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HAKI Reports Strong Growth Amid Challenging Market Conditions

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Swedish safety solutions provider HAKI Safety has reported an 8% increase in net sales for the fourth quarter of 2024, reaching ยฃ21.6 million (up from ยฃ20.1 million in Q4 2023).

The company attributed the growth to strong organic performance, which saw an 11% rise, despite headwinds from exchange rate fluctuations and divestments.

In a statement, Sverker Lindberg, President and CEO of HAKI Safety, described the quarter as a โ€œgood end to the year with continued growth in a soft market.โ€ The companyโ€™s adjusted EBITA (earnings before interest, taxes, and amortisation) also saw a significant boost, rising 32% to ยฃ1.85 million, up from ยฃ1.41 million in the same period last year.

Key Financial Highlights for Q4 2024

  • Net sales: ยฃ21.6 million (+8% year-on-year).
  • Adjusted EBITA: ยฃ1.85 million (+32%).
  • Operating profit: ยฃ1.48 million (flat compared to Q4 2023).
  • Net result after tax: ยฃ0.74 million (up from ยฃ0.52 million in Q4 2023).
  • Earnings per share (before dilution): ยฃ0.027 (up from ยฃ0.019).

The companyโ€™s cash flow from operating activities, however, declined sharply to ยฃ1.04 million, compared to ยฃ5.25 million in the same period last year. This was attributed to ongoing acquisition activities and market challenges.

Full-Year Performance

For 2024, HAKI Safety reported a 12% decline in net sales to ยฃ77.7 million, down from ยฃ87.9 million in 2023. Organic sales fell by 5%, while acquisitions and divestments contributed to a further 7% decline.

Adjusted EBITA for the year stood at ยฃ5.70 million, down from ยฃ7.03 million in 2023, reflecting the softer market conditions.

Despite the annual decline, the company highlighted its resilience in a challenging environment, with a gross margin improvement to 35.8% (up from 33.4% in 2023).

Strategic Moves and Acquisitions

HAKI Safety continued its expansion strategy during the quarter, acquiring Semmco Group on 29 October 2024. Semmco, which has an annual turnover of approximately ยฃ7.4 million, is expected to bolster HAKIโ€™s market position in the safety solutions sector.

Following the close of the reporting period, the company announced on 30 January 2025 that it had signed an agreement to acquire Trimtec.

The Board also revealed that it is considering a new issue of shares to support its growth ambitions. Additionally, a strategic review has been initiated for Landqvist Mekaniska Verkstad, one of HAKIโ€™s remaining portfolio companies.

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