Fourth quarter (1 Oct-31 Dec 2024)

• Net sales increased by 11 percent to MSEK 1,771 (1,601). Currency-adjusted sales rose by 10 percent.
• Operating profit before depreciation and amortisation (EBITDA) excluding non-recurring items of MSEK -27 (0) amounted to MSEK 172 (209) 1).
• Operating profit amounted to MSEK 79 (142) and the operating margin was 4.5 percent (8.9). Operating profit was charged with non-recurring items of MSEK -27 (0). 1)
• Profit after financial items totalled MSEK 81 (137). 1)
• Profit after tax amounted to MSEK 70 (119).
• Earnings per share before dilution totalled SEK 0.29 (0.51). Earnings per share after dilution totalled SEK 0.28 (0.50). 2)
• Cash flow from operating activities amounted to MSEK 323 (376). 
   

Financial year (1 Jan-31 Dec 2024)

• Net sales increased by 7 percent to MSEK 6,585 (6,139). Currency-adjusted sales rose by 8 percent.
• Operating profit before depreciation and amortisation (EBITDA) excluding non-recurring items of MSEK -48 (0) amounted to MSEK 761 (686) 1).
• Operating profit increased by 6 percent to MSEK 459 (432), corresponding to an operating margin of 7.0 percent (7.0). Operating profit was charged with non-recurring items of MSEK -48 (0). 1)
• Profit after financial items increased by 14 percent to MSEK 438 (385). 1)
• Profit after tax amounted to MSEK 320 (292).
• Earnings per share before dilution increased by 11 percent to SEK 1.38 (1.24). Earnings per share after dilution totalled SEK 1.37 (1.23). 2)
• Cash flow from operating activities amounted to MSEK 624 (810).
• The equity/assets ratio at the end of the year was 60 percent (56). 2)
• Net debt excluding lease liabilities amounted to MSEK -969 (45). During the third and fourth quarters, the Group received a total of MSEK 831 in issue proceeds from a directed share issue (see Note 6 in the Year-End Report).
• The Board of Directors proposes that no dividend be paid out for 2024 (SEK 0.75 per ordinary share).

1) EBITDA, operating profit and profit after financial items for the fourth quarter as well as for the 2024 financial year were charged with non-recurring items of MSEK -27 and MSEK -48, respectively. The non-recurring items pertain to acquisition costs in conjunction with the acquisition of HMY and a capital loss in conjunction with the sale of a Group company in China in the fourth quarter (MSEK -16).
2) Comparative periods including Discontinued Operations.

Events during the year

• ITAB commenced delivery of 7,200 self-checkouts to the stores of a leading grocery chain in multiple countries in Europe during January.
• In January, ITAB signed an agreement with a leading fashion chain in Europe for the delivery of customised interiors, checkouts and fitting rooms for the refurbishment of existing stores and in upcoming new stores over three years.
• In early April, ITAB signed an agreement with a leading grocery chain for the delivery of entrance and exit gates, aimed at improving loss prevention measures in their stores across Europe.
• In May, ITAB made a strategic investment in Signatrix GmbH, a technology and Retail AI startup.
• At the end of August, ITAB signed a framework agreement for the manufacturing, delivery and installation of shopfitting and signage solutions for a major financial services provider throughout the UK.
• In September, ITAB signed a framework agreement with a world-leading manufacturer of window coverings for the roll-out of a new shop-in-shop concept in some 900 stores in their reseller network throughout Europe.
• With the aim of strengthening ITAB's position and complementing the Group's current offering, ITAB agreed to acquire Financière HMY for a cash consideration of MEUR 320 at the end of September. HMY is a leading European supplier of shop fittings, checkouts and store design to the retail industry and had sales of just over MEUR 541 in 2023.
     With a final and definitive share purchase agreement entered into in early December 2024 and the other conditions for the transaction fulfilled, the acquisition was completed on 31 January 2025. The purchase consideration was paid in connection with the closing of the transaction.

President's comments -
Improved earnings, growth and a transformative acquisition

"2024 was characterised by higher sales and underlying earnings improvements, despite continued challenging market conditions and strong comparative figures. For the full year, net sales increased by 7 percent and operating profit (excluding non-recurring costs) by 17 percent. The operating margin was 7.7 percent (7.0), which is in line with our financial target. Through the acquisition of HMY, which was completed at the end of January 2025, we are creating the leading solution provider for the retail market, thereby benefiting our customers and employees. The acquisition is a strategic and cultural fit, and integration will now begin - with a focus on realising synergies, achieving operational efficiency and filling our order book," concludes President & CEO Andréas Elgaard.

Please read the full President's comments in the Year-End Report.

Jönköping, 7 February 2025

ITAB Shop Concept AB (publ)

Webcast presentation on 7 February 2025 at 10:30 a.m. CET
ITAB arranges a webcast presentation today, 7 February 2025 at 10:30 a.m. CET, in which Andréas Elgaard, President & CEO, and Ulrika Bergmo Sköld, CFO, will present the Year-End Report for 2024 and answer any subsequent questions.
To participate via webcast - please use the weblink below. Via the webcast you are able to ask questions in writing.
https://itab-shop-concept.events.inderes.com/q4-report-2024
To participate in the teleconference, please register via the weblink below. After registration you will be provided phone numbers and a conference ID to access the conference call. You can ask questions verbally via the teleconference.
https://conference.inderes.com/teleconference/?id=5007383