Strax: Year-end Report For the Financial Year 2019

STOCKHOLM, Feb. 27, 2020 /PRNewswire/ --The Group's sales for the period January 1 - December 31, 2019, amounted to MEUR 114 (107), corresponding to an increase of 6.2 percent, with a gross margin of 24.5 (24.2) percent.

The Group's result for the period January 1 - December 31, 2019, amounted to MEUR -1.7 (16.7) corresponding to EUR -0.01 (0.14) per share. The result for the period was negatively affected by MEUR 2.4 related to the decline in value of the Zagg shares.

EBITDA for the period January 1 - December 31, 2019, increased to MEUR 8.3 (1.5).

Equity as of December 31, 2019 amounted to MEUR 20.1 (34.3) corresponding to EUR 0.17 (0.28) per share.

Year over year reduction in operational expenses excluding depreciation amounts to MEUR 8 for 2019 as a result of cost reductions implemented in 2018, corresponding to approximately 24 percent.

Urbanista accelerated its growth in 2019 and achieved MEUR 22.8 in sales in 2019 corresponding to a growth of 65% percent.

STRAX acquired all outstanding shares in Racing Shield AB, effective date December 1, 2019, with the main asset being the fashion tech accessories brand Richmond & Finch.

The board of directors resolved to split the group's business into two parts - Own brands and Distribution. Both businesses will remain wholly owned by STRAX. This change will present an improved view of the value of each part the group's business and is also expected to deliver a more effective cost structure once fully implemented. The change came into effect as of January 1, 2020.

"2019 was by every measure an eventful and successful year at STRAX; kicking off with a MEUR 13 distribution to our shareholders and finishing with an acquisition of the fashion tech brand Richmond & Finch. Number wise we achieved sales of MEUR 114, corresponding to 25 percent in growth on a like for like basis. Following the cost cutting measures initiated in 2018 our EBIDTA increased to MEUR 8.3 compared to 1.5 the previous year" says Gudmundur Palmason, CEO.

For further information please contact Gudmundur Palmason, CEO, STRAX AB, +46 8 545 017 50.

This is information that Strax AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 08:55 CET on February 27, 2020.  

About STRAX

STRAX is a global company specializing in mobile accessories. STRAX develops and grows brands through an omnichannel approach. STRAX operates two complimentary businesses - Own brands and Distribution (retail and online marketplaces) - where the lifestyle audio brand Urbanista is the flagship along with our licensed brand adidas. Through its retail distribution platform in Europe STRAX represents over 40 major mobile accessory brands, whilst Brandvault focuses on online marketplace distribution globally. STRAX sells into all key channels ranging from telecom operators, mass merchants and consumer electronics to lifestyle retailers and direct to consumers online. STRAX was founded in Miami and Hong Kong in 1995 and has since grown across the world. Today, STRAX has over 200 employees in 12 countries with its operational HQ and logistics center based in Germany. STRAX is listed on the Nasdaq Stockholm Stock Exchange.

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https://news.cision.com/strax/r/strax--year-end-report-for-the-financial-year-2019,c3047466

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Contacts:
STRAX AB
Mäster Samuelsgatan 10 111 44 STOCKHOLM
+46-8-54-50-17-50
+46-8-54-50-17-60
http://www.strax.com  
[email protected]  

SOURCE Strax

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