Lyko Group’s revenue was SEK 680 million in the first quarter, an increase of 23% compared to the first quarter of last year.
Growth in all markets is driving the lift. In the Nordic region, sales increased by 20.5%.
– Sweden and Norway are relatively mature markets, we are on the right track, but we have more to do in Finland and Denmark before they are at the same level, says CEO Rickard Lyko in a comment.
Two years have passed since the launch in Germany, the Netherlands, Austria and Poland. Growth in European markets reached 97.4% in the first quarter with sales of SEK 37.7 million.
– We had a fantastic start to the year with strong growth and rising profitability. I’m proud of the result, which is strong for the first quarter, which is usually our weakest, says Rickard Lyko.
The company posted an operating profit of SEK 13.2 million, compared with a loss of SEK 9.5 million in the corresponding period last year.
– The most significant impact on improving profits is that we were able to reduce our variable marketing costs. Marketing costs landed at 10.1% against 13.7% the previous year. This while continuing to invest in extensive marketing and managing to grow significantly faster than in the previous quarter, says Rickard Lyko.
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