(BFM Bourse) – European leader in combustion smoke evacuation devices, the Deux-Sèvres group recorded growth of 29% in the first half, and more than tripled its profit, thanks to consumers’ appetite for wood energy equipment and the renovation market.
Indifferent to the movement of panic which is beginning to take hold of the financial markets, with a fall of more than 2% in the CAC 40 on Monday, the action of the specialist in “humbug” (which literally designates the professional activity relating to installation and repair of all types of chimney flues, domestic or industrial) climbed 7.84% in the afternoon, very close to a historic high at 55 euros. The capitalization of this company, majority controlled and managed by the Coirier family, is thus close to 110 million euros.
In the first half (from April to September) of its 2021-2022 financial year, the firm reported a turnover of 128.28 million euros, up 29% year on year. The operating result for the period jumped to 7.276 million euros, from 2.470 million, and the net result was multiplied by 3.6 to 4.753 million euros. At the same time, Poujoulat generated a cash flow of 9.433 million euros, up 56% compared to the first half of 2020-2021.
The company first explains these good results by the dynamism of the energy renovation market, against a background of rising fossil fuel prices which is pushing households to equip themselves with more efficient equipment. Including the most modest, thanks to the government scheme MaPrimeRénov’. In addition, households show a strong appetite for wood energy equipment -logs or pellets-, which has led to significant sales of this equipment as well as for quality biofuels (moving upmarket). All of this is part of the search for comfort and home improvement.
At the same time, Poujoulat has been able to demonstrate a “great capacity for adaptation, innovation and flexibility to meet demand” while controlling its structural costs and achieving productivity gains in its two main businesses.
At the same time, the group also launched an advertising campaign in the fall to further strengthen the notoriety of the “Cheminées Poujoulat” brand.
Annual objectives raised
Management stresses that the year is coming “under the best auspices”. From now on, Poujoulat is raising its forecasts, now aiming for a turnover of 300 million euros over the whole of 2021-2022, a target accompanied by a net profitability “around 4%”.
The order book for tradesmen and installers is up sharply in Europe, offering great visibility. The context of the high prices of conventional energies leads to accelerating the renewal of equipment, whatever the energy, and strengthens the competitiveness of wood energy. In addition, real estate transactions reached high levels in 2021 leading to potential work in the coming months and new construction continues to pick up.
Poujoulat also generally cites public policies on a European scale aimed at accelerating the decarbonization of domestic consumption and industrial processes.
In this context of high inflation in the prices of raw materials, “the group’s attention and vigilance are focused on supply and the defense of margins”. However, the firm intends to increase its industrial and logistical investments to meet the demand of its various markets.
Finally, the group is continuing its ambitious extra-financial program with, in particular, a strengthening of its commitment to forest replanting in partnership with the National Office of Forests, the commissioning of a self-consumption photovoltaic power plant and the acceleration of learning and training.
Guillaume Bayre – ©2022 BFM Bourse