Significant improvement in profitability with positive adjusted EBITDA throughout the first half of 2020, not only in Q2 2020 as previously announced.
DGAP-News: home24 SE
/ Key word(s): Change in Forecast/Preliminary Results
home24 SE: Trading Update: home24 revises outlook for 2020 upward after very strong Q2 2020
01.07.2020 / 01:00
The issuer is solely responsible for the content of this announcement.
Trading Update: home24 revises outlook for 2020 upward after very strong Q2 2020
Berlin, 1 July 2020 - home24 SE ("home24", the "Company") expects a significant currency-adjusted revenue growth of c. 45% in Q2 2020 based on preliminary financials. Including currency effects, revenues increased by c. 40%. The positive development in April continued throughout the quarter as the re-opening of physical stores had limited effect on the strong momentum. Order intake increased by c. 70% adjusted for currency effects compared to Q2 2019 driven by customers spending more time in their home in the wake of the COVID 19 pandemic. Part of the orders received in Q2 2020 will be delivered in the following months, thus also positively impacting revenues in Q3 2020.
The adjusted EBITDA was positively affected by the topline momentum and the resulting marketing efficiency and operating leverage effects. As a result, Q2 2020 will be the most profitable quarter in the Company's history, and as a consequence also the H1 2020 adjusted EBITDA is expected to be clearly positive.
The Company's cash flow was positively impacted by the operational profitability in Q2 2020. The cash position increased to c. EUR 46 million at the end of Q2 2020.
Upgraded financial outlook
On the basis of the strong first half of 2020 and in absence of a significant detrimental macro-economic development caused by the COVID-19 pandemic, the Company is revising its outlook upward for the full year and is now expecting a currency-adjusted revenue growth of at least +15% (previously in the range of +10% to +20%). In addition, the Company expects a positive adjusted EBITDA margin (previously in a range of plus to minus 2%).
home24 will publish its full financial figures for the first half of 2020 on August 18, 2020.
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.
01.07.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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