DGAP-News: home24 SE
/ Key word(s): Quarter Results/Quarterly / Interim Statement
home24 further accelerates growth in Q1 2021 with 72% order intake growth and 64% higher revenues year-over-year - positive adjusted EBITDA margin despite investment ramp-up
Berlin, 11 May 2021 - home24 SE ("home24", the "Company") reported further acceleration of its profitable growth in Q1 2021. The continued positive trend compared to the previous year shows the increasing decoupling of the Company's current business development from the COVID-19 crisis: The change in customer behavior linked to the shift from offline to online lays the foundation for home24 to establish itself as one of the leading e-commerce platforms for Home & Living. From mid-March 2020 onwards, there has been a strong push for online demand as a result of the first lockdown.
Compared with the same quarter of last year, order intake in Q1 2021 increased by 72% in constant currency. Due to structurally longer procurement times throughout the industry, a huge part of incoming orders from Q1 2021 will be delivered in the following months and will then be translated into revenue. The positive momentum is continuing: In April 2021, order intake increased by more than 30% year-over-year. This is remarkable because strong pandemic-related one-time effects were experienced for the first time in April 2020. During the first lockdown phase in April 2020, order intake increased by 74%.
home24 generated revenues of EUR 159 million in Q1 2021, representing a currency-adjusted growth of 64% compared to Q1 2020. Including currency effects, revenues increased by 55% compared to the same period of the previous year. In Europe, revenues grew by 68% compared with Q1 2020 to EUR 133 million (previous year: EUR 79 million). Brazil's revenue came to EUR 26 million (previous year: EUR 24 million) representing a currency-adjusted growth of 47% in Q1 2021. Revenues were negatively affected by the temporary, pandemic-related closures of the Company's brick-and-mortar stores. In Brazil, offline retail generates around 20% of revenue. The outlets of the European segment were also impacted by retail closures. However, the revenue impact of sales of returned goods was limited.
The adjusted EBITDA margin improved by 4%-points year-over-year to +0% corresponding to an adjusted EBITDA of EUR 0.6 million in Q1 2021. This improvement in profitability was achieved even though the first quarter is generally characterized by seasonally higher investments in customer acquisition.
Following the successful IPO of its Brazilian subsidiary "Mobly" in February and the capital increase in Europe in December 2020, home24 has ample financial flexibility to continuously expand its market position both in Europe and in Brazil. As of 31 March 2021, the Group's cash balance amounted to EUR 205 million.
"In the first three months of 2021, we strengthened our position in the attractive Home & Living
home24 confirms its previous guidance for 2021 with revenue growth of 20% to 40% in constant currency and an adjusted EBITDA margin in the range of 0% to 2%. Given the continued uncertainty for the remainder of the year in the context of the COVID-19 pandemic, the Company continues to believe this corridor is appropriate.
Most relevant financial figures at a glance
home24 is a leading pure-play home & living e-commerce platform in Continental Europe and Brazil. With over 100,000 home & living products in Europe and more than 200,000 articles in Latin America, home24 offers a unique selection of large and small furniture pieces, garden furniture, mattresses and lighting. This curated, broad assortment offers a significant value-for-money value proposition to customers. home24 is headquartered in Berlin and employs more than 1,500 people worldwide. The Company is active in seven European markets: Germany, France, Austria, the Netherlands, Switzerland, Belgium and Italy. home24 is also active in Brazil under the "Mobly" brand. In Europe, the Company delivers its products - regardless of size and weight - free of charge to the homes of its customers and also offers free returns. home24's product range consists of numerous brands, including a large number of private labels. home24 is listed on the Frankfurt Stock Exchange (ISIN DE000A14KEB5). Mobly's stock is traded on the Brazilian Novo Mercado of B3 (ISIN BRMBLYACNOR5). For more information, please visit the Company's website at www.home24.com.
This publication contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the Company's management. Forward-looking statements contain no guarantee for the occurrence of future results and developments and are associated with known and unknown risks and uncertainties. Due to various factors, actual future results, developments and events may differ materially from those described in these statements; neither the Company nor any other person accepts any responsibility whatsoever for the accuracy of the opinions or underlying assumptions contained in this publication. The Company assumes no obligation to update the forward-looking statements contained in this publication.
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|Phone:||+49 30 - 609880019|
|Fax:||+49 30 - 2016329499|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1194839|
|End of News||DGAP News Service|