Continued improved profitability
- Thanks to implemented cost reductions and structural changes, we strengthened our profitability year on year for the third quarter in a row in a challenging market
"During the second quarter, we continued to implement our strategic plan to improve our profitability and competitiveness. Our strategy is working and yielding results. We strengthened our profitability year on year for the third quarter in a row. Thanks to the robust measures we took in 2023 and the first two quarters of 2024 to adapt out business to a challenging market situation, BHG is better positioned to achieve its growth and profitability targets" says Gustaf Öhrn, President and CEO.
Highlights
1 January-30 June
- Net sales declined -22.0% to SEK 2,715.9 million (3,482.1). Organic growth was -13.5%
- Adjusted gross profit amounted to SEK 695.4 million (898.2), corresponding to an adjusted gross margin of 25.6% (25.8)
- Adjusted EBIT amounted to SEK 99.1 million (98.4), corresponding to an adjusted EBIT margin of 3.6% (2.8)
- Cash flow from operating activities amounted to SEK 327.8 million (766.8)
- Earnings per share amounted to SEK -0.57 (0.12) before dilution and SEK -0.57 (0.12) after dilution
Key events during the second quarter and after the period
- On 2 April, the resolutions of an extraordinary general meeting of BHG Group were announced - the election of Pernille Fabricius as a new Board member and the approval of the acquisition of Trendrum AB
- On 14 May, updated financial targets for BHG Group were announced in conjunction with BHG Group's first Capital Markets Day
- On 11 June, it was announced that LampGallerian had been consolidated into Nordic Nest Group and changed its name to Lightshop
- On 18 June, it was announced that BHG Group is consolidating its Nordic DIY business through Bygghemma Nordic and selling the Norwegian plumbing specialist Designkupp
- On 25 June, it was announced that BHG is significantly reducing its warehouse space following the consolidation and successful reduction of inventory and impairing part of its inventory by SEK 99 million
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, 18 July 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-q2-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=50048674. 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 to June 2024 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 and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-07-18 07:00 CEST.
