Delticom AG Reports Positive Q1 Growth in 2024

On May 13, 2024, Delticom AG, a leading European online retailer for tyres and complete wheels, released its financial results for the first quarter of 2024. The company reported a significant increase in its gross merchandise volume (GMV) which was up from €96 million in Q1 2023 to €119 million. This uplift entailed a 24% rise in revenues from €78 million to €97 million. Despite increasing revenues, the company's consolidated net income showed a smaller loss of €-1.4 million, compared to €-2.3 million in the prior year, marking a 39% improvement.

Delticom credited the rise in earnings to favorable sales prompted by early summer weather as well as efficient cost-cutting and profit enhancement strategies implemented in the previous year. The company also confirmed its revenue forecast for 2024, positioning itself between €450 million and €470 million, and projecting an Operating EBITDA of €19 million to €21 million.

The first quarter is generally viewed as transitional; however, Delticom highlights that its performance sets a positive tone for meeting its full-year expectations, majorly dependent on the pivotal winter tyre business in the final quarter. Delticom will further detail its financial outlook and performance in the semi-annual report scheduled for an August release.