Improved profitability in a continued challenging market
- For the second consecutive quarter, we improved our profitability compared with last year - our strategy to boost our long-term competitiveness is working and delivering results
"Our main priority for 2024 is to strengthen our profitability, and it is therefore gratifying that in the first quarter, as in the fourth quarter of 2023, we succeeded in improving our profitability compared with the same period last year, despite a challenging market. Thanks to the robust measures we took in 2023 to adapt our business to a tough market situation, we are in a better position than we were a year ago and have thus laid the foundation to continue to implement our strategy and improve our profitability going forward" says Gustaf Öhrn, President and CEO.
Highlights
1 January-31 March 2024
- Net sales declined -23.3% to SEK 2,008.8 million (2,617.5). Organic growth was -13.9%
- Adjusted gross profit amounted to SEK 534.7 million (641.3), corresponding to an adjusted gross margin of 26.6% (24.5)
- Adjusted EBIT amounted to SEK -0.6 million (-68.9), corresponding to an adjusted EBIT margin of -0.0% (-2.6)
- Cash flow from operating activities amounted to SEK -110.8 million (210.8)
- Earnings per share amounted to SEK -0.38 (-0.66) before dilution and SEK -0.38 (-0.66) after dilution
Key events during the first quarter and after the period
- On 11 January, BHG announced it was strengthening its market-leading position in the Premium Living business unit by Nordic Nest acquiring the KitchenTime brand and consolidating LampGallerian.
- On 5 March, it was announced that two of BHG's current businesses, Hemfint Kristianstad AB with the site hemfint.se and Arc E-Commerce AB with the site Outl1.se, were being consolidated. At the same time, Trendrum AB with the site trendrum.se is being acquired. Together they will form Hemfint Group. The acquisition of Trendrum AB was later approved at BHG's Extraordinary General Meeting on 2 April.
- On 26 March, it was announced that BHG was extending and adapting its existing financing agreement to reflect a stronger balance sheet and a new market situation.
- On 28 March, BHG published an invitation to its very first Capital Markets Day on 14 May at Nordic Nest in Kalmar.
- At BHG's Extraordinary General Meeting on 2 April, Pernille Fabricius was elected to the Board of Directors and the acquisition of Trendrum AB was approved.
CONFERENCE CALL IN CONNECTION WITH PUBLICATION OF THE INTERIM REPORT
Gustaf Öhrn, President and CEO, and Jesper Flemme, CFO, will hold a conference call at 10:00 a.m. on Thursday, 25 April in connection with the publication of the interim report.
The call will be held in English. Use the following link to participate in the webcast: https://ir.financialhearings.com/bhg-q1-report-2024. There will be an opportunity to ask questions in writing at the webcast. If you wish to ask questions verbally during the conference call, please register via the following link: https://conference.financialhearings.com/teleconference/?id=50048673. Once you have registered you will receive a telephone number and conference ID to log in to the conference. There will be an opportunity to ask questions verbally at the webcast.
The presentation will be available from the Group's website: https://www.wearebhg.com/investors/presentations/.
INTERIM REPORTS ON WWW.WEAREBHG.COM
The full interim report for the period January-December 2023 and previous interim and year-end reports are available at https://www.wearebhg.com/investors/financial-reports/
Contacts
Gustaf Öhrn, President and CEO of BHG Group
Telefon: +46 (0) 70 420 44 36. E-mail: gustaf.ohrn@bhggroup.se
Jesper Flemme, CFO of BHG Group
Tel: +46 (0) 720 80 25 69. E-mail: jesper.flemme@bhggroup.se
Jakob Nylin, Head of Investor Relations of BHG Group
Tel: +46 (0) 760 48 02 38. E-mail: jakob.nylin@bhggroup.se
This information is information that BHG Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-04-25 07:00 CEST.
