Dutch furniture group Beter Bed Holding has reported a growth in half year sales and profit.
According to its latest trading update for the first half year ended 30 June 2023, total sales rose 5.4% to €118.4m from €112.4m against the same period last year.
Gross profit increased 7% to €65.5m, while EBITDA resulted at €16.4m, up from €13.7m. Net profit stood at €4.6m, rising from €2.2m.
Beter Bed said that its order book sits at €16.6m compared with €19.4m last year, while adding that it obtained a 50% stake in Bovelli’s production and real estate entities, allowing further vertical integration in supply chain.
The Simmons brand gained further traction in the Netherlands and Belgium, Beter Bed added. In Germany, M Line saw an increase at Amazon sales during the first half of the year and significant progress was made in B2B deals. In the Netherlands and Belgium, the new M Line collection was successfully launched across the entire dealer network, and the first selling points were established in Wallonia Belgium. In Sweden, both M Line and Simmons were introduced at the retailer Säng Säng.
Furthermore, on 10 July, an agreement was reached with Torqx on an all-cash public offer for all issued and outstanding BBH shares at €6.10 per share, a 107% premium to closing price on 7 July 2023, valuing 100% of the shares of the company at €168m.
John Kruijssen, CEO of BBH, commented: “Since the launch of our strategic agenda, we successfully transitioned to a sleep specialist with accelerated online sales, expanding our wholesale presence and achieving high customer satisfaction.
“The first half year of 2023 marked another solid performance across the Group. Positive performance in our sales channels, a gross profit increase, combined with tight cost management, resulted in EBITDA growth.
“The proposed transaction with Torqx Capital Partners will allow us to further accelerate our growth strategy and we look forward to the next phase of the development of our company.”