Rexel: 2023 net income down 16% at E774.7m

(CercleFinance.com) - Sales rose 2.
4% y-o-y to E19,153.4m in 2023 as reported, and were up 4.3% LFL and at constant days.

Q4 sales fell 1.6% to E4,725.3m y-o-y as reported, and were down 1.4% LFL and at constant days.

The adjusted EBITA margin of 6.8% in 2023 is down 71 bps compared with 2022, or stable adjusted for non-recurring items that benefited the 2022 margin. Adjusted EBITA came to E1,300.1m (vs. E1,378.2m on a comparable basis in 2022), and reported EBITA was E1,285.9m.

FY net income came to E774.7m (-16% vs. E922.3m in 2022). Recurring net income amounted to E823.3m in 2023, down 9.7% relative to 2022.

The says that in 2024 it is now targeting: stable to slightly positive constant-day sales growth (LFL), with a high base effect in H1, an adjusted EBITA margin of between 6.3% and 6.6%, and a free cash flow conversion in excess of 60%.


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