Elektroimportøren: First quarter 2023 results
Revenue of NOK 383 million (367) up 4.1%. Total like-for-like sales have been
reduced with 3.2%. B2B sales increased with 1.4% compared to last year while B2C
sales increased with 14.5%. B2B share of total sales was 50% (53%). Total sales
of Spoton NOK 9 million (6). Overall Gross margin percentage of 35.7% (37.6%).
Opex to sales ratio of 27.5% (25.3%). Reported EBITDA of 32 MNOK (43 MNOK).
EBITDA margin percentage is 8.2% (11.7%).
Comments from CEO Andreas Niss:
"We had a slow start in the first two weeks of the year ending up with January
coming in behind last year on sales. February was flat and March started off
with good growth but we got a hit from the ban of Easee sales in Sweden making
March also come in below last year.
It has been exciting to see that sales of solar products have shown to be even
better than we hoped for, SpotOn continues to grow, and we are now ready to open
our first store in Sweden.
Sales of energy saving product and smart home devices continues to show good
growth compared to last year. EV chargers got a big hit on sales ending up with
a decline of over 30 percent for the quarter.
Throughout the quarter we have been working on getting ready for our first store
opening in Sweden. Our new employees have gone through sales and product
trainings and have spent some time in Norway learning from their Norwegian
We have also conducted trainings both for our employees and our B2B customers on
sales and mounting of solar products. Calculating new projects in the right way
and making sure that solar panels are mounted correctly are key to being
successful in the solar market.
Market conditions are more challenging than they have been over the last two
years, but we see that our concept stands strong and that our new growth
initiatives are developing good. We do however see the need for further
improvement of our profitability, so we need to look at further cost reductions
to achieve increased profitability.
I would like to thank all our hard working and dedicated colleagues for their
effort in making sure that our customers get the best possible customer service
in the most professional way."
The quarterly report and presentation are available at:
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