PRIM holds its 2024 Annual General Meeting of Shareholders, where it shares with its shareholders the results and key milestones for 2023

During the meeting, held on Friday 28 June, the Group’s figures and management for the 2023 financial year were presented, as well as the pillars on which it is based to consolidate profitable and sustainable growth.

Main results achieved

During the 2023 financial year, the PRIM Group has consolidated the growth trend initiated with the implementation of the 2021-2025 Strategic Plan, which has led to an increase in revenues of over 47% in the last three years, and has strengthened its profitability.

Net turnover amounted to 216 million euros, an improvement of close to 10%, which has enabled the company to gain market share in all major business areas. Since the implementation of the Strategic Plan, both in Medical Technologies and in Mobility and Healthcare, the company has increased its market share by 2.5 and 4.1 percentage points, respectively.

This was achieved with a significant improvement in gross margins, from 46.4% in the current year to 48.7% in 2023.

Last year, the Valencian company Ortoprono was added to the Group’s consolidated perimeter and its operating and commercial structures were reinforced.

As a result, EBITDA rose by almost 47% to EUR 26 million, with a substantial improvement in sales, from 9% in FY2022 to 12% last year. These figures include 1.7 million euros from the sale of the Spa and Wellness businesses.

Following the cascade of results, operating profit increased 71.2% to €16 million and pre-tax profit grew 56.6% to €17 million, with a final net profit of €12.7 million, 51% higher than that achieved in 2022.

The full implementation of the new ERP was a major milestone in the adoption of a digital ecosystem and data culture. Another decisive achievement was the optimisation of the product portfolio. This has improved the profitability of the key business lines and balanced the weight of the two major areas of Medical Technologies and Mobility and Healthcare, which now represent 51% and 49%, respectively.

With regard to the challenge of clarifying the organisation, it has integrated the IT and Digitalisation divisions to create a new Information Technology area, under a single head.

Strong progress in technological innovation

It has also made progress in the field of innovation, strengthening its capacities with the start-up of a new R&D&I laboratory. It has continued to work on strengthening collaboration ties with other agents in the sector.

The Oscann device, a robotic technology for diagnosing neurological disorders through Artificial Intelligence, capable of predicting diseases such as Alzheimer’s and Parkinson’s in advance, made two major advances during the past year.

On the one hand, it has achieved CE marking and, on the other, it has reached an agreement with the HM Hospitales Research Foundation to promote a study to corroborate the usefulness of the device.

Another of the agreements they are particularly pleased with is the one reached on the SpineAI project, a platform based on artificial intelligence for the treatment and monitoring of Idiopathic Scoliosis.

Recently, the neurosurgery services of the Hospitales de la Paz and Clínico San Carlos in Madrid have become the first in Spain to be equipped with PRIM’s Excelsius GPS robotic arm.

During the past year, PRIM has trained its team with new profiles, which allow the development of new products and services in the area of Medical Technologies, capable of tackling projects with a global perspective, from the conception of the product to its industrialisation and placing on the market.

Stable shareholder remuneration

The unwavering commitment to stable and increasing capital remuneration allows us to propose to this Meeting the distribution of a total of 7.6 million euros in dividends, which represents a payout of 60%.

During the period of the Plan, the Company has distributed more than 22.5 million euros in dividends, which represents an average of more than 7.5 million euros per year, compared to 5.5 million euros in previous years. In addition to these amounts, two share buyback programmes were carried out in 2022 and early 2023, which led to the redemption of a total of more than 310,000 shares.

Continued inorganic growth of the PRIM Group

The implementation of the 2021-2025 Strategic Plan has brought together management efforts in the quest for sustainable growth. The Group has diversified and expanded its international presence with the selective acquisition of companies that have strengthened our presence in Spain, at the regional level, as well as in Italy and Portugal. At the same time, these acquisitions have expanded the Group’s international export network, which now comprises 93 countries, with China and Japan.

One of the focuses for the current year is, in addition to continuing to grow sales and profitability in organic terms, to resume, as far as possible and provided that we find suitable and profitable operations, the plans for inorganic growth, and to maximise the synergies, already evident, in the integration processes of the companies acquired under the Plan.

The Plan’s forecasts for this year point to an improvement in organic growth of more than 9%.

We continue to work on sustainability

During the last meeting, shareholders were informed of the Board of Directors’ approval of the ESG Master Plan for the entire Group. The aim is to provide tangible and intangible value that results in better economic results, maximising the positive influence on society and minimising the environmental footprint of our processes.

During the 2023 financial year, in the environmental area, PRIM has continued to install photovoltaic panels for self-consumption at its main headquarters and factories. It continues to work to standardise and consolidate carbon footprint data throughout the Group and is promoting the circular economy in logistics centres, as well as the second life programme for IT devices. It has also renewed environmental management certification at PRIM and Herbitas.

There is another area of social policies that cannot be neglected, and that is the search for customer satisfaction in the very special segment of activity of Healthcare. Its mission is based on improving people’s quality of life, which is why it is developing programmes to humanise healthcare, in order to promote appropriate and close conditions for patients and their families.

The company has reinforced its donation programmes, giving a second life to many products, and has renewed its Family Responsible Company certificate.

In short, a year of strong growth, profitability and significant progress in the fulfilment of our Strategic Plan. It is transforming the company, modernising its structures and digitising processes to consolidate its profitable and sustainable leadership.