GlobeNewswire by notified

TCM Group A/S: Interim report Q1 2024

Share

COMPANY ANNOUNCEMENT

No. 191/2024

        Tvis, 16 May 2024

Interim report Q1 2024 (January 1 - March 31)
(All figures in brackets refer to the corresponding period in 2023 – AUBO Production A/S is incl.in the figures as from 3 July 2023)

Continued B2C recovery in Q1 under challenging market conditions.

CEO Torben Paulin:
“Sales in the quarter developed in line with our expectations, with the order-intake in the B2C market in Denmark continuing to improve across most of our brands. B2B sales, as expected, continued to contract primarily within project sales. Revenue in Q1, was DKK 293 million compared to DKK 264 million in Q1 last year. Underlying organic like-for-like sales declined by 12% in the quarter. Sales in Norway, which accounted for 20% of the Groups revenue, were negatively impacted by the slowdown in the B2B market which plays a large role in the Norwegian sales. Together with our Norwegian distributor we have directed our focus on gaining market share in the B2C market until the B2B market recovers.

As a result of higher margin B2C sales growing as a percentage of total sales and the inclusion of AUBO sales (AUBO Production was acquired in Q3 of 2023), the overall gross margin grew significantly in Q1 compared to the same quarter last year, going from 18.9% to 20.7%.

Adjusted EBIT in Q1 was DKK 16 million compared to DKK 13 million in Q1 last year, and the adjusted EBIT margin increased to 5.4% from 4.9% in Q1 last year.

Free cash-flow was DKK 13 million, compared to DKK -36 million last year, due to a significant improvement in working capital management, and leverage at the end of Q1 was 3.73, well within the covenants agreed.

In the first quarter TCM Group continued to expand its Danish footprint adding three new branded stores during the quarter, two in AUBO and one in Nettoline.

In TCM Group, our employees are our greatest asset. Therefore, it is very important to us that our employees are safe and secure while working, and we continue to build a culture where work-related accidents are not acceptable. We are therefore also satisfied that we in Q1 at one of the production sites could celebrate three years without accidents.

Based on the results of Q1 we reiterate the financial outlook for 2024 for the TCM Group with respect to sales and earnings. Our financial outlook for full year revenue for 2024 is in the range of DKK 1,000-1,150 million with earnings (adjusted EBIT) in the range of DKK 55-85 million.”

Financial highlights Q1 2024

  • Revenue DKK 292.5 million (DKK 263.8 million) corresponding to a revenue increase of 10.9%.
  • Adjusted EBITDA DKK 24.4 million (DKK 17.9 million). Adjusted EBITDA margin was 8.3% (6.8%).
  • Adjusted EBIT of DKK 15.8 million (DKK 13.1 million). Adjusted EBIT margin was 5.4% (4.9%).
  • Non-recurring items had a total negative impact of DKK 0.0 million (DKK 1.7 million).
  • EBIT of DKK 15.8 million (DKK 11.4 million), corresponding to an EBIT margin of 5.4% (4.3%).
  • Net profit of DKK 7.0 million (DKK 5.4 million).
  • Free cash flow was DKK 12.6 million (DKK -35.9 million).
  • Cash conversion ratio was 69.2% (61.5%).
  • Full-year guidance for the financial year 2024 is revenue in the range DKK 1,000-1,150 million with earnings (adjusted EBIT) in the range of DKK 55-85 million.

For further information please contact:

Torben Paulin, CEO, TCM Group A/S, +45 21 21 04 64
Thomas Hjannung, CFO, TCM Group A/S, +45 25 17 42 33
IR Contact – ir@tcmgroup.dk

Presentation
The interim report will be presented on Thursday 16 May 2024 at 9:30 CEST in a teleconference that can be followed on TCM Groups website or on https://edge.media-server.com/mmc/p/2ezitred.

To participate in the teleconference, and thus have the possibility to ask questions, participants are required to register in advance of the conference using the link provided below. Upon registering, each participant will be provided with Participant Dial In Numbers, and a unique Personal PIN.

Online Registration to the call: https://register.vevent.com/register/BI6d7867feb2e14a598cc87b2cf85cabd1

About TCM Group

TCM Group is Scandinavia’s third largest manufacturer of kitchens and furniture for bathrooms and storage. The products are designed and produced in Denmark and rooted in a proud tradition of good quality and good craftsmanship. TCM Group pursues a multi-brand strategy, under which the main brand is Svane Køkkenet and the other brands are Tvis Køkken, Nettoline and AUBO. Combined, the brands cater for the entire price spectrum, and are sold through c. 220 dealers in Denmark and the rest of the Scandinavia. TCM Group sells private label kitchens through DIY stores in Denmark and independent kitchen stores in Norway. TCM Group is supplier to the 45% owned e-commerce kitchen business Celebert, which operates under the brands kitchn.dk, billigskabe.dk, Celebert and Just Wood. See www.tcmgroup.dk for more information.

This interim report contains statements relating to the future, including statements regarding TCM Group’s future operating results, financial position, cash flows, business strategy and plans for the future. The statements are based on management’s reasonable expectations and forecasts at the time of the disclosure of the report. Any such statements are subject to risks and uncertainties, and a number of different factors, many of which are beyond TCM Group’s control, could mean that actual performance and actual results will differ significantly from the expectations expressed in this interim report. Without being exhaustive, such factors include general economic and commercial factors, including market and competitive matters, supplier issues and financial issues.

Attachments

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Subsea7 awarded a contract for the Belinda field in the UK North Sea25.5.2024 14:01:09 CEST | Press release

Luxembourg – 25 May 2024 - Subsea7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable1 contract by Serica Energy, for the Belinda field development south-east of the Triton FPSO. The Belinda field is operated by Serica Energy and located approximately 190 kilometres east of Aberdeen in the UK Central North Sea, with a water depth of 95 metres. The contract scope includes project management, engineering, procurement, construction and installation (EPCI) of a 5-kilometre 8” production pipeline with a 3” piggy-backed gas lift line and an electro-hydraulic controls (EHC) umbilical. Subsea7’s scope also includes associated subsea structures and tie-ins to the Triton Floating Production Storage & Offloading (FPSO) vessel operated by Dana Petroleum, via an existing production manifold near the Triton riser base and for controls at the Evelyn valve skid. Project management and engineering work will commence immediately in Aberdeen. The offshore activities are scheduled

Novartis atrasentan Phase III data show clinically meaningful proteinuria reduction further advancing company's IgA nephropathy (IgAN) portfolio25.5.2024 12:15:00 CEST | Press release

In the ALIGN study, atrasentan, in addition to supportive care with a renin-angiotensin system (RAS) inhibitor,demonstrated a statistically significant 36.1% proteinuria (protein in urine) reduction vs. placebo + supportive care at 36 weeks1 Endothelin A (ETA) receptor activation contributes to elevated proteinuria in IgAN2-5; atrasentan is a potent, selective ETA receptor antagonist with potential to reduce persistent proteinuria and preserve kidney function for a broad patient population1 IgAN is a heterogeneous, progressive, rare kidney disease with a need for effective, targeted therapies6,7; up to 30% of patients with persistent proteinuria (≥1 g/day) progress to kidney failure within 10 years8 Through its rare kidney disease portfolio, Novartis is committed to exploring a range of treatment options with different modes of action to slow IgAN progression Basel, May 25, 2024 – Novartis today presented results from a pre-specified interim analysis of the Phase III ALIGN study of atr

Novartis presents latest Phase III Fabhalta® (iptacopan) data in C3 glomerulopathy (C3G) showing clinically meaningful and statistically significant 35.1% proteinuria reduction vs. placebo25.5.2024 12:00:00 CEST | Press release

Secondary endpoint data for estimated glomerular filtration rate (eGFR) showed numerical improvement over 6 months vs. placebo1; additional 6-month open-label data to be presented at a future medical meeting2,3Fabhalta showed a favorable safety profile with no new safety signals1C3G, an ultra-rare kidney disease caused by alternative complement pathway overactivation, progresses to kidney failure in ∼50% of patients within 10 years4-7; currently there are no treatments approved for C3G7-9 Fabhalta, an oral Factor B inhibitor of the alternative complement pathway, selectively targets the underlying cause of C3G1; late-stage development program ongoing across several other rare diseases10-13 Basel, May 25, 2024 – Novartis today presented results from the 6-month, double-blind period of the Phase III APPEAR-C3G study of Fabhalta® (iptacopan) at the late-breaking clinical trials session of the European Renal Association (ERA) Congress1. Patients treated with Fabhalta in addition to support

Metasphere Labs Announces Development of Innovative Carbon Credit Protocol for Grid-Scale Batteries24.5.2024 22:05:00 CEST | Press release

VANCOUVER, British Columbia, May 24, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., "Metasphere" or the "Company") (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N) is excited to announce an innovative initiative aimed at accelerating the decarbonization of the electricity grid through the development of a pioneering carbon credit protocol for grid-scale batteries. Innovative Carbon Credit Protocol The Company is committed to leveraging advanced technology to address critical environmental challenges. The new carbon credit protocol will enable grid-scale batteries to monetize their environmental attributes by generating carbon credits for the carbon reductions achieved through optimized battery operations. This protocol is designed to incentivize the deployment and operation of grid-scale batteries, ensuring they play a pivotal role in the transition to a clean energy future. Submission to Pure Sky Carbon Credit Registry The Company intends to submit this pr

Nokia Corporation: Repurchase of own shares on 24.05.202424.5.2024 21:30:00 CEST | Press release

Nokia Corporation Stock Exchange Release 24 May 2024 at 22:30 EEST Nokia Corporation: Repurchase of own shares on 24.05.2024 Espoo, Finland – On 24 May 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code)Number of sharesWeighted average price / share, EUR*XHEL362,1533.55CEUX--BATE--AQEU--TQEX--Total362,1533.55 * Rounded to two decimals On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 4 April 2023 started on 20 March 2024 and ends by 18 December 2024 with a maximum aggregate purchase price of EUR 300 million. Total cost of tra

HiddenA line styled icon from Orion Icon Library.Eye