TCM GROUP A/S raises expectations for full-year 2024 | 15.08.24

COMPANY ANNOUNCEMENT

No. 193/2024

TVIS, August 15, 2024

TCM GROUP A/S raises expectations for full-year 2024.

Based on the revenue and profit in the first half of 2024 and the expected revenue and profit for the remainder of the year, TCM Group A/S raises its financial outlook for 2024, both in terms of revenue and profit.

CEO Torben Paulin: “Sales in the second quarter developed positively despite the expected weak B2B kitchen market. Organic sales in the TCM Group grew by 5% year-on-year in the quarter, supported by B2C sales growth of more than 25% yoy.”

TCM Group adjusts its financial outlook for 2024 as follows:

An annual turnover of DKK 1,125 – 1,200 million (previously DKK 1,000-1,150 million), and

Adjusted EBIT in the range of DKK 70 – 90 million (previously DKK 55 – 85 million).

The outlook for adjusted EBIT includes an expected positive effect from the adjustment of the contingent consideration related to the acquisition of AUBO Production A/S in the order of DKK 3-5 million.

The company will release its Q2 2024 earnings report as scheduled on August 21, 2024.

For further information please contact:
Torben Paulin, CEO, TCM Group A/S, +45 21 21 04 64
Thomas Hjannung, CFO, TCM Group A/S, +45 25 17 42 33
IR Contact Person – [email protected]

About TCM Group

TCM Group is the third largest manufacturer of kitchens, bathroom and storage furniture in Scandinavia. The products are designed and manufactured in Denmark and are rooted in a proud tradition of good quality and craftsmanship. TCM Group follows a multi-brand strategy, with the main brand being Svane Køkkenet and the other brands being Tvis Køkken, Nettoline and AUBO. Combined, the brands cover the entire price spectrum and are sold through approximately 220 dealers in Denmark and the rest of Scandinavia. TCM Group sells private label kitchens through DIY stores in Denmark and independent kitchen stores in Norway. TCM Group is a supplier to the 45% owned e-commerce kitchen company Celebert, which operates under the brands kitchn.dk, billigskabe.dk, Celebert and Just Wood. For more information, see www.tcmgroup.dk.