estimates that its net sales and comparable EBITA will improve in 2023 from the levels reported for 2022.)

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