The profit estimates for Sarantis Group for the year 2023 remain unchanged, with targets still on track for achievement, as reported by the listed company in light of the nine-month results.
Specifically, the management continues to pay attention to macroeconomic and geopolitical risks, expressing confidence that the group's strategy will continue to fuel its development momentum.
Specifically, it continues to expect that:
▪ net sales for the full year to be at €480m, increased by 7.8% in comparison to 2022 (€445.1m).
▪ organic EBIT growth at €43m for 2023, an increase of 33.4% compared to EBIT 2022 (€32.2m).
▪ EBIT margin at 8.9% for 2023 expecting it to grow by 166 basis points from 2022 (EBIT margin 2022: 7.2%).
"As we approach the end of 2023, our business performance to date gives us the confidence that we can achieve the targets outlined in our estimation for 2023. These results are evidence of the energy, dedication, and commitment of our people across all our markets and within the group, and I want to thank them all for their ongoing support," stated Giannis Bouras, Deputy CEO of the Sarantis Group. He further emphasized that the group remains committed to its core strategic priorities and its main product categories, achieving steady performance during this period.
Nine months 2023 highlights:
▪ 9m 2023 Net Sales grew to €353.4m vs €327.3m in 9m 2022, higher by 8.0% illustrating the focused execution of the Group’s strategic priorities along with targeted revenue growth management initiatives.
▪ 9m 2023 Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) showed a significant rise of 34.7% reaching €47.8m compared to €35.5m in the corresponding period of 2022, with EBITDA margin strengthening to 13.5% (vs 10.8% in 9m 2022) up by 269bps.
▪ Earnings Before Interest and Tax (EBIT) grew by 44.8% to €37.0m in 9m 2023, compared to the 9m 2022 EBIT of €25.6m. EBIT margin grew to 10.5% in 9m 2023 in comparison to 7.8% in 9m 2022. Comparable EBIT margin grew 266 basis points year-on-year highlighting strong operating leverage from top-line growth.
▪ Committed to the implementation of the Group’s strategic growth agenda to drive business forward, based on the three pillars: strong growth – sustainable organic growth with acquisitions coming on top, simplification and efficiency to unlock value and release energy in the organization and organizational capability by skills upscaling and leadership development.
▪ Emphasis and continued investment behind our HERO product portfolio, the Group’s high-value core brands across its strategic categories, which drive profitability and sustainable growth for the business.
▪ We reiterate our guidance for FY 2023, as our business performance year-to-date gives us the confidence that we can deliver on our raised 2023 outlook.
INVESTMENT PLAN
The group remains committed to the implementation of the development strategic plan based on three pillars:
• Strong and consistent growth of its operational base, with supplementary exploration of growth opportunities through acquisitions to follow.
• Streamlining internal processes and operations for efficiency, creating value and unleashing energy within the organization.
• Further enhancing the organizational capacity of the group through the upgrading of its people's skills and the development of leadership capabilities.
The group continues to invest in the HERO product portfolio, which includes high-value products in strategic categories that can lead to further profitability and sustainable growth.
