Focus on profitable growth yields results - "EBIT increased 38 percent in the third quarter"
1 July -
- Net sales amounted to
SEK 1,450 million (1,319), up 9.9 percent. Organic growth totalled 7.0 percent (9.6) - Net sales from spectacles subscriptions increased 13.7 percent (23.4)
- The gross margin increased to 74.9 percent (73.8)
-
EBITDA1 rose to
SEK 373 million (303) and the EBITDA margin was 25.2 percent (22.7) -
EBITA increased to
SEK 222 million (169) and the EBITA margin was 15.0 percent (12.7) -
EBIT increased to
SEK 184 million (133) and the EBIT margin was 12.4 percent (9.9) -
Cash flow from operating activities amounted to
SEK 104 million (214) -
Net debt amounted to
SEK 2,953 million (2,864) at the end of the period, compared withSEK 2,969 million at year-end 2022 -
Profit after tax increased to
SEK 90 million (80) -
Earnings per share before and after dilution increased to
SEK 0.61 (0.53)
1 January -
- Net sales amounted to
SEK 4,427 million (3,904), up 13.4 percent. Organic growth totalled 11.4 percent (11.9) - Net sales from spectacles subscriptions increased 18.1 percent (22.8)
- The gross margin was 75.1 percent (75.4)
-
EBITDA1 rose to
SEK 1,092 million (944) and the EBITDA margin was 24.3 percent (23.9) -
EBITA increased to
SEK 650 million (571) and the EBITA margin was 14.5 percent (14.4) -
EBIT increased to
SEK 535 million (462) and the EBIT margin was 11.9 percent (11.7) -
Cash flow from operating activities increased to
SEK 746 million (505) -
Profit after tax amounted to
SEK 249 million (277) -
Earnings per share before and after dilution totalled
SEK 1.67 (1.84)
President and CEO Håkan Lundstedt comments:
"In the third quarter of 2023,
We once again advanced our market position in three of four countries during the quarter. Net sales increased 10 percent in the quarter and organic growth amounted to 7 percent. Our strategy yields results, with the right type of establishments, focus on Synsam Lifestyle, and a strong service offering. Consumers are prioritising eye health even in more challenging times, and there is a strong need despite the weak economic situation.
Continued success for subscription model
The churn rate remained low during the quarter and amounted to 2.04 percent. The business provides added value for our customers, in particular during these times of economic uncertainty, since the service provides customers with options at several price levels and predictable monthly fees, enabling costs to be spread out over time.
Continued strong performance in three of four segments. Measures being taken in
Profitability - EBITDA - increased in three of
The Danish market continued to face a great deal of competition and challenges, which affected Synsam Denmark's performance in the quarter. Organic growth amounted to negative 10 percent and the EBITDA margin declined. The Danish Credit Agreement Act was also amended in the third quarter, impacting creditworthiness assessments for customers of the Danish Lifestyle offering. Measures are being taken.
Cost and restructuring programme phase 1 is having the intended effect. Cost and restructuring programme phase 2 is now being implemented and is expected to take effect starting in 2024.
High innovation rate
The rate of establishment is in line with the established plans. Optician capacity has been a limiting factor for growth in our industry. The introduction of Synsam EyeView in
The production facility on Frösön in Östersund is proceeding according to plan and it is with great satisfaction and pride that we have now launched a new collection,
In the third quarter of 2023, we achieved our medium-term profitability target of an EBITDA margin of 25 percent or higher, continuing on from the improvement in earnings performance we have seen since the second quarter. Our focus on meeting our customers' needs is the foundation of our success, and thanks to the outstanding work of our employees,
Presentation in Swedish, with possibility to ask questions at 09.00 CET today
- Place: Webcast.
- Speakers: President and CEO Håkan Lundstedt and CFO Per Hedblom.
- Link to participate in the Q&A session: SynsamGroup_Q3
The presentation material will be available on the website at 07.30 CET today.
www.synsamgroup.com/en/investor-relations/
For more information, please contact:
Per Hedblom, Chief Financial Officer Synsam AB (publ)
+46 (0)8 619 28 60, per.hedblom@synsam.com
Website: www.synsamgroup.com
This information is such that
https://news.cision.com/synsam-group/r/synsam-group-s-q3-report-2023,c3877801
https://mb.cision.com/Main/10364/3877801/2437109.pdf
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