PRIM Group accelerates its growth in the first half of 2021
The Prim Group has closed the first half of 2021 with significant growth across all of the items on its consolidated income statement. Net profit stood at €10.5 million, representing an improvement of nearly 184% compared to the same period of the previous year, while EBITDA reached €12.9 million, an increase of 79.6%, thanks to solid growth in its lines of business, improved operating margins and satisfactory expense management. The operating profit also showed very positive growth, with an increase of more than 121%.
The Group’s sales increased by more than 20% to €81.6 million, despite the impact of the third wave of the pandemic at the start of the year and the effect of storm Filomena in central Spain. It means that the Company has lived up to the forecast made after seeing the results from the first quarter, which pointed to a significant improvement in turnover from March onwards due to the resumption of hospital activities and the progress made with the vaccination programmes.
The figures reported in this first half of the year mean that Prim continues on its path to recovery from the effects of the crisis caused by the pandemic, as all of its variables have also seen clear growth compared to the pre-Covid data recorded in 2019.
In terms of investments, the Group has continued to allocate funds to digitalisation and its adaptation to new technologies, as well as to inorganic growth through the purchase made by its subsidiary Establecimientos Ortopédicos Prim of the orthopaedic branches of the companies Ilunion Salud and Ortoayudas. This growth through acquisition is included as part of the Strategic Plan for the period 2021-2025, approved and launched in the first half of the year.
In the same period, the Group has also approved a plan to buy back up to 250,000 treasury shares, with a maximum monetary amount of €3 million. At the end of the first half of the year, the Company had executed 35% of the programme.
Over the past few months, Prim’s share price has reflected the Group’s strong foundations, the successful measures taken to accelerate growth and the increasing confidence of its shareholders and investors. This can be seen in the revaluation of the share price of close to 15% between January to June, a trend that has continued and which was more than 30% at yesterday’s close.
In the Management Report for the first half of the year, the Group remains cautious about the pandemic situation, meaning that it will continue with its Covid-19 action plan that brought good results in 2020. However, the Company has positive expectations for the second half of 2021 and trusts in its ability to take advantage of the recovery opportunities that will arise.
This trust is based on the Group’s attributes, such as the diversity of its lines of business, the strength of its products and services, its knowledge of and relationship with its customers, its excellent service and the fact that it is a committed and experienced organisation. These are all in conjunction with the group’s financial solidity, which has been strengthened in recent months and now shows a net position of more than €24 million, with total available liquidity of more than €58.4 million.
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