Thermador Groupe Reports 17.2% Decline in Q1 2024 Turnover

Thermador Groupe announced a significant downturn in its turnover for the first quarter of 2024, recording a 17.2% decrease compared to the same period in 2023. The detailed financial breakdown shows diverse impacts across its various divisions, with notable declines in several key sectors such as central heating and solar accessories, which suffered a 34.3% drop. Other areas such as air compressors, generators, and solar panels through Mecafer and Domac also saw a sharp decrease of 26.7%.

The group identified several factors contributing to this downturn, including delays in subsidy arrangements for energy renovations under the MaPrimeRénov' scheme, adverse weather impacting product sales, and a downturn in market demand in both the DIY and new home markets. Additionally, a reversal of a prior price increase added to the financial strains.

Despite these challenges, the company maintains a somewhat optimistic outlook for H2 2024 due to relaxed rules on awarding energy renovation subsidies, expected to boost relevant product lines. Also contributing to this outlook are strong performances in the industrial and international markets, as well as the water cycle sector aligned with ecological initiatives.

Furthermore, the company recently held its annual general meeting which saw strong shareholder participation and the reelection of key directors toward promoting company stability and strategic planning for recovery and growth.