Beter Bed Holding sees continued strong sales and achieves higher net result over H1 2021
21 July 2021
Beter Bed Holding N.V. (BBH) – the Netherlands’ leading sleep specialist in retail, wholesale and B2B – today announced its results for the second quarter and first half year ended 30 June 2021.
Highlights first half 2021
- Building on strong fundamentals in the online channel allowed us to moderate the effect of the mandatory lockdowns in Q1 2021, and to show a modest growth of 0.6% in sales of continuing operations in H1 2021 to € 97.2 million. Sales in the Benelux amounted to € 91.1 million (-1.0% LFL) and New Business amounted to € 6.1 million (+40.8% LFL).
- Q2 sales growth amounted to 15.5% with the Benelux growing by 14.2% LFL and New Business by 69.6% LFL respectively.
- Gross profit increased by 5.0% to € 54.3 million, resulting in net profit from continuing operations of € 4.1 million (+ 43.7%) for H1 2021.
- Order book increased by 11.3% to € 24.7 million versus one year ago, driven by 13.3% LFL order intake in Q2.
- Online sales for the Group have grown 123%, leading to a channel share of 32.7%, particularly due to a continuing strong performance in Q2 of +40.4% in the Benelux and +128% for New Business.
- Initiatives underpinning the new strategic direction are being implemented:
- New shop format Beter Bed to go live in the Netherlands in Q3.
- Launch of subscription label 'Leazzzy'.
- Streamlined organisational structure by integrating Holding and Business directors into one management team.
- New role focused on sustainability, CSR and Innovation has been established.
- Sale of Sängjätten, the Swedish operations, successfully concluded.
- Financial position further strengthened: new financing agreement with ABN AMRO for three years replacing current facilities and perpetual loan including accrued interest repaid in cash per 20 July 2021, which clears the way to present a revised dividend policy subject to final shareholder approval. In the near term we intend to remediate the impact on our solvency as a result of the repayment of the perpetual loan.
- Outlook FY 2021: notwithstanding the current economic and health uncertainties in relation to COVID-19 we continue to feel confident delivering our 2025 medium-term objectives as presented in our Strategy Update.
Download the full press release, including interim financial statements 2021:
20210721 BBH H1-results 2021 (237.1kb)