The TCM Group's Q3 2024 results have shown the company has remained resilient in spite of challenging economic circumstances. CEO Torben Paulin says: 'Sales in the third quarter showed positive development despite the ongoing weakness in the B2B kitchen market. Organic sales grew by 7% year-on-year, driven by a strong 20% growth in B2C sales, which benefited from high order intake in Q2 2024. As anticipated, B2B sales saw a decline due to a slowdown in the project sales market. The robust B2C order intake observed in the first half of 2024 slowed during the summer, leading to a largely flat development in B2C order intake for the quarter. Consequently, total order intake decreased slightly compared to Q3 2023.'
Photo: TCM Group.
He continues: 'Overall revenue for Q3 reached DKK 278 million, up from DKK 259 million in the same period last year. Denmark, which represents over 80% of Group revenue, saw an organic sales increase of 11%, supported by strong third-party product sales. In Q3, TCM Group continued to expand its presence in Denmark by opening two new Nettoline-branded stores.'
'We are narrowing our financial outlook for 2024, now projecting full-year revenue of DKK 1,150-1,200 million (previously DKK 1,125-1,200 million) and adjusted EBIT in the range of DKK 75-90 million (previously DKK 70-90 million). This outlook includes a positive impact from adjusting the contingent consideration related to the AUBO Production A/S acquisition, expected to be between DKK 8-10 million.'
More information:
TCM Group
www.tcmgroup.dk