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Delticom Semi-Annual Report 2010: Strong Revenues and Earnings Growth
- H1 10: E-Commerce revenues +30%
- Customer base up, to more than 3.8 million
- Outlook for FY 2010 confirmed: revenues up by more than 10%, EBIT margin 9%
Delticom AG (German Securities Code WKN 514680, ISIN DE0005146807, stock market symbol DEX), Europe's leading online tyre retailer, has published its full semiannual report for 2010. In the second quarter Delticom grew its revenues by 16.7% yearonyear, to EUR 102.9 million (Q2 09: EUR 88.1 million). EBIT for Q2 10 came in at EUR 10.9 million (Q2 09: EUR 7.5 million), equating to an EBIT margin of 10.6% (Q2 09: 8.6%).
Group revenues in the first six months totalled EUR 177.3 million, after EUR 139.2 million in the prioryearperiod (+27.4%). Revenues in the E-Commerce division rose 29.7% to EUR 169.7 million (H1 09: EUR 130.8 million), while Wholesale revenues fell from EUR 8.4 million to EUR 7.6 million.
Delticom has further improved its profitability. During the first six months of the current fiscal year EBIT went up by 64.2% to EUR 16.7 million (H1 09: EUR 10.2 million), an EBIT margin of 9.4% (H1 09: 7.3%). Consolidated net income was EUR 11.4 million or EUR 0.96 per share (basic), an increase of 62.1% against the H1 09 figure of EUR 0.59 per share.
The Internet as a sales channel for tyres is gaining momentum across Europe. Since the beginning of the year Delticom has acquired around 430 thousand new customers. This translated to a customer base of more than 3.8 million at the end of June. At the same time, customer loyalty continued to rise: In the first six months of 2010 roughly 230 thousand repeat customers have returned to the 108 online shops to make purchases with Delticom.
Frank Schuhardt, CFO of Delticom AG: "Thanks to the robust E-Commerce business in H1 we were able to grow both top and bottom line. Having said that, many motorists have already bought new tyres in the previous snowy winter. Thus H2 could be burdened by negative base effects."
The Management confirms its current FY 2010 planning with regard to sales and profitability: a step up in revenues of more than 10% and an EBIT margin of 9%.
The complete semiannual report 2010 can be downloaded from the website www.delti.com within the "Investor Relations" area.
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