Belysse, a textile floor covering manufacturer, reports a lower revenue in the first quarter of 2024 but manages to increase profitability. Revenue fell by 8.3 percent year-on-year to 70.3 million euros, with an organic decline of 7.8 percent. Revenue in the United States dropped by 11.3 percent, and in Europe, there was a decline of 5.5 percent.
The weaker activity in the project-driven business of Bentley Mills and a reduced market demand in the European Residential segment are cited as reasons for the revenue decline. However, the Commercial segment in Europe achieved stable revenue.
Although specific figures are not released, Belysse reports that the adjusted EBITDA and the EBITDA margin "strongly" improve year-on-year. The results in Europe significantly improve due to lower costs of goods sold and fixed costs. In the US, Belysse manages to offset the negative impact of lower volumes with lower fixed costs.
Thanks to higher adjusted EBITDA in both regions, Belysse manages to reduce the debt ratio well below 4.
Source: Belysse Group