DGAP-News: home24 SE
/ Key word(s): Half Year Report/Half Year Results
home24 continues to grow strongly in Q2 2021 and increases revenue by 41% compared to Q2 2020 - targeting EUR 1 billion in revenue by the end of 2023
Berlin, 10 August 2021 - home24 SE ("home24", the "Company") continues its strong growth path in Q2 2021. Even after the re-opening of the brick-and-mortar retail stores, growth momentum remains at a sustained high level. After years of continuous profitability improvements combined with strong growth, home24 is now leveraging the strong momentum to step up its growth investments to take advantage of the enormous market potential offered by the continued increase in online demand in the home & living sector.
In the past quarter, the Company increased its revenue year-over-year by 41% to EUR 166 million at constant currency. Thereby, Q2 2020 was already characterized by very strong growth with a growth rate of 49% at constant currency. In Q2 2021, both Company segments contributed equally to the growth: Europe increased its revenues to EUR 138 million (previous year: EUR 97 million), corresponding to a year-over-year growth of 42%. Brazil grew by 39% to EUR 28 million (previous year: EUR 22 million) in the same period at constant currency.
home24 generated revenues of EUR 325 million in the first half of 2021, representing a currency-adjusted growth of 52% compared to H1 2020 (previous year: EUR 222 million). Excluding currency effects, revenues increased by 47% compared to the same period of the previous year. This revenue growth was driven primarily by a significant increase in active customers of 37% to 2.4 million. home24 continues to step up investments in customer acquisition to further take advantage of the positive momentum. The adjusted EBITDA margin remained positive at 2.5 % in Q2 2021 and at 1.4 % in H1 2021. The Company remains within its announced corridor for 2021 of 0% to 2% adjusted EBITDA margin and is successfully pursuing its strategy of reinvesting additionally generated contribution margins in further growth. Overall, home24 has now reported a positive adjusted EBITDA for three half-years in a row and thus since the H1 2020.
As a result of the strong first half of 2021 and based on the order intake and results achieved to date, home24 expects annual revenues in the upper half of the previous guidance. The Company now projects revenue growth rates in constant currency in the range of 28% to 38% (previously 20% to 40%) for the full year 2021. The Company also continues to expect to achieve an adjusted EBITDA margin in the range of 0% to 2% for the full year 2021.
"We look back on a remarkable first half of 2021 marked by sustained strong growth. Our recent results confirm us in our strategy. The roll-out of our logistics and warehouse capacities as well as innovative technology solutions in the past have laid the foundation for our current achievements. In the stormy growth of the last quarters, the home24 platform has passed its endurance test and proven that it can handle the increased demand," says Marc Appelhoff, CEO of home24. "In addition, the willingness to buy furniture online has noticeably increased. In the first half of the year, we recorded more active customers than ever before - confirming that our new customers remain active even after the re-opening of brick-and-mortar retail. At the same time, the order volume increased in this time period. We are continuously improving our offering and service throughout our markets and are therefore very confident that we will continue to outperform the market in the coming years. Our goal is to achieve the milestone of one billion euro revenue on an annualized basis by the end of 2023.".
In order to drive future growth and continue to offer customers the best possible shopping experience, home24 is investing in the expansion of its curated assortment as well as in an extension of its showroom concept as an additional customer acquisition channel and to make the brand more tangible. An increased focus will also be placed on internationalization in order to achieve a significant size in the European markets outside the DACH region.
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, 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.
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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.
|Greifswalder Straße 212-213|
|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:||1225153|
|End of News||DGAP News Service|