MARTELA CORPORATION’S INTERIM REPORT 1 JANUARY – 31 MARCH
The January–March 2023 revenue and operating result decreased compared to previous year.
January–March 2023
- Revenue was EUR 24.1 million (27.0), representing a change of -10.8%
- Operating result was EUR -1.8 million (0.1)
- Operating profit per revenue was -7.5% (0.4%)
- The result for the period was EUR -2.2 million (0.0)
- Earnings per share amounted to EUR -0.49 (-0.01)
Outlook
Outlook for 2023
Martela anticipates its revenue to stay on same level as in 2022 and operating result to be positive.
Key figures, EUR million
| 2023 | 2022 | Change | 2022 | |
| 1-3 | 1-3 | % | 1-12 | |
| Revenue | 24.1 | 27.0 | -10.8 % | 106.7 |
| Operating result | -1.8 | 0.1 | 2.5 | |
| Operating result % | -7.5 % | 0.4 % | 2.3% | |
| Result before taxes | -2.1 | -0.1 | 1.3 | |
| Result for the period | -2.2 | 0.0 | 2.6 | |
| Earnings/share, EUR | -0.49 | -0.01 | 0.57 | |
| Return on investment % | -24.1 | 2.5 | 9.1 | |
| Return on equity % | -17.3 | -0.4 | 20.8 | |
| Equity ratio % | 24.9 | 23.6 | 5.8 % | 24.7 |
| Gearing % | 82.1 | 67.8 | 21.1 % | 58.6 |
Ville Taipale, CEO:
“The uncertainty in the market that started last year continued also in the first quarter this year. Impact from this was reflected also to Martela’s operating envirmonment. Our revenue decreased to EUR 24.1 million in the first quarter which was 10.8 % lower compared to the same period last year.
New orders in the first quarter decreased in all other market areas except in “Others” compared to the same period last year.
Our operating result decreased in the first quarter compared to the same period last year and was EUR -1.8 million. Operating result was negatively impacted especially by decrease in revenue. It was also impacted by investments into future growth and increased depreciations.
First quarter this year was challenging due to the uncertainty in the market. We have invested into development of our sales and customer experience, so that we can in the future better respond to market conditions. We have started a project where we can in the future bring digital sales channels into our offering. I am also pleased that Mr. Kimmo Hakkala joined as our new VP Sales and Marketing and member of the Management Team in February.
War in Ukraine and uncertainty caused by it still has a negative impact on the overall market situation as well as raw material prices altough early sign of stabilisation in raw material price can be seen. Increases in inflation and interest rates will also have impact on the market situation. It is difficult at this point to evaluate the impact on our revenue and result performance in the mid-term.
We believe that working environments will change permanently in the future. The coronavirus pandemic has accelerated the process of changing the way we work. The office is just one of many places where we work, and for some the amount of remote work will increase for good. This will increase the demand for multipurpose working spaces and the need to invest in remote working conditions. We will continue, together with our customers, to be a forerunner in creating user-centric working environments, which will improve user experience, efficiency and innovation capabilities, as well as lower overall costs. We will meet our customers’ needs for increased flexibility in workplace with our Workplace as a Service concept, which we have piloted and actively further developed during last winter. Interest towards our concept has been encouraging and we expect it to have a positive impact on our business.”
Market situation
The war in Ukraine has brought uncertainty to the market and caused radical price increases in raw materials as well as restricted supply of materials. In addition, rapid increase in inflation and interest rates has also negatively impacted the market. It is too early to say which impacts these will have on the overall market in the mid-term.
BRIEFING
A briefing will not be held, but additional information can be asked by telephone from CEO Ville Taipale and CFO Kalle Lehtonen on Friday May 5, 2023 from 12 a.m. to 2 p.m. EET.
Martela Corporation
Board of Directors
Ville Taipale
CEO
Further information
Ville Taipale, CEO, +358 50 557 2611
Kalle Lehtonen, CFO, +358 400 539 968
Distribution
Nasdaq OMX Helsinki
Key news media
www.martela.com
Martela is a Nordic leader specialising in user-centric working and learning environments. We create the best places to work and offer our customers the Martela Lifecycle solutions which combine furniture and related services into a seamless whole.
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