WindowMaster: Confirms 2023 guidance with continued growth
By Kasper Lihn
Today, WindowMaster has announced its annual report for 2022. In 2022, revenue grew 14% to DKK 241m, order intake grew 14% to DKK 257m, and EBITDA grew 71% to DKK 17m.
Revenue growth was driven by price increases, and partly from higher volumes from project sales and service contracts in line with WindowMaster’s ‘Accelerate Core’ strategy. WindowMaster also comments that the growth in order intake is supported by a continued focus on energy efficiency and a healthy indoor climate in buildings. EBITDA is positively affected by the increased revenue as well as operational leverage.
WindowMaster’s initial guidance for 2022 was revenue of DKK 220-235m and EBITDA of DKK 13-18m. In December 2022, WindowMaster raised its revenue guidance to DKK 233-236m and narrowed its EBITDA guidance to DKK 14-16m. Most recently, WindowMaster upgraded its 2022 guidance in January 2023 with revenue guidance of DKK 242-243m and EBITDA guidance of DKK 16.5-17.5m. The full-year audited revenue ended just slightly below the latest range at DKK 241.4, and EBITDA landed within the recent range with an EBITDA of DKK 16.7m.
Looking into 2023, WindowMaster maintains its 2023 guidance, which was announced in December 2022. This includes revenue of DKK 260-270m (organic growth between 7.7% and 11.8%) and EBITDA guidance of DKK 23-28m, corresponding to an EBITDA margin of 9.6% based on the midpoint in the guidance ranges. WindowMaster’s expected 2023 growth is supported by its order intake, general market growth from the green transition, and initiatives from the ‘Accelerate Core’ strategy.
Tomorrow, Friday at 13:00 (CET), you can meet and ask questions to WindowMaster’s CEO Erik Boyter and CFO Steen Overgaard Sørensen. Sign up for the virtual live event here: https://www.inderes.dk/videos/windowmaster-praesentation-af-arsrapport-2022
Read the full report here: https://view.news.eu.nasdaq.com/view?id=b72c34466ec91c25f1bf8df54871b834c&lang=sv
HC Andersen Capital receives payment from WindowMaster for a Digital IR/Corporate Visibility subscription agreement. /Kasper Lihn 16:05, 2 March 2023.
WindowMaster is a Danish clean tech company that supplies sustainable indoor climate solutions based on intelligent natural and mixed mode ventilation as well as heat and smoke ventilation solutions. The solutions are for commercial use, primarily in the following six segments: 1) Office, 2) Education institutions, 3) Cultural buildings, 4) Shopping centers, 5) Hospitals and 6) Sports facilities. In 2015, WindowMaster was acquired by the current majority shareholder and CEO, Erik Boyter, in a management buy-in. Today, the company is a global company with sales subsidiaries in Denmark, Germany, Ireland, Norway, United Kingdom, United States, and Switzerland. The company has been listed at Nasdaq First North in Denmark since October 2020.
Read more on company pageForum discussions
