Press release -
HÖVDING YEAR-END REPORT 2021 - A year of transformation
HÖVDING YEAR-END REPORT 2021
October - December 2021
CEO Sofia Svensson commented:
"In 2021, Hövding has undergone major changes operationally as well as financially. The changes have resulted in an improved gross margin and lower fixed costs in relation to sales.
The number of Hövdings sold in the fourth quarter decreased 13% compared to last year, explained by weaker Christmas sales than expected. We therefore enter 2022 with higher reseller stock levels than usual.
During the fourth quarter, two non-recurring items are reported in the form of a final agreement with the former German distributor and costs for the CEO change, which totals SEK 5.7 MSEK. EBITDA in the fourth quarter amounts to -9.1 MSEK, and adjusted for these non-recurring items, EBITDA would have been -3.4 MSEK.
It is with great confidence and humility that I have taken on the role as CEO of Hövding. The goal for 2022 is geographical expansion, to ensure Hövding's long-term growth ambitions. The focus is on Western Europe, where France and the Benelux are deemed to have similar conditions as Hövding's home markets Sweden and Denmark."
Read the report here.
Topics
- Economy, Finance