Business review (All figures in brackets refer to the corresponding period in 2023 – AUBO Production A/S is incl.in the figures as from 3 July 2023) Revenue in Q3 was DKK 277.7 million compared to DKK 258.6 million in Q3 last year, representing an organic increase of 7.4%. As the revenue from AUBO Production A/S from Q3 2024 is now included in the comparative figures, this is no longer disclosed separately. TCM Group's primary market is Denmark, which contributed 81.9% of Group revenue in Q3 2024. Revenue in Denmark was up 10.5% compared to Q3 last year to DKK 227.5 million. As expected, B2B sales, especially within Project sales, declined in the quarter, while B2C sales were significantly up compared to Q3 last year. The strong growth in B2C order intake that we experienced in the first 6 months of 2024 slowed down during the summer months, resulting in a largely flat development in B2C order intake in the quarter. This, combined with a negative B2B market, resulted in a 5% decrease in total order intake in the quarter. Revenue in Norway decreased by 4.4% compared to Q3 2023 to DKK 47.3 million due to very difficult trading conditions. Revenue in other countries decreased by 9.4% in the quarter to DKK 2.9 million. Gross margin increased from 17.7% in Q3 2023 to 20.3% in Q3 2024. It should be noted that the gross margin in Q3 2023 was negatively impacted by a correction related to third-party income. However, even when adjusting for this, gross margin improved slightly year-on-year. The improvement was due to the changed sales mix, with an increased share of generally higher-margin B2C-sales. Specifically in Q3 production costs were negatively impacted as high demand for e.g. lacquered products led to increased cost for overtime in production and external sourcing. In Q3, TCM Group launched new products for both Svane Køkkenet and Tvis Køkken. In Svane Køkkenet, we launched 'New Tradition,' which is a modern interpretation of the classic kitchen design, and in Tvis Køkken, we launched 'Harmoni' which is a classic kitchen design with a contemporary twist. At the end of Q3 2024, the total number of branded stores was 114 (112). Two stores opened in Denmark during the quarter: Nettoline in Brønshøj and Aars. Total number of employees at the end of the quarter was 489 (496 end of Q3 2023). TCM Group A/S, Skautrupvej 16, DK-7500 Holstebro, Company reg. (CVR) no: 37291269 Page 4 of 21
Download PDF fil