The PRIM Group drives growth with almost 20% revenue increase
- This 2022 financial year is being marked by the organisation’s transformation to meet the objectives of the 2021/2025 Strategic Plan.
The PRIM Group achieved strong revenue growth during the first nine months of the year, with turnover of €142 million, 19.7% more than in the same period the previous year.
Gross margin amounted to €67 million, 12% higher than in the same period of the previous year, with a sales margin of 47.1%, thanks to the efforts made to manage the complicated situation arising from tension in the supply market and a general rise in prices.
During the current financial year, the Company has made good progress in meeting its objectives for the 2021/2025 Strategic Plan, which includes the transformation of structures to strengthen national and international growth and expansion through selective investments. This was all done with the aim of doubling revenues during the implementation phase of the Plan and strengthening the Group’s leadership in its business segment.
In the period under review, PRIM invested €13.3 million into the acquisition of Herbitas, the Italian company Easytech, Teyder and 20% of Aura Robotics, acquisitions that strengthen its overall leadership and international presence. These additions to its consolidated portfolio have resulted in revenues of €11.6 million.
As a result of this investment activity, which guarantees the present and future growth of the Group, PRIM has achieved an EBITDA of €13.2 million, which represents a reduction of 3.2% in comparable terms. Comparable net earnings per share rose to €0.68, 5.8% less than in the same period of the previous year. These figures are representative of the current complex environment, where supply issue, increases in supplier and freight prices, higher energy costs, the appreciation of the dollar and wage increases have all taken their toll on profits.
However, the implementation of a specific plan to strengthen supplies and control prices, with highly selective increases, has made it possible to meet demand and boost growth. In the period in question, the Company assigned €17 million to inventory purchases in order to mitigate for international logistical tensions and avoid price increases.
With regard to shareholder remuneration, PRIM has allocated €6.7 million to dividend payments and has launched two buyback plans, the first was completed in January and the second is 75% complete. All these actions are aimed at providing shareholders with a complete remuneration programme, in accordance with the objectives of the Strategic Plan in force.
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