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DGAP-News: home24 SE / Key word(s): Quarter Results/9 Month figures
home24 continues on its growth path: revenues increase by 40% in the first nine months of 2021 - financial outlook for 2021 confirmed
Berlin, 10 November 2021 - home24 SE ("home24", the "Company") remains on a sustained growth path in the first nine months of 2021 with 40% year to date revenue growth based on constant currency, resulting in EUR 616 million revenues in the last twelve months. The Company sees this as confirmation of its strategic approach of continuing to invest in strengthening its market position.
home24 generated revenues of EUR 464 million in the first nine months of 2021, corresponding to a year-over-year growth of 37%. Excluding currency effects, revenues increased by 40% compared to the same period of the previous year. home24 thus surpassed the strong growth of the first nine months of 2020, which already showed a currency-adjusted increase of 38%. In Europe, revenues amounted to EUR 380 million by the end of September 2021 (previous year: EUR 265 million), showing a year-over-year improvement of 43%. In Brazil, revenues grew by 28% at constant currency to EUR 84 million compared with the same period of 2020 (previous year: EUR 74 million).
The Company increased its revenues in Q3 2021 by 17% in constant currency to EUR 139 million compared to Q3 2020, despite the end of pandemic restrictions. Excluding foreign currency effects, growth was 18%. With that home24 managed to exceed the strong previous year's performance, which was impacted by COVID-19. The recent business performance of Q3 2021 illustrates that online customer demand is stabilizing at the high level of the previous year, and that e-commerce will continue to gain market share from the brick-and-mortar furniture sector in the future.
In order to tap the enormous market potential offered by the rising online demand in the home & living sector, home24 further focuses on the foundations for future growth: In addition to the accelerated expansion of its assortment and its own delivery capabilities, home24 invested in higher inventory levels. The Company thus ensures the availability of its products even in times of strained global supply chains to provide its customers with short delivery times. Availability will be a key differentiator to drive customer satisfaction, while already securing revenue contributions for Q1 2022. In Q3 2021, the adjusted EBITDA margin was -2% due to seasonally increased marketing investments at the beginning of the furniture season. Looking at the entire first nine months of 2021, the margin reached 0.4%, corresponding to EUR 2 million. This is exactly within the target corridor of 0% to +2% announced at the beginning of the year. Cash and cash equivalents amounted to around EUR 130 million at the end of Q3 2021, giving the Company ample financial headroom for investments in further growth.
Based on the results achieved to date, home24 confirms its guidance for the full year 2021 and specifies its strong revenue expectations. The Company now expects revenue growth rates in constant currency in the range of 28% to 32% (beginning of the year: 20% to 40%). The Company also continues to expect to achieve an adjusted EBITDA margin in the range of 0% to +2% for the full year 2021.
"Our strong performance over the first nine months of 2021 demonstrates that we are able to stay on growth track in the current challenging market environment while delivering strong operational and financial results. Our double-digit growth compared to the record prior-year quarter shows that our growth drivers remain intact," says Marc Appelhoff, CEO of home24. "We are also continuing to build on our strategic strengths: We now already deliver 20% of our freight forwarded goods in Germany with our own delivery teams, thus significantly increasing customer satisfaction, and are going to continue to expand this area in the upcoming quarters. We see ourselves on a very good path to reaching the one billion euro revenue mark on an annualized basis by the end of 2023.".
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 1,900 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, home24 delivers its products above an order value of 30 euros - regardless of size and weight - free of charge to the customer's home 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.
10.11.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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