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Go North Group AB Interim Report Q1 2023
Go North’s positioning as an FBA operator continues to resonate with sellers and the wider industry sector, further strengthening our position in the market.
Our strong business model is further bolstered by the resilience of Amazon's robust marketplace, which has proven largely immune to the rising cost of living and inflationary pressures. With a reduced number of active competitors, our short-term acquisition pipeline remains robust, and we continue to witness a decrease in acquisition multiples. This combination of factors positions Go North for continued growth and success in the market.
First quarter January - March 2023 (compared to January - March 2022)
- Net sales were KSEK 123,660 (4,053).
- Adjusted EBITDA was KSEK 8,016 (-1,082).
- EBITA was KSEK -3,120 (-2,048).
- Net financial debt / Adjusted EBITDA was 9.6 (14.8).
- Cash flow from operating activities was KSEK -56,429 (-760).
- ROCE was 0.0% (-2.3%).
‘With quarter one net sales surpassing the full year of 2022, we have started the year in a positive direction. The controlled investments into strengthening our growth and supporting functions throughout quarter one, put us in a strong position to continue to scale throughout the year.’
Johan Hallenby, CEO/ Founder Go North Group AB
Key Highlights
- Amazon marketplace, and fundamental business model remain resilient
- Strong Q1 net sales performance, surpassing the full year of 2022
- Continued investments into strengthening business fundamentals, and growth
- First Sustainability Report published
- World-class growth teams accelerating product launch and branding activities
- First visit to China for direct supplier negotiations and new product development
Go North is also exploring other ways of financing its continued expansion, including the possibility of raising additional equity if market conditions permit. Go North has mandated Carnegie Investment Bank AB (publ) as its financial advisor to advise on the process.
From the first quarter of 2023, the debt leverage metric in the financial overview has been detailed to "Net financial debt / Adjusted EBITDA" with a clarified definition.
The publishing date for the Q2 2023 financial report is changed to 31 August 2023.