COMPANY ANNOUNCEMENT
No. 65/2020
Tvis,
Interim report Q2 2020 (
(All figures in brackets refer to the corresponding period in 2019)
Revenue growth in Q2 2020, despite an extraordinary market situation.
CEO
“Q2 was marked by an extraordinary market situation due to the Covid-19 virus outbreak, and we are proud that we managed to grow revenue in the quarter. Also in the light of Q2 2019 being a strong comparison up 11% on the year before.
We have continued to protect the health and safety of our employees, customers, and business partners, and have taken the necessary safety precautions. We are monitoring the situation and recommendations from the authorities carefully. I wish to thank all of our employees and our partners for the exemplary manner in which they have acted and the flexibility they have demonstrated in this extraordinary period.
In the beginning of Q2 store traffic was hit hard, but has increased during the quarter. In the early stage of the virus outbreak, we temporarily supported our store network to a greater extent than normal with sales campaigns primarily focused on the B2C market. As a result of this a.o. order intake has shown an increasing trend during the quarter.
The higher level of discounts together with a change in sales mix, and to a lesser degree costs associated with Covid-19 precautions, had a negative margin impact in the quarter, resulting in earnings below the same quarter last year.
We now have data for the first half of the year and although visibility going forward is still limited, we have decided to reinstate guidance for the 2020 financial year, while emphasising that our guidance is surrounded by more uncertainty than is usually the case at this point in the financial year. Based on an assumption of no new total or partial lockdown of
Financial highlights Q2 2020:
- Revenue
DKK 260.2 million (DKK 258.2 million ) corresponding to a revenue growth of 0.8%. - EBITDA down
DKK 2.4 million toDKK 44.9 million (DKK 47.3 million ), corresponding to a decrease of 5.1%. EBITDA margin was 17.3% (18.3%). - EBIT down
DKK 2.5 million toDKK 39.6 million (DKK 42.1 million ), corresponding to an EBIT margin of 15.2% (16.3%). - Net profit down
DKK 2.0 million toDKK 30.1 million (DKK 32.1 million ). - Free cash flow was
DKK 68.6 million (DKK 45.9 million ). - Cash conversion ratio was 101.8% (102.6%).
Financial highlights H1 2020
- Revenue
DKK 514.4 million (DKK 507.8 million ) corresponding to an organic growth of 1.3%. - EBITDA down
DKK 3.4 million toDKK 79.9 million (DKK 83.3 million ), corresponding to a decrease of 4.2%. EBITDA margin was 15.5% (16.4%). - EBIT down
DKK 3.8 million toDKK 69.3 million (DKK 73.1 million ), corresponding to a decrease of 5.2%. EBIT margin was 13.5% (14.4%). - Net profit down
DKK 2.7 million toDKK 52.8 million (DKK 55.5 million ). - Free cash flow was
DKK 46.2 million (DKK 48.2 million ). - Full-year guidance for the financial year 2020 is revenue in the range
DKK 980-1,020 million , and EBIT in the rangeDKK 135-145 million .
Presentation
The interim report will be presented on Tuesday 18 August at
To participate in the teleconference, and thus have the possibility to ask questions, call one of the following numbers:
Confirmation Code: 1385535
United Kingdom +44 (0) 8445718892
Contact
For further information, please contact:
CEO
CFO Mogens Elbrønd Pedersen +45 97435200
IR Contact - ir@tcmgroup.dk
About
This interim report contains statements relating to the future, including statements regarding the
Attachments
- 65. Q2 interim report 2020
- Q2 2020 interim report
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