Europe’s leading route-based self-service retailer reported that COVID-19 continued to negatively impact in its first quarter of 2021, ended Mar. 31.
Selecta Group B.V. said quarterly sales were €234.5 million, down 26.6% compared with last year’s sales for the same period. However, the group, headquartered in Switzerland, pointed out that its sales for the quarter have been positive, compared with last year for the first time since the pandemic started.
KEY POINTS
- Sales still impacted by different lockdown measures, with toughest conditions seen in Spain, the UK and France, while Italy and Switzerland were the most resilient.
- The Public channel has been the most resilient business channel for Selecta, driven by the petrol business. Different trends impacted the private channel, more challenged in the service industry, better in manufacturing and small businesses. The semi-public channel was particularly impacted by partial closures in universities, schools and hospitals.
- Adjusted EBITDA of €33.8 million up 17.9% versus last year, strongly ahead of last year with margin reaching 14.4% and a total cost reduction of over €50 million versus last year. Last 12 months adjusted EBITDA increased to €90.3 million.
- Reported EBITDA of €26.6 million and free cash flow of €12.4 million continue to be impacted, as planned, by the one-off costs related to the rightsizing of the organization.
- Liquidity headroom of €167.7 million, which reflects strong cash discipline.
- Strong confidence in achieving the strategic plan in 2021 and beyond and focus on the execution of the “ONE Selecta” vision to transform and grow the company’s business.
Joe Plumeri, Selecta’s executive chairman, said, “We continue to make strong progress in the execution our ONE Selecta transformation vision. Our new go-to-market strategy is based on a client-focused, needs-based sales and service approach. Coupled with investments in technology and training, this allows us to deliver upon our purpose of creating millions of moments of joy and happiness for our clients and their consumers every day.”
Christian Schmitz, Selecta’s chief executive, added, “We are very encouraged by the increased rate of vaccinations around the world and the gradual return of employees to the office. While the pandemic has brought real and permanent change in what will become the ‘new normal’ of hybrid and flexible working solutions, Selecta is superbly positioned to meet the needs of the post COVID-19 world. We are engaging in very constructive dialogue with our clients around their needs as they plan to welcome their people back to the workplace. We will make the necessary investments while conforming to Selecta’s strong commitment to cost discipline.”
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European vending, coffee giant Selecta says COVID-19 continued to hit sales in Q1 - VendingMarketWatch
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