This company announcement is a summary of Duell’s Half-year Financial Report for September 2023–February 2024. The complete Report is attached to this announcement as a pdf file. It is also available on the company website at https://investors.duell.eu/
Solid second quarter despite challenging market conditions - financial position strengthened
Unaudited financials presented below.
December 2023-February 2024 "Q2 2024" (comparable figures in parenthesis 12/2022-2/2023):
- Net sales increased 10.2% to
EUR 28.2 million (EUR 25.5 million ). Net sales with comparable currencies increased 15.9%. Organic net sales with comparable currencies increased 4.0%. -
Adjusted EBITDA increased 29.7% to
EUR 1.5 million (EUR 1.2 million ) with an adjusted EBITDA margin of 5.5% (4.7%). -
Adjusted EBITA increased 40.4% to
EUR 1.4 million (EUR 1.0 million ) with an adjusted EBITA margin of 4.9% (3.8%). -
Adjusted operating profit was
EUR 0.7 million (EUR 0.5 million ) with a margin of 2.4% (1.9%).
September 2023-February 2024 "H1 2024" (comparable figures in parenthesis 9/2022-2/2023):
- Net sales increased 7.5% to
EUR 55.2 million (EUR 51.3 million ). Net sales with comparable currencies increased 11.6%. Organic net sales with comparable currencies decreased -0.8%. -
Adjusted EBITDA increased 114.6% to
EUR 2.1 million (EUR 1.0 million ) with an adjusted EBITDA margin of 3.8% (1.9%). -
Adjusted EBITA increased 198.9% to
EUR 1.6 million (EUR 0.6 million ) with an adjusted EBITA margin of 3.0% (1.1%). -
Adjusted operating profit increased 158.1% to
EUR 0.3 million (EUR -0.4 million ) with a margin of 0.5% (-0.9%) -
Earnings per share was
EUR -0.01 (-0.07) at end ofFebruary 2024 .
Outlook for financial year 2024 (unchanged)
Market uncertainty and weakness will persist in financial year 2024. Overall challenging market situation has lowered consumer confidence and demand. These factors will weaken the predictability and therefore
CEO Jarkko Ämmälä:
The second quarter progressed as planned in a challenging market. The winter season in the Nordics was close to our expectations. Despite the difficult market situation in
Net sales increased by 10.2% while gross margin decreased from 26.5% to 25.2%. Factors affecting to the decline in the gross margin included delayed and additional transport costs due to
We foresee the consumer demand still to remain slow due to overall market uncertainty. To respond to the prolonged soft market, we will continue our profitability improvement initiatives.
Key figures and ratios | Q2 2024 (12/2023- 2/2024) | Q2 2023 (12/2022-2/2023) | H1 2024 | H1 2023 (9/2022-2/2023) | FY 2023 |
Net sales | 28,155 | 25,543 | 55,169 | 51,294 | 118,832 |
Net sales growth, % | 10.2 | -5.7 | 7.5 | -5.4 | -4.2 |
Net sales with comparable currencies, % | 15.9 | -2.5 | 11.6 | -3.4 | -1.0 |
Organic net sales growth with comparable currencies, % | 4.0 | -17.3 | -0.8 | -18.6 | -15.6 |
Gross margin | 7,106 | 6,758 | 13,562 | 12,493 | 28,344 |
Gross margin, % | 25.2 | 26.5 | 24.6 | 24.4 | 23.9 |
EBITDA | -551 | 1,090 | -744 | 733 | 4,307 |
EBITDA margin, % | -2.0 | 4.3 | -1.3 | 1.4 | 3.6 |
Items affecting comparability, Gross margin* | - | - | - | - | 131 |
Items affecting comparability, EBITDA* | 2,099 | 103 | 2,830 | 239 | 1,193 |
Adjusted EBITDA | 1,548 | 1,193 | 2,086 | 972 | 5,499 |
Adjusted EBITDA margin, % | 5.5 | 4.7 | 3.8 | 1.9 | 4.6 |
EBITA | -728 | 873 | -1,185 | 312 | 3,401 |
EBITA margin, % | -2.6 | 3.4 | -2.1 | 0.6 | 2.9 |
Adjusted EBITA | 1,371 | 976 | 1,645 | 550 | 4,594 |
Adjusted EBITA margin, % | 4.9 | 3.8 | 3.0 | 1.1 | 3.9 |
Operating profit | -1,422 | 374 | -2,571 | -685 | 1,041 |
Operating profit margin, % | -5.1 | 1.5 | -4.7 | -1.3 | 0.9 |
Adjusted operating profit | 677 | 478 | 259 | -446 | 2,234 |
Adjusted operating profit margin, % | 2.4 | 1.9 | 0.5 | -0.9 | 1.9 |
Earnings per share, basic, EUR | 0.00 | -0,01 | -0.01 | -0.07 | -0.1 |
Earnings per share, diluted, EUR | 0.00 | -0.01 | -0.01 | -0.07 | -0.1 |
Number of outstanding shares at the end of the period, basic | 1,038,546,116 | 25,454,574 | 1,038,546,116 | 25,454,574 | 30,545,474 |
Number of outstanding shares at the end of the period, diluted | 1,038,546,116 | 25,454,574 | 1,038,546,116 | 25,454,574 | 30,545,474 |
Weighted average number of shares, basic | 661,930,492 | 25,454,574 | 346,237,983 | 25,454,574 | 27,937,259 |
Weighted average number of shares, diluted | 661,930,492 | 25,454,574 | 346,237,983 | 25,454,574 | 27,937,259 |
Investments in tangible and intangible assets excluding acquisitions | 172 | 669 | 439 | 1,083 | 2,481 |
Net debt | 29,917 | 62,785 | 29,917 | 62,785 | 38,248 |
Net working capital | 58,897 | 66,912 | 58,897 | 66,912 | 49,873 |
Operating free cash flows | -1,399 | -1,412 | -7,559 | -4,903 | 16,392 |
*) Items affecting comparability: Cost saving program costs of
Operational key figures | Q2 2024 (12/2023-2/2024) | Q2 2023 (12/2022-2/2023) | H1 2024 | H1 2023 (9/2022-2/2023) | FY 2023 (9/2022-8/2023) |
Number of brands | 564 | 529 | 564 | 529 | 562 |
Share of own brand sales, % of total | 21.2 | 29.9 | 21.4 | 25.9 | 21.8 |
Share of online sales, % of total | 26.4 | 25.1 | 25.4 | 23.2 | 24.7 |
Equity ratio, % | 53.1 | 25.5 | 53.1 | 25.5 | 38.6 |
Full-time equivalent employees | 216 | 210 | 214 | 213 | 218 |
*) Including seasonal employees and 24 TranAm employees from
Significant events during the reporting period
The Annual General Meeting and Board’s organisational meeting was held on 5th of December.
Magnus Miemois M.Sc. started as COO and Deputy CEO of
The rights offering took place between
The renegotiated financing agreement between
Duell’s Chief Financial Officer (CFO) and member of the Management Team, Riitta Niemelä, announced on
Significant events after review period
Webcast for investors and media
Medium-term financial targets (3-5 years) (Unchanged)
Growth: Net sales in the range of
Profitability: adjusted EBITA margin of at least 13% in the medium-term.
Leverage: net debt to adjusted EBITDA ratio in the range of 2-3. Leverage may temporarily exceed the target range (for example, in conjunction with acquisitions).
Duell’s Financial Reporting and Annual General Meeting in 2024
During the year 2024,
- Business report September 2023–May 2024 (Q3 2024) on
Wednesday, July 3, 2024 . -
Financial Statements Bulletin for the fiscal year 9/2023–8/2024 (Q4 2024) on
Wednesday, October 9, 2024 .
Annual Report the week starting on
Duell’s Annual General Meeting of shareholders is scheduled for
The financial reviews and the annual report will be available after publication on the company's investor website at https://sijoittajat.duell.eu/en/reports_and_presentations.
Further information
Jarkko Ämmälä, CEO
+358 50 056 5149
jarkko.ammala@duell.eu
Pellervo Hämäläinen, Communications and IR Manager
+358 40 674 5257
pellervo.hamalainen@duell.eu
Certified Advisor
Attachments
Duell Corporation September 2023-February 2024 Financial Report.pdf
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