(Boursier.com) — Grolleau published its annual results for the 2022-23 financial year (April 1, 2022 – March 31, 2023). Grolleau’s Board of Directors closed the accounts on July 18, 2023. In a context marked by rising raw materials and energy costs, Grolleau posted an EBITDA margin of 3.3% (above the revised target of 3%). The financial situation of the company “still remains solid” with low debt and available cash of 11.3 ME. Annual turnover increased by 9% to 34.1 ME. After taking into account the financial result and employee profit-sharing, the company posted a net result at breakeven at 8 KE against 0.6 ME in 2021-22. Equity amounted to €14.7 million at March 31, 2023 compared to €14.5 million at March 31, 2022. Grolleau had a positive net cash position of €4.5 million at the end of this financial year.
Activity in the first months of 2023 was penalized by an economic context favoring the wait-and-see attitude of customers. Thus, Grolleau achieved a turnover of 5.8 ME in the 1st quarter of 2023-24, reflecting its order book at the end of the financial year, against 10 ME a year earlier.
Commercial activity, on the other hand, was sustained over the period. Grolleau has won several contracts, particularly in the telecoms sector, demonstrating its ability to be present in markets other than fiber with a new order for shelters with technical supervision with Arteria. In the Industry sector, Grolleau received a very significant order (contract for €3 million for Chantiers de l’Atlantique for 4,000 doors to be delivered on the cruise ship World America). In total, Grolleau therefore regains an order book equivalent to that of last year, i.e. 10.1 ME as of June 30, 2023. “The good commercial dynamic continues” and Grolleau also announced today a new contract in the telecoms sector for its offer of modular data centers for an industrial site of an agri-food group in France. Grolleau is also “well positioned on a new call for tenders relating to its energy transition offer (installation of solar panels on a park of shelters)”.
As part of the gradual acquisition of a stake in OMP Mechtron, Grolleau announces that it has received the agreement of the Italian Ministry of Finance, which was a condition precedent to the operation. The parties are currently working on the final administrative elements necessary for the effective completion of the operation, which should take place during the summer. Grolleau recalls that it is taking an immediate 49.9% stake in OMP’s capital through a reserved capital increase.
Over the 2023-24 financial year, Grolleau is aiming for a return to growth during the second half of its historical scope. At the same time, Grolleau will continue its operational efficiency actions on its structure to contain its margins and, as of this new financial year, plans standardization measures on certain products to reduce production costs and benefit from economies of scale.
In the medium term, “the rise of new offers in its telecom activities (data centers and energy transition in particular) and Smart city (with the gradual rise of the partnership with IES Synergy on fast charging stations) will be growth drivers”. With OMP Mechtron, Grolleau intends to constitute a major industrial group operating on 4 industrial sites and representing an overall size of more than 70 ME.