(Boursier.com) — During the 2023 financial year, Osmosun continued the deployment of its desalination units launched in 2022 and started several new projects signed in 2023. The turnover, recognized as the projects progress according to the costs incurred at the closing date, came to 3 million on year, mainly due to the progress of major contracts in the Group’s strategic areas, notably in the Caribbean, Saint Kitts and Nevis, Africa, Cape Verde, Mauritania, Morocco and Djibouti , in Oceania in Vanuatu.
The delay in the schedule of certain major contracts weighed on the turnover for the 2023 financial year. Without these delays, the turnover should have been close to 4 ME. These shifts will contribute positively to revenue for the 2024 financial year.
Over the year, Osmosun sold 10 desalination units, bringing to 69 the number of units sold since its creation, the equivalent of approximately 3.5 million cubic meters of water produced and 5,673 tonnes of CO2. avoided.
The project pipeline has grown significantly, with notably 9 major projects worth several million euros in the advanced negotiation phase. The overall commercial pipeline thus amounted to 204 ME as of December 31, 2023 (166 ME as of June 30, 2023). It includes an order book (contracts signed to date), representing around fifteen projects to be delivered over the next 12 months, amounting to €3 million; more than 50 projects in advanced negotiations to potentially be carried out between 2024 and 2025 and representing a potential turnover estimated at 70 ME compared to 38 ME of projects in advanced negotiations as of June 30, 2023; more than 180 projects identified, with a total value of 131 ME, on which the company could position itself.
Quoting…
Perspectives displayed
Taking into account the contracts already signed, the multiplication of the number of projects in advanced negotiations, the acceleration of commercial opportunities on major projects, and the expected catch-ups on contracts delayed in 2023, Osmosun anticipates a strong acceleration in growth in 2024, particularly as a result of the expected completion of major projects.
Osmosun also confirmed its objectives of achieving a turnover of 20 ME in 2025 and 48 ME in 2027 and improve its profitability over the entire period of the plan to bring its adjusted Ebitda margin to more than 10% in 2025 to reach more than 20% in 2027…
Portzamparc speaks of performances “a little below its expectations” but underlines the dynamics of the projects which remain “promising”. The scenario remains unchanged (CA 12.7 ME in 2024). Enough to aim for a price of 9.60 euros while remaining on purchase.
The stock fell 4.1% this Wednesday to 7.85 euros.