During the second quarter of the year, revenue amounted to SEK 331.2 million, an increase of around 27 percent compared to the same quarter last year. At the same time, operating profit increased to SEK 44.4 million, up from SEK 21.4 million last year.
For the first half of the year as a whole, revenue reached SEK 705.8 million, an increase of 18 percent, and operating profit landed at SEK 80 million.
In the report, Cheffelo CEO Walker Kinman writes that the choices the company made several years ago are now yielding results in the form of a clearer direction and higher implementation power. He specifically points to the Norwegian market, where the company merged its brands, which has simplified operations and reduced marketing costs.
The growth during the first half of the year, which contributed to an increase in EBIT of over 90 percent, shows what happens when we do the right things that reinforce each other, across markets and teams, says Walker Kinman.
Norway leads the way
The Norwegian business accounts for over half of the group's total revenue and grew by 29.5 percent in local currency during the quarter. An increase was also seen in Sweden and Denmark.
The Swedish market accounted for approximately 35 percent of the company's total revenue and showed an increase of 17 percent. In Denmark, which is the smallest market, sales turned upwards with a growth of 11.4 percent in local currency after a previous decline.
At the same time as revenue increased, the company managed to increase the average order value by 6.9 percent to SEK 931. The number of active customers increased by 9.6 percent to 72,405 customers.
New market in sight
The company continues to adapt its offering and is planning new launches. During the autumn, the company will roll out an update of its brands. The new direction aims to create a more common expression for all markets.
In addition, preparations are underway to test the concept in Finland. The Finnish market will be the first where the company will use the name Cheffelo directly towards consumers.
The same energy is now going into our Finland pilot, where the team is working hard and with great commitment to help Finnish households solve dinner in a new way, writes Walker Kinman.