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Strong financial report – lifted by nicotine pouches
2023-05-03 16:30
Earlier today, the 3rd of May, Haypp Group announced financial and operating results for the first quarter. The interim report, covered in Swedish business media, displayed increased net sales and operating margins compared to the first quarter of last year.
Dagens Industri notes Haypp Group’s strong performance through an increase in net sales by 22 per cent to SEK 781.3 million and an operating profit of SEK 7.4 million, also referenced by Privata affärer.
One of Sweden’s leading trade magazines for e-commerce reported, “The nicotine pouch product category continues to be a big seller for the e-retailer. During the first three months of the year, sales of nicotine pouches increased by 41 per cent and now account for almost half of the sales volume.”
The magazine also took note of the company’s increased adjusted EBIT to SEK 18.2 million, corresponding to an adjusted EBIT margin of 2.4 per cent. Read the article (Swedish) here.
“Net sales for the group increased by 21 per cent in constant currency during the quarter to SEK 2,740 million on an LTM basis. Inflationary pressure has so far had limited impact on our overall performance, and we see an increasing demand from consumers seeking safer nicotine alternatives at attractive prices”, says Gavin O’Dowd, CEO Haypp Group.
For more in-depth comments on the first quarter, Gavin O’Dowd and CFO Svante Andersson held a webcast through Financial hearings, which is available here.