WindowMaster: Downgrades 2023 guidance following lower order intake and revenue than expected
Today, WindowMaster has downgraded its 2023 guidance following a lower order intake and revenue than expected in the first four months of 2023.
The company now expects revenue in the range of DKK 240-250m (before DKK 260-270m) and EBITDA in the range of DKK 14-19m (before DKK 23-28m) in 2023. This corresponds to a decline in the revenue range of approx. -7.5% (midpoint in range now compared to before) and a decline in the EBITDA range of approx. -35% (midpoint in range now compared to before).
WindowMaster’s lower order intake is primarily related to one of WindowMaster’s big OEM customers where the order intake has declined to index 59 compared to the budget, explained by the market situation of the customer. The missing order intake and revenue are not expected to be recovered in 2023.
WindowMaster also comments that decision-making has been postponed, both for projects in the pipeline and orders in the backlog, mainly in North America and the United Kingdom. However, projects are still active despite being delayed. WindowMaster does not expect to adjust the fixed costs and the organization, as the current situation is assessed to be a transient correction in the market, and there is limited availability of skilled labor.
In the announcement, WindowMaster also comments that the remaining part of the business, both Over-The-Counter sales and the Service business, remains fully intact and in line with expectations.
Earlier today, WindowMaster announced that the company received a supplementary project order for the provision of controls for 436 solar shades in the winter gardens at Mary Elizabeth’s Hospital – Rigshospitalet for Children, Teens and Expecting Families. Following this supplementary order, the total order for this project is now one of the largest in WindowMaster’s history.
Read more about the downgrade announcement here: https://view.news.eu.nasdaq.com/view?id=b0234641033ffa0c1527dd11d3b17599a&lang=en&src=listed
Read more about the supplementary project order investor news here: https://view.news.eu.nasdaq.com/view?id=bbeb9526eb2d2122721937bfcee400fa9&lang=en&src=listed
HC Andersen Capital receives payment from WindowMaster for a Digital IR/Corporate Visibility subscription agreement. /Kasper Lihn 16:00, 12 May 2023.
WindowMaster International
WindowMaster International är en leverantör av kontrollsystem- och automatiserade lösningar. Genom bolagets teknik möjliggörs automatiserad hantering av innertemperatur via sensorsystem som levereras till kundernas fastigheter. Exempel på produkter inkluderar brandlarm, regnsensorer och värmesystem. Bolagets kunder består av små- och medelstora företagskunder inom varierande sektorer. Störst verksamhet återfinns inom den nordiska marknaden.
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