Interim Report January – March 2021

05 May 2021 - 08:00

Strong growth in financial and customer key metrics

First quarter 2021 

  • Net sales increased 125.4% to SEK 402.1 (178.4) million. Organic sales growth excluding Poster Store amounted to 60.5% as a result of strong market demand.
  • Gross margin in the period increased to 82.3% (82.2%). The gross margin excluding Poster Store increased to 83.4% (82.2%) with the synergies from the acquisition starting to have a more meaningful impact from Q2 2021.
  • Operating profit amounted to SEK 67.4 (28.7) million, corresponding to an operating margin of 16.8% (16.1%).
  • Adjusted EBITA amounted to SEK 91.1 (29.7) million, corresponding to a margin of 22.7% (16.6%) or a 6.0 pp. increase vs. the prior year.
  • Cash flow from operating activities amounted to SEK 30.5 (-8.5) million.
  • Earnings per share amounted to SEK 0.28 (0.16) before dilution and SEK 0.26 (0.15) after full dilution.
  • Earnings per share before dilution increased 76.4% vs. the prior year.
  • Active customers increased to 3.5 (1.8) million, corresponding to a growth rate of 97.4%.

Comments from Fredrik Palm, CEO:

“Desenio Groups' first quarter as a listed company was characterized by continued strong growth in our financial and customer key metrics as well as a successful integration of Poster Store.

Q1 surpassed our ambitious expectations. Net sales increased by 125%, with an organic growth of rate 61% and adjusted EBITA increased by 207%.

The long-term potential for our business is huge and we remain focused on making sure that Desenio retains its position as the no. 1 destination in the affordable art specialist segment.”


Significant events during and after the period 

  • Desenio Group’s shares were listed on Nasdaq First North Growth Market on 25 February

  • At the AGM on 19 February a dividend of SEK 2.04 per share was decided.

  • As a consequence of our successful acquisition of Poster Store, a directed set-off issue was conducted in February as part of the financing of the acquisition. After the issue there are 144,111,110 outstanding shares in the company.

  • Accounting principles were converted from K3 to IFRS during the period.


Financial summary


Jan 1 - Mar 31,

Jan 1 - Mar 31,
SEKm unless otherwise indicated 2021 2020 Change
Net sales 402.1 178.4 125.4%
Net sales growth, % 125.4 41.6 83.8 pp
Organic sales growth % 60.5 37.5 23.0 pp
Gross margin, %* 82.3 82.2 0.1 pp
EBITA* 75.7 29.7 155.1%
EBITA margin, %* 18.8 16.6 2.2 pp
Adjusted EBITA* 91.1 29.7 207.1%
Adjusted EBITA margin, %* 22.7 16.6 6.0 pp
Earnings per share  0.28 0.16 76.4%
Cash flow from operating activities 30.5 -8.5 n/a
Net debt / net cash* 905.4 -60.8 1589.3%
Visits, '000 35,411 17,541 101.9%
Orders, '000 803 396 103.0%
Active Customers, '000 3,533 1,790 97.4%
*The figure is an Alternative Performance Measure (APM)  and is described in definitions

Financial calendar 2021

18 August, 2021

Interim Report January-June 2021, Q2 2021

10 November, 2021

Interim Report January-September 2021, Q3 2021

16 February, 2022

Interim Report January-December 2021, Q4 2021


For further information, please contact:

Fredrik Palm, CEO, +46700807637


Linda Vikström, Head of IR
[email protected], +46735341762

The information in this press release is such that Desenio Group AB (publ) must disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 5 May 2021, at 08:00 CET.

Desenio Group is a Swedish, fast growing digital direct-to consumer company with a leading position as an online based provider of affordable wall art in Europe. The Company offers its customers a unique and curated assortment of over 6,000 designs as well as frames and accessories in 35 countries via 20 local websites. Leveraging a data-driven strategy both for the creation of art and for attracting new customers, Desenio has grown rapidly and profitably since 2015. Desenio’s bonds are listed on Frankfurt Stock Exchange Open Market Quotation Board. For more information, please visit

Provided by: Cision
Nasdaq First North GM (Sweden)
Desenio Group AB
Desenio Group AB is a Swedish online based provider of wall arts in Europe. The company offer its customers a range of posters and hanging accessories in the form of frames, picture frames, clamps and poster hanger in more than 35 countries, which includes Denmark, Australia, Belgium, Germany, France, Spain, Norway, and Italy....
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