Glaston Corporation unveils promising financial results for the year 2023, showcasing a consistent uptrend in profitability.
Glaston Corporation marks a robust financial performance throughout 2023, as revealed in its comprehensive Financial Statement Bulletin for the year. The report highlights a noteworthy improvement in profitability and strategic initiatives undertaken by the company. The complete bulletin, including detailed financial information, is available in a downloadable PDF format attached to this release and on the company’s official website at www.glaston.net.
As of October 1, 2023, Glaston adopts a new reporting structure with two segments: Architecture and Mobility, Display & Solar. The Services business is included within these reporting segments, and comparative information according to the updated structure was released on November 24, 2023.
October–December 2023 Highlights:
- Orders received amounted to EUR 57.6 million.
- Net sales reached EUR 59.7 million.
- Comparable EBITA stood at EUR 4.6 million, representing 7.6% of net sales.
- The operating result (EBIT) achieved EUR 2.7 million.
- Cash flow from operating activities saw a significant increase to EUR 13.1 million.
- Comparable earnings per share amounted to EUR 0.039.
January–December 2023 Overview:
- Orders received totaled EUR 220.3 million.
- Net sales amounted to EUR 219.7 million.
- Comparable EBITA reached EUR 14.9 million, accounting for 6.8% of net sales.
- The operating result (EBIT) achieved EUR 8.1 million.
- Comparable earnings per share were EUR 0.104.
- The Board of Directors proposes a capital repayment of EUR 0.05 per share.
Outlook for 2024: Glaston anticipates a gradual recovery in the architectural glass processing equipment markets in 2024, with early signs of increased market activity. While Europe is expected to see a recovery towards the end of the year, the Americas will likely maintain current demand levels. In China, the Architectural market is predicted to sustain reasonable demand, and positive developments in the Mobility market are expected to continue, particularly driven by China. However, higher-than-normal uncertainty persists due to global economic challenges and geopolitical tensions.
Despite starting 2024 with a lower order backlog, Glaston Corporation estimates that net sales and comparable EBITA will remain stable or experience a slight increase throughout the year, building on the levels reported for 2023.
Interim CEO Antti Kaunonen’s Reflections: Antti Kaunonen, Interim CEO of Glaston Corporation, reflects on the achievements and challenges of 2023. Despite market uncertainties, the year showcased steady progress for Glaston, with varying developments in glass processing equipment markets. Notably, the Mobility market, especially in China, experienced positive growth, while the Architectural market faced slowdowns due to reduced construction activity in several regions.
The article delves into the company’s strategy execution, organizational changes, and investments in product development, with a focus on automation and sustainability. Glaston’s commitment to science-based emission reduction targets, safety, and employee engagement is emphasized.
Kaunonen concludes by sharing Glaston’s revised strategy for 2024, adjusting the timeframe for strategic targets to the medium term (3−5 years) and updating net sales and ROCE targets. Despite global economic shifts, the outlook for 2024 remains optimistic, with early signs of recovery in the Architectural market and continued positive developments in the Mobility market, particularly in China.
Source:Glaston Corporation with additional information added by GlassBalkan
