The total net sales for the full year declined by 15 per cent to MSEK 1,619 [£118.19m] from MSEK 1,898 [£138.55m] in 2023. Organic growth was reported at -25 per cent for the quarter and -14 per cent for the full year.
At the same time, the firm’s order intake increased by 53 per cent compared to the previous year, indicating that the market may have bottomed out.
The company also reached an agreement to sell the existing inventory of Bella and Flipper small boats, including related production materials and equipment, through a directed asset deal to Swedish Intagagruppen. A multi-year licensing agreement was also signed, allowing Cremo to acquire the Bella and Flipper brands after the period end.