Interim Report January – March 2021

Strong growth in financial and customer key metrics

First quarter 2021 

• Net sales increased 125.4% to SEK 402.1 (178.4) million. Organic sales growth excluding Poster Store amounted to 60.5% as a result of strong market demand.
• Gross margin in the period increased to 82.3% (82.2%). The gross margin excluding Poster Store increased to 83.4% (82.2%) with the synergies from the acquisition starting to have a more meaningful impact from Q2 2021.
• Operating profit amounted to SEK 67.4 (28.7) million, corresponding to an operating margin of 16.8% (16.1%).
• Adjusted EBITA amounted to SEK 91.1 (29.7) million, corresponding to a margin of 22.7% (16.6%) or a 6.0 pp. increase vs. the prior year.
• Cash flow from operating activities amounted to SEK 30.5 (-8.5) million.
• Earnings per share amounted to SEK 0.28 (0.16) before dilution and SEK 0.26 (0.15) after full dilution.
• Earnings per share before dilution increased 76.4% vs. the prior year.
• Active customers increased to 3.5 (1.8) million, corresponding to a growth rate of 97.4%.

 

Comments from Fredrik Palm, CEO:

“Desenio Groups' first quarter as a listed company was characterized by continued strong growth in our financial and customer key metrics as well as a successful integration of Poster Store.

Q1 surpassed our ambitious expectations. Net sales increased by 125%, with an organic growth of rate 61% and adjusted EBITA increased by 207%.

The long-term potential for our business is huge and we remain focused on making sure that Desenio retains its position as the no. 1 destination in the affordable art specialist segment.”

 

Significant events during and after the period 

• Desenio Group’s shares were listed on Nasdaq First North Growth Market on 25 February

• At the AGM on 19 February a dividend of SEK 2.04 per share was decided.

• As a consequence of our successful acquisition of Poster Store, a directed set-off issue was conducted in February as part of the financing of the acquisition. After the issue there are 144,111,110 outstanding shares in the company.

• Accounting principles were converted from K3 to IFRS during the period.

 

Financial summary

 

		Jan 1 - Mar 31,	Jan 1 - Mar 31,
SEKm unless otherwise indicated		2021	2020	Change
Net sales		402.1	178.4	125.4%
Net sales growth, %		125.4	41.6	83.8 pp
Organic sales growth %		60.5	37.5	23.0 pp
Gross margin, %*		82.3	82.2	0.1 pp
EBITA*		75.7	29.7	155.1%
EBITA margin, %*		18.8	16.6	2.2 pp
Adjusted EBITA*		91.1	29.7	207.1%
Adjusted EBITA margin, %*		22.7	16.6	6.0 pp
Earnings per share		0.28	0.16	76.4%
Cash flow from operating activities		30.5	-8.5	n/a
Net debt / net cash*		905.4	-60.8	1589.3%
Visits, '000		35,411	17,541	101.9%
Orders, '000		803	396	103.0%
Active Customers, '000		3,533	1,790	97.4%
*The figure is an Alternative Performance Measure (APM)  and is described in definitions

 

Financial calendar 2021

18 August, 2021

Interim Report January-June 2021, Q2 2021

10 November, 2021

Interim Report January-September 2021, Q3 2021

16 February, 2022

Interim Report January-December 2021, Q4 2021

 

For further information, please contact:

Fredrik Palm, CEO
fredrik.palm@deseniogroup.com, +46700807637

 

Linda Vikström, Head of IR
[email protected], +46735341762
 

The information in this press release is such that Desenio Group AB (publ) must disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 5 May 2021, at 08:00 CET.