Thunderful Group Interim Report January–September 2023
Increased profitability in Distribution
Third quarter July–September 2023
- Net revenue decreased 9.4 percent to 626.2 MSEK (691.11)).
- Operating profit (EBIT) decreased 34.0 percent to 25.0 MSEK (37.9), corresponding to an operating margin of 4.0 percent (5.5).
- Adjusted EBITDA increased 7.9 percent to 83.2 MSEK (77.1), corresponding to an adjusted EBITDA margin of 13.3 percent (11.2).
- Adjusted EBITA decreased 18.5 percent to 48.9 MSEK (60.0), corresponding to an adjusted EBITA margin of 7.8 percent (8.7).
- Profit for the quarter amounted to 24.7 MSEK (11.4).
- Earnings per share after dilution amounted to 0.35 SEK (0.16).
- Cash flow from operating activities amounted to –62.0 MSEK (–54.3).
- Consolidated cash and cash equivalents together with unutilised credit facilities amounted to 110.6 MSEK (222.9) as of 30 September 2023.
- The Board of Directors appointed Martin Walfisz as new CEO. Martin, who assumed his role on 28 August 2023, succeeded Anders Maiqvist, Acting CEO since 10 August 2022.
- Annette Colin assumed her role as as interim CFO for Thunderful Group effective 28 August 2023.
The period January–September 2023
- Net revenue increased 4.5 percent to 1,865.0 MSEK (1,785.11)).
- Operating profit (EBIT) increased 27.8 percent to 69.0 MSEK (54.0), corresponding to an operating margin of 3.7 percent (3.0).
- Adjusted EBITDA increased 24.8 percent to 239.0 MSEK (191.5), corresponding to an adjusted EBITDA margin of 12.8 percent (10.7).
- Adjusted EBITA increased 26.0 percent to 151.5 MSEK (120.2), corresponding to an adjusted EBITA margin of 8.1 percent (6.7).
- Profit for the period amounted to –22.3 MSEK (–9.2).
- Earnings per share after dilution amounted to –0.32 SEK (–0.13).
- Cash flow from operating activities amounted to 11.2 MSEK (132.9).
1) Income related to marketing activities has been reclassed from net revenue to other income in the prior periods.
Events after the end of the quarter
Henrik Lundkvist was appointed as new CFO. Henrik, who will assume his role by 1 January 2024 at the latest, succeeds Annette Colin, interim CFO.
Thunderful Group invites to a webcast November 15, 2023, 09.00 CET. The Interim Report for Q3 2023 is presented and thereafter there is an opportunity to ask questions. Questions can be posed in writing via the webcast. A recorded version of the presentation will also be available on Thunderful Group's website. The presentation will be held in English. The presentation will be moderated by Simon Jönsson, analyst at ABG Sundal Collier.