Beter Bed N : Half-year results 2020 - strong performance in first half year with sales growth of 9.9%

Half-year results 2020 - strong performance in first half year with sales growth of 9.9%

17 July 2020

Highlights first half 2020

• Strong H1 2020 sales growth of 9.9% to € 103.5 million. Sales in Benelux amounted to € 92.3 million (+10.5% like for like) and New Business amounted to € 11.2 million (+5.4% like for like).
• In Q2 sales growth of 12.0% to € 49.1 million. Benelux amounted to € 44.5 million (+14.2% like for like) and New Business amounted to € 4.6 million (+7.8% like for like) respectively.
• High order intake levels have resulted in record level order book of € 23.5 million (+60.2% versus 30 June 2019), creating a solid buffer given the unprecedented times upcoming.
• Order intake in Benelux in Q2 (+56.6% like for like) and New Business (+23.2% like for like) resulting in H1 increase in order intake of +22.5% like for like.
• Online sales for the Group has grown 71.4%, leading to a channel share of 14.0% particularly due to a strong performance in Q2 of +114.9% in Benelux and +130.3% for New Business.
• Sängjätten has made significant steps towards a better performance.
• The strategic initiatives are starting to pay off resulting in an EBITDA performance of € 14.2 million versus € 11.1 million in 2019 despite COVID-19 closures in Belgium, a higher marketing investment and logistic expenses related to the higher order intake.
• Both banks and shareholders expressed confidence in Beter Bed Holding N.V. with extension of the current financing facilities and conversion of the shareholder loan plus incurred interest into newly issued shares. The conversion of the interest will be based on an average market share price before this publication and the conversion of the principal amount will be based on an average market share price after this publication, the latter with a modest discount. A maximum number of 2.15 million shares can be issued for this transaction. Furthermore, Beter Bed Holding N.V. agreed to decrease the interest rate applicable to the perpetual loan for the next 12 months.
• COVID-19 did affect the Group's order intake in the last two weeks of March. However, our first and primary focus was the wellbeing of our employees, customers and other stakeholders, allowing the majority of our stores to remain open and delivering our products to our valued customers. Our crisis team focused on further strengthening the relationships with key suppliers ensuring continuity in our supply chain. Furthermore, we repurposed employees towards the online proposition to meet the shifting purchasing behaviour of our customers. After the first few weeks, we saw a steep increase in revenues and results, with a significant growth in our online channel.

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