BERLIN (dpa-AFX) - Stabilus SE (SIUAF), a supplier of motion control solutions, reported that its preliminary profit for fiscal year 2024 dropped to 72.0 million euros from last year's 103.3 million euros. The decline was attributed to depreciation and amortization related to the purchase price allocation of Destaco, acquisition-related advisory costs, and higher taxes, following one-time special effects in fiscal 2023.
Stefan Bauerreis, CFO of Stabilus, said, '... We have reduced our net debt by more than €50 million in the last six months of the 2024 fiscal year, and our net leverage ratio is stable at 2.8. Our goal is to reduce this to well below 2.0 within the next two to three years.'
Adjusted EBIT was 157.1 million euros, compared to 158.4 million euros in the previous year.
But annual revenue grew by 7.5% to 1.31 billion euros, compared to last year, with a 0.6% increase on an organic basis.
Stabilus's revenue for the fourth quarter of fiscal year 2024 increased by 9.4% year-on-year to 336.3 million euros. This increase was mainly due to the consolidation of Destaco, which had a positive effect on revenue of 46.6 million euros. Despite a very good performance in the APAC region (+14.1% organic revenue growth), Stabilus recorded at Group level an organic decline in revenue of 2.4% compared to the same quarter of the previous year.
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