Q2 2024 Duni AB Earnings Call Transcript
Key Points
- Duni AB (LTS:0HR3) reported the second-best Q2 in company history, despite a challenging market environment.
- The company maintains a strong financial position with net debt down by SEK220 million from Q2 last year.
- Innovations such as the smart LED lamps and the renewable coffee cup lid have been well received in the market.
- The gross margin has strengthened compared to last year, showing positive development over the last 12 months.
- Sustainability initiatives are progressing well, with significant reductions in the use of virgin fossil plastic and carbon intensity.
- Net sales dropped by 3% compared to last year, with significant declines in Germany and Benelux.
- Operating income decreased by SEK35 million from last year, impacted by lower turnover and increased raw material and sea freight costs.
- The HoReCa market remains volatile, with mixed signals and a 12.9% decline in the start of the year.
- Selective price decreases and lower volumes in the HoReCa sector have negatively impacted sales and margins.
- The European market for food packaging continues to be sluggish, with volumes behind last year.
Hello, and welcome to the Duni group Q2 interim report 2024. (Operator Instructions) Please note this call is being recorded. Today, I am pleased to present Mr. Robert Dackeskog. Please begin your meeting.
Thank you. Yeah. First, I have to apologize that the report came out late at the Board meeting took longer than expected this morning and the practical reasons delayed it. So sorry for any inconvenience and thanks for calling in. And now we kick off.
So the agenda for today is the highlights and market outlook. We do a Q2 summary of the Group and the business areas, innovations and also sustainability targets. And then financials, but the and then finishing off with Q&A, top highlights for the quarter. So regarding the market, it's still a bit of a soft market, but with mixed development signals net sales and profit is the second best Q2 in the company history next to the particular high Q2 last year. And the third highlight is that we are in a strong financial position.
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