Hove A/S, which among other things develops and produces lubrication technology for wind turbines and other heavy machinery, after a very good 2023 financial report, must probably look forward to a disappointment in 2024. Thus, the company is lowering its expectations for the whole of 2024 ahead of the presentation of its half-year financial report for 2024.
"There is a deviation from the previously announced expectations, in company announcement no. 35 on February 23, 2024. The year's result is expected to land at a revenue of 160-175 million DKK (previously announced revenue of 185-215 million DKK) and EBITDA of 12-16 million DKK (previously announced EBITDA of 17-23 million DKK)," the company announcement reads.
According to Hove, the change in the company's guidance is due to lower than expected sales of lubricating grease, delays in sales to port terminals, cancellation of a larger order in Brazil and higher labor costs.
"It is not the management's assessment that the decline in sales of lubricating grease is due to changed competitive conditions," the announcement continues.
In 2023, Hove achieved revenue of DKK 187 million. A growth of 20 percent compared to the previous year. EBITDA for 2023 ended at DKK 20.4 million, which is an increase of over 80 percent. One of the few places that declined was on the bottom line, where a profit of DKK 3.6 million was realized against DKK 7.1 million the previous year.
Hove will publish its half-year financial statements for 2024 on August 29, 2024.
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