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Second quarter 2021 Desenio Group

Unexpected lock-up effect, but persistent long-term targets and well-positioned in an attractive market.

• Net sales increased 5.3% to SEK 266.2 (252.7) million. Organic net sales growth for the period was -28.3% (133.2%).
• Gross margin in the period was 81.1% (84.6%). Gross Margin excluding Poster Store was 82.5% (84.5%).
• Operating profit amounted to SEK 19.3 (76.0) million, corresponding to an operating margin of 7.2% (30.1%).
• Adjusted EBITA amounted to SEK 31.3 (85.1) million, corresponding to an adjusted EBITA margin of 11.7% (33.7%).
• Cash flow from operating activities amounted to SEK -68,8 (75.5) million.
• Earnings per share amounted to SEK 0.02 (0.39) before dilution and SEK 0.02 (0.37) after full dilution.

Comments from Fredrik Palm, CEO:

“Our performance the second half of Q2 was a disappointment, but we feel confident that the slowdown seen is temporary, caused by difficult comparisons and the unprecedented effects caused by the re-opening of societies. We are well-positioned to capture the huge opportunities that lie ahead, and our medium and long-term targets remain intact.*”

“Our Q2 sales increased by 5% but were down 28% on an organic basis. We guided for negative organic growth already in our Q1 report, on the back of very challenging comparisons and re-opening effects. However, as communicated in our trading statement on 8th of July, the sales performance in the last five weeks of the quarter was impacted by greater than normal seasonality as a result of the ease of Covid-19 restrictions.”

“As expected, July sales were trending upwards, 17% higher compared to June, 6% growth compared to July last year and negative 22% organic growth (-45% in June), still clearly affected negatively by the easing of restrictions. From the second week of August, the positive sales trend is considerably stronger than in July”

*Mid-term targets: Annual sales growth of around 30%, potentially supplemented by add-on acquisitions, and an adjusted EBITA margin of approximately 25%. Long-term targets: Sales growth in line or slightly above the online market, and the adjusted EBITA margin is expected to approach 30%.

Significant events during and after the period

• In July preliminary net sales increased 6% to SEK 70 million. Organic net sales growth for July was approximately -22%.

• Desenio Group established a new subsidiary in the Czech Republic, DGFC S.R.O for the handling of the new logistics centre, which will be operational in Q4 2021 or Q1 2022. Initially the centre will handle deliveries to markets in Europe, outside of the Nordics.

• Desenio Group also recruited a new CFO, Kristian Lustin, from RNB Retail and Brands, where he held the position of CFO and CEO. Kristian will be joining the team in the fall.

• At an extra general meeting on June 24, 2021 Cecilia Marlow and Sarah Kauss were elected as board members. They both bring vast and relevant experience to the board of directors.

• In June, 2021 472,300 new warrants were issued and signed by employees that invested a total of SEK 6.4 million.

Financial calendar 2021

10 November, 2021
Interim Report January -September 2021, Q3 2021

16 February, 2022
Interim Report January -December 2021, Q4 2021

About us

Desenio Group is a Swedish, fast growing digital direct-to consumer company with a leading position as an online based provider of affordable wall art in Europe. The Company offers its customers a unique and curated assortment of over 6,000 designs as well as frames and accessories in 35 countries via 20 local websites. Leveraging a data-driven strategy both for the creation of art and for attracting new customers, Desenio has grown rapidly and profitably since 2015. Desenio’s shares are publicly listed on First North Growth market under the ticker “DSNO” with FNCA Sweden AB as its Certified Adviser;, +46 8 528 00 399. Desenio Group’s bonds are listed on Frankfurt Stock Exchange Open Market Quotation Board. For more information, please visit

For further information, please contact:

Fredrik Palm, CEO, +46 70 080 76 37
Linda Vikström, Head of IR, +46 73 534 17 62

This information is information that Desenio Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2021-08-18 08:03 CEST.


Q2 Report English FINAL VERSION 2 OK AE

Författare MFN