Hoffman Green Technologies reports strong 1H24 results

Hoffmann Green Cement Technologies reported its 2024 half-year results, with revenue rising to EUR3.28m in 2024 from EUR1.68m in 2023, showing a 95.7 per cent increase. EBITDA improved to -EUR3.09m in 2024 from -EUR3.65m in 2023, marking a 15.2 per cent improvement, while the net loss widened to -EUR5.19m in 2024 from -EUR3.61m in 2023, a 44 per cent increase. Cash holdings fell to EUR25.03m in 2024 from EUR42m in 2023, a decrease of 40.4 per cent, and shareholders’ equity decreased to EUR67.04m in 2024 from EUR74.69m in 2023, a decline of 10.2 per cent, reflecting ongoing investments. 

Sales volumes increased by 6.7 per cent YoY, rising to 7833t in 2024 from 7338t in 2023, and the order book grew by 3.8 per cent, increasing to over 270,000t, driven by new partnerships, including deals with Groupe Trecobat and LES MOUSQUETAIRES Group. The company achieved key international milestones, including the commencement of construction of the H-KSA 1 unit in Saudi Arabia and a 30-year exclusive licensing agreement in the USA, expected to generate up to EUR20m in fees and royalties.

In response to the slowdown in France's housing market, Hoffmann diversified into renewable energy, partnering with VALOREM Group to pour the first wind turbine foundation using zero per cent clinker concrete. The company aims for break-even EBITDA by 2024 and positive operating income from 2025, targeting revenue of EUR130m and a 40 per cent EBITDA margin by 2026. 

The France-based cement giant’s expansion plans include the H3 plant in Dunkirk, set to open in 2025, which will increase its total capacity to 550,000tpa. Hoffmann's sustainability initiatives have been recognised with awards such as the Solar Impulse Efficient Solution label and its selection for French Tech 2030, showcasing its leadership in low-carbon cement solutions.