GlobeNewswire by notified

TCM Group A/S: Interim report Q1 2023



No. 166/2023

        Tvis, 16 May 2023

Interim report Q1 2023 (January 1 - March 31)
(All figures in brackets refer to the corresponding period in 2022)

Sales showing strong resilience in challenged market, but earnings negatively impacted by mix effects, higher operating costs and dealership restructuring costs. Full year revenue guidance reiterated, but EBIT guidance revised.

CEO Torben Paulin:
“We are pleased that sales showed strong resilience in Q1 despite challenging market conditions. Consumer demand in Q1 continued the soft trend from the second half of 2022, but due to TCM’s strong position in B2B and the sales price increases implemented during 2022, sales were broadly unchanged, decreasing by only 3% in Q1 compared to Q1 last year.

Our flagship Svane Køkkenet brand successfully defended its market position in Denmark with unchanged sales in a declining market, while both the private label business and the sale in the e-commerce channel showed good growth rates. In Norway the strong performance continued with a sales growth of 4.4% measured in local currency.

Despite the sales price increases implemented over the last 12 months, gross margin in the quarter was negatively impacted by mix effects stemming from an increasing share of lower margin B2B sales compared to Q1 last year. In addition, rising raw material prices and increases in the price of components such as fixtures and fittings also diluted the margin. In total direct input cost increased by more than 10% compared to Q1 last year. Furthermore, significantly higher energy and freight cost impacted gross profit negatively. Finally, SG&A costs were negatively affected in the quarter by DKK 3 million related to a number of dealership restructurings.

During the first quarter of 2023, and in line with the prior two quarters, TCM continued the restructuring of the organisation to reflect the development in consumer demand. As such the workforce in both production and staff functions was reduced by in total of 35 FTEs in the quarter. The reductions, which are expected to have full impact from Q3 2023, lead to a non-recurring restructuring cost of DKK 1.7 million.

We reiterate our full year revenue guidance, but we revise our adjusted EBIT-guidance: Full year revenue is still expected to be in the range DKK 950-1,050 million (unchanged), while we now expect an adjusted EBIT in the range DKK 60-90 million (previously DKK 70-100 million).”

Financial highlights Q1

  • Revenue DKK 273.6 million (DKK 281.4 million) corresponding to a revenue decrease of 2.8%.
  • Adjusted EBITDA DKK 17.9 million (DKK 30.3 million). Adjusted EBITDA margin was 6.6% (10.8%).
  • Adjusted EBIT down DKK 12.9 million to DKK 13.1 million (DKK 26.0 million). Adjusted EBIT margin was 4.8% (9.3%).
  • Non-recurring items had a total negative impact of DKK 1.7 million (DKK 5.4 million). Non-recurring items included costs related to organisational restructuring.
  • EBIT down DKK 9.2 million to DKK 11.4 million (DKK 20.6 million), corresponding to an EBIT margin of 4.1% (7.3%).
  • Net profit down DKK 11.2 million to DKK 5.4 million (DKK 16.6 million).
  • Free cash flow was DKK -35.0 million (DKK -32.9 million).
  • Cash conversion ratio was 68.2% (60.5%).
  • Full-year guidance for the financial year 2023 is revenue in the range DKK 950-1,050 million, and adjusted EBIT in the range DKK 60-90 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 97 43 52 00
IR Contact –

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 and Nettoline. Combined, the brands cater for the entire price spectrum, and are sold through c. 140 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,, Celebert and Just Woods. See for more information.


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, 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

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

Seafood “Canton Fair” Brings New Business Opportunities to Seize the China Seafood Market2.6.2023 04:17:37 CEST | Press release

GUANGZHOU, China, June 01, 2023 (GLOBE NEWSWIRE) -- The Global Seafood Trade Fair will be held in Guangzhou, China, from June 28th to 30th, 2023. It is organized by the China Aquatic Products Processing and Marketing Alliance and the China Aquatic Production Chamber of Commerce and managed by Wuhan Shihedao Network Technology Co., Ltd. With over 800 exhibitors and a 40,000 ㎡exhibition area, the Global Seafood Trade Fair will showcase a wide range of aquatic products, frozen goods, processed seafood, and related equipment, covering the entire industry chain of production, processing, and seafood trade. In addition, the exhibition will hold more than 20 onsite events, providing exhibitors with multiple opportunities for business exchange and collaboration, focusing on matching supply and demand, and promoting an efficient one-stop procurement and communication platform. This exhibition will provide you with a unique opportunity to explore the global catering market as well as go deeper i

Webull Australia avails Cboe US Options2.6.2023 01:00:00 CEST | Press release

SYDNEY, Australia, June 02, 2023 (GLOBE NEWSWIRE) -- Webull Securities (Australia) Pty. Ltd. ("Webull AU"), an Australian brokerage firm licensed by the Australian Securities Investment Commission that operates on the popular Webull trading platform, has announced the launch of a suite of Cboe Global Markets (Cboe) US index options on 23 April 2023. This new offering allows Australian retail investors access to cash-settled index options trading through Cboe’s popular US options suite, including the S&P 500 Index (SPX) options, Cboe Volatility Index (VIX) options and Mini-S&P 500 Index (XSP) options. The addition is an extension to Webull AU's existing US options offering and furthers Cboe’s and Webull’s commitment to offering new and innovative products and education resources to retail investors across the globe. The S&P 500 Index is the global benchmark of large-cap US equities and the VIX Index is the world's premier gauge of expected US equity market volatility. The introduction o

Westport Announces Effective Date of Share Consolidation1.6.2023 23:00:00 CEST | Press release

VANCOUVER, British Columbia, June 01, 2023 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. ("Westport" or the "Company") (TSX:WPRT / Nasdaq: WPRT) a global leader in low-emissions alternative fuel transportation technologies is pleased to announce, further to its April 26, 2023 press release, the completion of the Company's proposed consolidation of its common shares ("Common Shares") on the basis of (1) new post-consolidation Common Share for every ten (10) existing pre-consolidation Common Shares (the "Consolidation"). As of the date hereof, and following the Consolidation, there are 17,174,972 Common Shares issued and outstanding. Immediately prior to the Consolidation, the Company had 171,751,409 Common Shares issued and outstanding. No fractional Common Shares will be issued pursuant to the Consolidation and any fractional shares that would otherwise be issued will be rounded down to the nearest whole Common Share. A letter of transmittal with respect to the Consolidation is being

Constellation Brands to Report First Quarter Fiscal 2024 Financial Results; Host Conference Call June 30, 20231.6.2023 22:30:41 CEST | Press release

VICTOR, N.Y., June 01, 2023 (GLOBE NEWSWIRE) -- Constellation Brands, Inc. (NYSE: STZ), a leading beverage alcohol company, announced today it will report financial results for its first quarter ended May 31, 2023, on Friday, June 30, 2023, before the open of the U.S. markets. A conference call to discuss the financial results and outlook will be hosted by President and Chief Executive Officer, Bill Newlands, and Executive Vice President and Chief Financial Officer, Garth Hankinson, at 10:30 a.m. EDT, June 30, 2023. The conference call can be accessed by dialing +1-877-407-9121 and entering conference identification number 13739041, beginning at 10:20 a.m. EDT. A live, listen-only webcast of the conference call will be available on the company’s investor relations website at under the News & Events section. When the call begins, financial information discussed on the conference call, and reconciliations of reported GAAP financial measures with comparable and other non-GA

Amlan International Names Beijing Zhongnong Pasture Biotechnology Co., Ltd. as Master Distributor in China1.6.2023 22:03:55 CEST | Press release

CHICAGO, June 01, 2023 (GLOBE NEWSWIRE) -- Amlan® International, the animal health business of Oil-Dri® Corporation of America and a global leader in mineral-based feed additives that optimize the intestinal health of poultry and livestock, is proud to announce its strategic restructuring plans for the China business. To streamline distribution and increase efficiency, Amlan has chosen Beijing Zhongnong Pasture Biotechnology Co., Ltd. as its master distributor in China. The strategic decision recognizes the significance of the Chinese market and Amlan’s successful longstanding partnership with Zhongnong. In 2021, China had the world’s largest swine meat production, 53 million MT, producing 44% of global production. Additionally, China was the world’s second largest broiler meat producer, producing 14.7 million MT, and the world’s third largest milk producer, producing 36.8 million MT in the same year. With nearly 20 years of experience serving the Chinese feed and farming industry, Zho