(Boursier.com) — The group Mastrad published a half-year turnover of 6.98 ME, down 27% compared to the first half of the previous financial year. The operating result is in loss of 1.45 ME over the semester and the net result is in loss of 1.21 ME.
“The results for the past half-year are not in line with expectations due to major supply difficulties in our factories, whether in raw materials (steel, silicone, etc.) or in electronic components. Similarly, high voltages and increase in our supply chain have seriously slowed down and increased the cost of our deliveries. We have nevertheless been able to adapt our prices, in order to partially offset the increase in costs, thus limiting the drop in EBITDA”, deplores the group.
Mastrad indicates that it has reduced its fixed costs and its payroll, thus generating savings of approximately 500 KE annually over the new 2022-2023 financial year and has closed its two loss-making business units in Hong Kong and Chicago in order to focus on the most bearer of its activity, namely wireless temperature control systems which are enjoying growing success.
The group’s cash amounted to 383 KE as of June 30, 2022. “Logically tense today after a very gloomy year linked to the Ukrainian crisis, the sharp drop in store traffic, persistent logistical tensions and the continued of these difficulties at the start of the new financial year, cash must be reconstituted in the short term before returning to profitable growth. Discussions are underway with our financial partners as to the terms of a financing which should take place at the beginning of of a capital increase with maintenance of the DPS”, explains Mastrad.
“In a degraded market for our classic products but on the rise for our connected products, we are persevering with our strategic pivoting and our operational and capital restructuring. We will be marketing two new connected and unique cooking probes on the market from the start of 2023. The turnover of our IoT products is up sharply over the current half-year, demonstrating the validity of our strategy”, adds the group’s CEO, Mathieu Lion.
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