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2021-07-22

Komplett Group: Q2-21: Solid performance on top of strong comparable figures

Sandefjord, 22 July 2021: Komplett ASA ("Komplett") continued its strong growth trajectory, and increased revenues by NOK 1 billion in the first half of 2021, fuelled by growth in all business segments. The adjusted operating result near doubled from NOK 96 million to 186 million.

In the second quarter the operating revenue increased from NOK 2 061 million to 2 409 million, equalling a growth of 17 per cent. The corresponding adjusted operating result increased from NOK 63 million to 94 million. Solid progress in gross margins for B2B and B2C segments combined with strong growth and continued improvement in operating expenses resulted in a growth in operating result of 49 per cent for the second quarter.

"Komplett delivers solid profitable top line growth of 17 per cent in Q2, driven by good progress in all our business segments thanks to great efforts from our employees. This improvement comes on top of historically strong comparable figures from last year when our performance in B2C was positively affected by shifts in consumer behaviour following Covid-19. E-commerce has grown strongly since Covid-related restrictions were imposed in March 2020, and we firmly believe this shift in consumer behaviour will sustain", says CEO Lars Olav Olaussen.

"Komplett has a cost leadership position in the consumer electronics industry in the Nordics. By operating with online as our primary channel and a highly automated central warehouse in Sandefjord, we translate top line growth into solid operational leverage. In Q2-21 our total opex lands at 9.9 per cent, down 1.4 percentage-points from Q2 in 2020, further strengthening our cost leadership position", Lars Olav Olaussen adds. 

Following a successful listing on the Oslo Stock Exchange in June, Komplett has recently announced the acquisition of 65 per cent of the shares in Ironstone, a leading supplier of cloud-based IT solutions and services.

"There is a growing demand from customers to include basic IT set-up, cloud-based applications and IT security to Komplett's traditional hardware offering. The acquisition of Ironstone represents a strategically attractive add-on for Komplett to strengthen our offering in the growing service segment. Komplett considers selected M&A as a potential lever for delivering on our strategy. We will especially be looking for opportunities to strengthen our services offering, accelerating our sustainability agenda as well as opportunities for consolidation that can strengthen our commercial position or deliver cost synergies," comments Lars Olav Olaussen.

During Q2-21, Komplett launched a new product subscription service offering, FLEX, in its B2C segment. The offering allows customers to buy a wide range of products at a fixed monthly fee with a guaranteed residual value. Consumers can return and exchange their product after a down-payment period, while Komplett ensures that the used product is sold in the secondhand market.

"In addition to being an attractive customer offering, FLEX represents a solid circular economy initiative supporting our sustainability agenda. We are also confident this new way of owning products will create close customer relationships with the opportunity to create customer loyalty and recurring revenue streams," says Lars Olav Olaussen.

"To sum up, we are well positioned to capitalize on the online migration trend, and I am confident that we have a solid commercial plan and product range that will offer our customers an attractive shopping experience. Our performance in Q2 is a reflection of our efficient operations, strong market position and solid market prospects," concludes CEO Lars Olav Olaussen.

A presentation of the second quarter results will be held by CEO Lars Olav Olaussen and CFO Krister Pedersen 22 July 2021 at 08:00 CEST.

The presentation will be sent via live webcast. Please use the following link to register and view the webcast: https://events.webcast.no/viewer-registration/3kBysTKC/register.

Questions to the speakers can be directed using the Q&A-tool embedded in the webcast and will be addressed towards the end of the presentation.

Please find enclosed the interim report for the first half-year and the presentation material to be used in today's webcast.

For further inquiries, please contact:

Kristin Hovland, Head of Communication
+47 98 65 28 60
Kristin.Hovland@komplett.com
Krister Pedersen, CFO
+47 95 24 50 37
Krister.Pedersen@komplett.com
About Komplett ASA
Komplett Group is a leading online-first electronics and IT products retailer, operating in Norway, Sweden and Denmark. Serving customers in the B2C, B2B and distribution markets, the Group is deeply focused on delivering best in class customer experience, built through decades of knowhow, expertise and deep customer commitment. Komplett Group operates an efficiency and scalable business model that supports costs leadership and enables a competitive product offering.

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