Harvia, a leading provider of sauna and spa stoves, reported strong growth in its latest interim report for January-March. Despite slightly falling short of forecasts, the company’s operating profit reached 9.9 million euros compared to 9.2 million euros in the same period last year.
Harvia’s EBITDA also increased to 11.5 million euros, up from 10.7 million euros in the previous period. The company’s turnover for the beginning of the year was 42.4 million euros, a slight increase from 41.4 million euros in the previous period. However, sales were impacted by weak demand in certain product groups due to political strikes in Finland and other challenging market conditions in Northern Europe.
Despite these challenges, CEO Matias Järnefelt highlighted Harvia’s strong profitability achieved during the first quarter of 2024, with significant growth in North America and the Asia-Pacific region. He emphasized the importance of markets outside of Europe for future growth, noting that Central Europe holds potential but that Northern Europe presents challenging market conditions that could negatively impact sales of certain product groups such as wood stoves.
However, Järnefelt pointed out that sales of sauna accessories and stones saw positive development due to successful sales and pricing initiatives by Harvia’s team of experts in this area. He remains focused on meeting Harvia’s financial goals, including a five percent increase in turnover and an adjusted operating profit margin over 20 percent.
Overall, Harvia’s strong financial performance is a testament to its commitment to providing high-quality products and services to customers around the world. With continued innovation and expansion into new markets, Harvia is well positioned for long-term success in the sauna and spa industry.
In summary:
Harvia reported improvement in profit and boost in turnover during its latest interim report for January-March despite falling short of forecasts slightly. The company’s EBITDA rose to 11
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