MatvareExpressen (MVE) Q2 2024 earnings summary

Executive summary

• Achieved a new revenue record in Q2 2024, marking the ninth consecutive quarter with positive pre-tax results.

• Continued strong organic growth and customer acquisition across all regions, especially in the Østland market.

• Maintains target of over NOK 400 million in revenue for 2024.

Financial highlights

• Q2 2024 revenue reached NOK 102.95 million, up from NOK 75.33 million in Q2 2023.

• EBITDA for Q2 2024 was NOK 4.36 million, compared to NOK 2.62 million in Q2 2023.

• Pre-tax profit for Q2 2024 was NOK 1.54 million, up from NOK 0.86 million in Q2 2023.

• Cash balance at June 30, 2024 was NOK 22.94 million, down from NOK 33.25 million at year-end 2023.

• Net interest-bearing debt increased to NOK 34.46 million at June 30, 2024 from NOK 24.90 million at year-end 2023.

Outlook and guidance

• Expects Q3 2024 to show a negative pre-tax result due to AutoStore implementation costs and seasonal effects.

• Anticipates a return to positive pre-tax results and a new revenue record in Q4 2024.

• Continues to expect volume growth into 2025, supported by new contracts and customer growth.