MatvareExpressen (MVE) Q1 2024 earnings summary

Executive summary

• Achieved record quarterly revenue, surpassing NOK 100 million for the first time in Q1 2024, with continued strong customer growth across all regions.

• Delivered eighth consecutive quarter of positive pre-tax profit, reflecting robust operational performance.

Financial highlights

• Q1 2024 revenue reached NOK 100,036,524, up from NOK 73,407,934 in Q1 2023.

• EBITDA was NOK 3,167,456, down from NOK 4,908,415 in Q1 2023.

• Pre-tax profit was NOK 477,959, compared to NOK 2,419,565 in Q1 2023.

• Bank deposits stood at NOK 33.3 million as of March 31, 2024.

• Net interest-bearing debt increased to NOK 26.4 million from NOK 24.9 million at year-end 2023.

Outlook and guidance

• Targeting annual revenue above NOK 400 million for 2024, aligned with strategic ambitions.

• Anticipates continued volume and customer growth throughout 2024 and beyond.