For the total business, revenue in Q2 2022 came to 272.0 mEUR, up from 257.8 mEUR in Q2 last year, corresponding to growth of 5.5%. Performance was primarily driven by 9.4% organic growth in Europe in the Professional Business segment.
- Nilfisk continued the positive development from the first quarter of 2022, with higher revenue and solid growth momentum. Revenue growth for the second quarter was driven primarily by strong performance within the professional business in Europe. The Americas region also managed to grow revenue, despite being challenged by the destruction of our US Distribution Center by a tornado end-March, CEO at Nilfisk Torsten Türling says and continues:
- Demand remained solid and our order book was at an all-time high at the end of the quarter. Overall, Q2 was another important step towards ensuring long-term sustainable growth as laid out in Nilfisk’ strategy ‘Business Plan 2026’ that we launched back in Q1.
Operating in global headwinds
Global markets are facing widespread and well-known themes that causes headwinds for most businesses. Rising material costs inflation and continued high freight rates are also affecting Nilfisk’s margin. These headwinds were partly offset by the positive impact from higher revenue and pricing actions. Earnings (EBITDA before special items) came to 34.5 mEUR in Q2 2022, compared to 37.6 mEUR, in Q1 2022.
Tornado recovery in record time
End-March, a tornado hit Nilfisk’s only US based distribution center in Springdale, Arkansas. This led to a write-down of damaged inventory and the need for establishing operations in a new distribution hub.
- Our US distribution center was destroyed, but we were able to resume operations in a new location quickly. Through a tremendous effort from our people, we were able to achieve deliveries to almost normal level as from June. We now expect about 10-12 mEUR of revenue to be delayed into the second half of 2022, says CEO Torsten Türling.
The quick recovery in the US enabled growth in the Americas region in the quarter. The European business showed solid performance across countries. COVID lockdowns in China continued to impact growth in Asia negatively in Q2 2022.
2022 outlook maintained
According to CEO in Nilfisk Torsten Türling the full-year outlook for 2022 remains unchanged with an organic revenue growth of 4 to 7% and an EBITDA margin before special items between 13.5 and 15.5%.
Learn more: Q2 2022 Interim Report
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About
Nilfisk was founded in 1906 by the Danish engineer P.A. Fisker. Today the company is a world leading global provider of professional cleaning equipment and services. More than 90 percent of sales are for professionals while the remaining part of the business aimed at consumers cover floorcare equipment, vacuum cleaners, and high-pressure washers.
Nilfisk’s products and services are sold in more than 100 countries and produced at 10 manufacturing sites across the globe. Main facilities are in the US, Mexico, Hungary, Italy, and China. A total of approximately 4,900 employees secured revenue of 994.9 mEUR in 2021. The largest single market is USA covering 25% of revenue in 2021 followed by Germany (12%), France (11%), UK (5%) and Denmark (5%).
Media Contact:
Allan Jørgensen
Head of Media Relations
T: +45 2849 4465
M: ajoergensen@nilfisk.com
