Wulff Group Plc’s Interim Report January–March 2024: Wulff reports a fair performance in a weak economy
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Wulff Group Plc’s Interim Report January–March 2024: Wulff reports a fair performance in a weak economy

INTERIM REPORT | APRIL 22, 2024 AT 9.30 A.M.

This is a summary of Wulff Group Plc’s Interim Report January–March 2024. The complete report is attached to this stock exchange release as a pdf-file. The report is also available at the website www.wulff.fi


  • Net sales totalled EUR 23.3 million (25.3), decreasing by 7.8 %
  • EBITDA was EUR 0.9 million (1.4), and comparable EBITDA was EUR 1.1 million (1.4)
  • Operating profit (EBIT) was EUR 0.4 million (0.9), and comparable operating profit (EBIT) was EUR 0.6 million (0.9)
  • Earnings per share (EPS) was EUR 0.03 (0.08) and comparable earnings per share (EPS) was EUR 0.06 (0.08)
  • The equity ratio was 42.0% (41.6)


Wulff estimates that net sales will increase, and that the comparable operating profit will remain at a good level in 2024.

The guidance is based on management’s assessment of the market and business situation in Finland and Scandinavia. In particular, service businesses are expected to grow from 2023. Key uncertainties affecting the outlook are the development of inflation and interest rates as well as geopolitical crises and tensions.

key figures

EUR 1000 Q1/2024 Q1/2023 2023
Net sales 23 279 25 252 93 782
Change in net sales, % -7.8% -1.4% -8.2%
EBITDA 889 1 417 5 110
EBITDA margin, % 3.8% 5.6% 5.4%
Comparable EBITDA 1 065 1 417 5 470
Comparable EBITDA margin, % 4.6% 5.6% 5.8%
Operating profit/loss 390 909 3 170
Operating profit/loss margin, % 1.7% 3.6% 3.4%
Comparable operating profit/loss 566 909 3 530
Comparable operating profit/loss margin, % 2.4% 3.6% 3.8%
Comparable profit/loss before taxes 251 676 2 492
Comparable profit/loss before taxes margin, % 1.1% 2.7% 2.7%
Net profit/loss for the period attributable to equity holders of the parent company 201 561 2 087
Net profit/loss for the period, % 0.9% 2.2% 2.2%
Comparable net profit/loss for the period attributable to equity holders of the parent company 377 561 2 446
Comparable net profit/loss for the period, % 1.6% 2.2% 2.6%
Earnings per share, EUR (diluted = non-diluted) 0.03 0.08 0.31
Comparable earnings per share, EUR (diluted = non-diluted) 0.06 0.08 0.36
Cash flow from operating activities -739 -1 405 4 560
Return on equity (ROE), % 0.2 % 2.8% 9.9%
Return on investment (ROI), % 0.9 % 2.4% 9.0%
Equity-to-assets ratio at the end of period, % 42.0% 41.6% 45.5%
Debt-to-equity ratio at the end of period 66.6% 68.4% 52.5%
Investments in non-current assets 494 451 1 649
Personnel on average during the period 263 275 262


Although our net sales decreased slightly, we are satisfied with that the beginning of the year has started according to expectations and our position as a partner in selected industries, for example in the care industry, has strengthened.

In the beginning of the year, the net sales was affected by the general sluggishness of the market both in Finland and Scandinavia. Our growth continued strongly in our service business operations: staff leasing, accounting and financial management services and Wulff Entre’s international exhibition services and in the sale of remote meeting solutions. I am especially happy that the January-March start of Wulff Works, a staff leasing business that started at the beginning of the year, has gone according to expectations.

We changed our reporting structure from the beginning of 2024 to better highlight the development of the company’s various businesses. The new reporting structure consists of two reportable segments: Worklife Services and Products for Work Environments.

The Worlife Services Segment includes exhibition, event, and space design services both internationally and domestically, solutions and services for office and professional printing and document management, accounting and financial management services, and staff leasing services. The Products for Work Environments Segment consists of the business of workplace products and services in Finland and Scandinavia. The new reporting structure supports monitoring the development of an important part of our strategy, i.e the growing service business.

We have a good business strategy, we are committed to our guidance, and we expect our net sales to grow and the comparable operating profit to remain at a good level. I’m proud of how important it is for everyone in Wulff to inluence the development of our business in becoming even more responsible and in offering the best customer service in the industry. Wulff’s strong sales culture is also appreciated by our customers and partners: we are trusted as the best in the industry and as the most expert distribution channel.


In January-March 2024 net sales totalled EUR 23.3 million (25.3). Net sales decreased by 7.8% (1.4). Worklife Services Segment’s net sales increased by 50.8%. The growth in net sales was influenced by the strong performance of the new staff leasing business and Wulff’s accounting and financial management services business growth. The acquisition of Tilitoimisto Lundström Oy and its subsidiary Sandström & Lundström Oy implemented in February 2024 increased net sales by EUR 0.2 million. Products for Work Environments Segment’s net sales decreased by 9.9%, excluding the effect of the Scandinavian Expertise Sales sold in autumn 2023. Net sales decreased both in Finland and in Scandinavia.

The gross margin amounted to EUR  7.1 million (7.8) being 30.3% (30.7) of net sales in January-March 2024. The development of relative sales margin was affected by the changes in the focus areas of demand for the products sold by Wulff. There were no disturbances in the availability of products during the reporting period. After price inflation leveled off, geopolitical tensions continue to cause cost pressure throughout the supply chain.

In January-March 2024 employee benefit expenses amounted to EUR 4.3 miljoonaa euroa (4.6) being 18.4% (18.1) of net sales. Personnel costs increased in relation to turnover by 0.3% units due to Wulff’s change negotiations that took place during the reporting period, which resulted in non-recurring cost of EUR 0.2 million. The one-time expense has been removed from the comparable result.

Other operating expenses amounted to EUR 1.9 million (1.8) in January-March 2024 being 8.2% (7.1) of net sales. The change in other operating expenses in relation to net sales comes from the growth in the Worklife Services Segment.

In January-March 2024 EBITDA amounted EUR 0.9 million (1.4), or 3.8% (5.6) of net sales. Comparable EBITDA amounted to EUR 1.1 million (1.4), or 4.6% (5.6) of net sales. Operating profit (EBIT) amounted to EUR 0.4 million (0.9), or 1.7% (3.6) of net sales. Comparable operating profit (EBIT) amounted to EUR 0.6 million (0.9), or 2.4% (3.6) of net sales.

In January–March 2024, the financial income and expenses totalled (net) EUR -0.3 million (-0.2), including interest expenses of EUR -0.2 million (-0.2), and mainly currency-related other financial items (net) totalled EUR -0.1 million (-0.1). Financial expenses were EUR 0.1 million higher than the comparison period due to the rise in interest rates.

In January-March 2024 the result before taxes was EUR 0.1 million (0.7), and the comparable result before taxes was EUR 0.3 million (0.7).

The net profit was EUR 0.1 million (0.6) and comparable net profit was EUR 0.2 million (0.6).

Earnings per share (EPS) were EUR 0.03 (0.08) and comparable (EPS) were 0.06 (0.08) in January–March 2024.


Wulff Group Plc’s Annual General Meeting was held in the Wulff house in Espoo on April 4, 2024. More has been said about the decisions of the meeting in the report in ”Decisions of the Annual General Meeting and Board of Directors”. The Group has not had any other significant subsequent events.


Wulff Group Plc will release the following financial reports in 2024:

Half-Year Report January-June 2024                      Thursday July 18, 2024

Interim Report January-September 2024                Monday October 21, 2024

In Espoo on April 22, 2024


Further information:
CEO Elina Rahkonen
tel. +358 40 647 1444
e-mail: [email protected] 

Nasdaq Helsinki Oy
Key media


A better world - one workplace at a time. We enable better and more sustainable work environments and a perfect working day. We make the workplace where you do your work. Here you can find today's workplace products: e.g. cafe supplies, real estate and cleaning maintenance products, office and IT supplies, ergonomics, first aid, hygiene, protection and safety products, air purification, and innovative products for construction sites. Our selection also includes high-quality Canon printing and document management services as well as financial management services. Our customers also purchase international exhibition services and solutions for remote meetings from us. It is important for us to constantly develop our product range to be more and more sustainable and our customer experience to be the best in the field. Staff leasing is one of our newest service additions. In addition to Finland, Wulff Group operates in Sweden, Norway, and Denmark.

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