Delticom Reports Revenues of 310 million euros in Preliminary 2009 Results
Hanover-based Delticom AG has released preliminary 2009 financial results that show group revenue totalled 310 million euros, compared with 259 million euros in 2008. The growth realised (+20 per cent) was twice as strong as expected. Last year, 800,000 customers purchased tyres for the first time in one of the company's number of online shops, which includes mytyres.co.uk in the UK.
According to Delticom, the extreme snowy weather in many European countries translated into the highest tyre sales in Delticom’s history. In Germany new car registrations resulting from the scrappage scheme reportedly created further selling opportunities for winter tyres. As a result, revenues in the closing quarter were 108 million euros, up 29 per cent from last year.
The group generated and EBIT margin of 12 per cent in fourth quarter, while full-year EBIT grew 70 per cent from 16.4 million euros to 28 million euros. This equates to an EBIT margin of above 9 per cent, significantly outperforming the 7 per cent forecast. Delticom says it had stocked up early in order to be able to deliver the tyres reliably during the peak of the winter tyre season, allowing for “superior margins to be achieved, particularly towards the end of the year.”