E-commerce company Cheffelo has reported record operating profit (EBIT) for the first quarter.
Net sales, which were previously disclosed, rose 11.4 percent to SEK 374.6 million (336.3). Adjusted for currency effects, growth amounted to 13.5 percent.
Norway drove performance with 16.7 percent growth in local currency, following strong momentum and a successful brand consolidation. Sweden also posted double-digit growth of 12.1 percent, while Denmark saw more modest growth of 4.4 percent in local currency.
EBITDA amounted to SEK 46.4 million (31.5), yielding an EBITDA margin of 12.4 percent (9.4).
Operating profit reached SEK 35.7 million (20.5), with an operating margin of 9.5 percent (6.1).
Net profit for the period was SEK 25.5 million (16.1), with earnings per share at SEK 1.98 (1.24).
Cash flow from operating activities totaled SEK 64.6 million (30.4).
'We see continued solid momentum so far into the second quarter, further bolstered by the calendar effect as Easter negatively impacted the final week of March this year. This calendar effect will benefit the year-over-year comparison, and we currently expect first-half revenue to increase by approximately 14-18 percent', commented CEO Walker Kinman.
Cheffelo AB (publ), formerly LMK Group AB (publ) is a Sweden-based foodtech company. The Company operates as a supplier of meal kits in the Nordic region. It offers a subscription service for wellplanned meal solutions under the brands Linas Matkasse, Godtlevert, Adams Matkasse and RetNemt. The Company's activities cover everything from recipe creation, planning and purchasing, marketing, production and logistics, to customer experience. Customers manage their subscription via a mobile app or via the Website. The service is enabled Business technology solutions and the Company's supply chain and processes. The Group’s operations are divided into operating segments based on different geographical markets.
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