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Beter Bed Holding NV (0DQK)

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Friday 30 August, 2019

Beter Bed Holding NV

Half-year results 2019 Beter Bed Holding N.V.; Solid sales continued operations, exit of Matratzen Concord on track

Half-year results 2019 Beter Bed Holding N.V.; Solid sales continued operations, exit of Matratzen Concord on track

Highlights of first half year 2019

  • Solid sales growth of the continued operations Benelux and New Business.
  • The process leading to the exit of Matratzen Concord is on track expected to be completed by the end of 2019.
  • An extraordinary shareholders' meeting (EGM) will be held in Q4 2019.
  • On track with agreeing amended financing covenants for the remaining Group.

John Kruijssen, CEO of Beter Bed Holding N.V., comments:
"Since we announced our new strategy in October 2018, we have taken significant steps to improve our overall performance. However, as the recovery of Matratzen Concord was more time-consuming than earlier anticipated, with a significant financial impact, we decided to exit Matratzen Concord. This will allow us to focus on driving faster growth of our activities in the Benelux region and our New Business.

We expect to complete the exit of Matratzen Concord by the end of 2019, and are currently in advanced stage of negotiations with a select number of seriously interested parties, which potentially presents a good fit to all stakeholders of Matratzen Concord. We will hold an EGM by the end of 2019. A secured short-term financial platform has been agreed with the banks and three major shareholders and we are now in the process to amend the financing covenants.

At the same time, we continue to grow our Benelux operations and have seen sales growth of more than 6%. The New Business, consisting of the Swedish operation and DBC Wholesale, showed promising sales performance, albeit from a small basis. We are now focused on further acceleration and improving profit levels."

Please click for the complete version of the press release on the link below. Press photos can be downloaded here.

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