LMK Group, the largest supplier of meal kits in the Nordic region and a leader in Scandinavian foodtech, today announced its financial results for the fourth quarter and full year 2021. The Group operates in Sweden, Norway and Denmark under the brands Linas Matkasse, Godtlevert, Adams Matkasse and RetNemt.
CEO Walker Kinman commented: “We finished the year with profitability and solid cash flow, and as expected, we were able to report growth for the second half of the year, despite a return to more typical seasonal customer behavior as effects of the pandemic receded. For the full year we increased Net Sales and delivered 23.2 million meals to our customers. Both average order value and Order frequency increased during the quarter. We expanded the number of recipes offered in all our markets and today offer the widest variety of mealkit recipes in the markets where we operate. Despite Covid restrictions and many of our office-based teams working remotely, we have executed on both the integration of the Danish business while also completely transforming our production capabilities by implementing 100% customer unique production across markets. Our employees deserve appreciation for their achievements during the year.”
Fourth quarter 2021 (Q4 2020)
- Net sales amounted to 327.0 MSEK (330.7 MSEK), a decline of -1.1%. (+29.6%). Adjusted for exchange rate differences that equals a decline of -2.6%
- Contribution margin after fulfillment cost was 26.7% (31.6%)
- Sales and marketing expenses were 29.5 MSEK (33.8) a decrease of 4.4 MSEK and were 9.0% (10.2%) of Net sales
- EBITDA amounted to 28.0 MSEK (43.5). EBITDA-margin at 8.6% (13.1%)
- Adjusted EBITDA amounted to 28.0 MSEK (44.2), Adjusted EBITDA-margin of 8.6% (13.4%)
- Operating profit (EBIT) was 15.7 MSEK (31.7), a margin of 4.8% (9.6%)
- Adjusted EBIT at 16.9 MSEK (32.4) gave a margin of 5.2% (9.8%)
- Net profit after taxes was 14.5 MSEK (19.0)
- Earnings per share SEK, before and after dilution was 1.14 SEK (3.52)
Full year 2021 (Full year 2020)
- Net sales grew by 14.0% (12.1%) to 1387.3 MSEK (1217.0 MSEK), adjusted for exchange rate differences that equals to a growth of 13.3%
- Contribution margin after fulfillment cost was 28.1% (29.5%)
- Sales and marketing expenses were 178.2 MSEK (129.9) an increase of 48.3 MSEK and were 12.8% (10.7%) of Net sales
- EBITDA amounted to 92.8 MSEK (135.0). EBITDA-margin at 6.7% (11.1%)
- Adjusted EBITDA amounted to 105.7 MSEK (145.3), Adjusted EBITDA-margin of 7.6% (11.9%)
- Operating profit (EBIT) was 46.9 MSEK (91.5), a margin of 3.4% (7.5%)
- Adjusted EBIT at 61.0 MSEK (101.7) gave a margin of 4.4% (8.4%)
- Net profit for the period after taxes was 17.4 MSEK (65.0)
- Earnings per share SEK, before and after dilution was 1.60 SEK (11.71)
Please see LMK Group Q4 and full year 2021 report attached and on https://lmkgroup.se/investors/financial-reports/
In connection with publishing its year-end report for 2021 on 25 February 2022, LMK Group invites investors, analysts and media to a conference call and webcast on the same day at 09:00 CET.
Webcast: https://tv.streamfabriken.com/lmk-group-q4-2021
After the presentation a recording of the webcast will be available on the webcast link.
To participate via telephone please dial-in on the numbers below:
DK: +4578723252
NO: +4723500236
SE: +46850558354
UK: +443333009265
US: +16467224904
