Qliro AB: Interim report January-March 2021
Improved result due to lower credit losses
Important events during the first quarter
• 27 percent increase in Pay-after-delivery volumes, 59 percent increase in volumes excluding former Qliro Group merchants
• Agreement with e-merchant Stronger regarding payment solutions in the Nordics
• Updated mobile applications and websites launched in Finland and Norway
Important events after the end of the period
• Qliro’s Board of Directors decided that acquisitions might complement the organic growth strategy to further strengthen Qliro’s position in digital payments in the Nordic region
• The nordic offering was strengthened through the integration af the payment options Vipps in Norway and Mobile Pay in Denmark and an agreement was signed with the Norwegian e-merchant Blush regarding payment solution services
January-March 2021 (January–March 2020)
• Total operating income increased by 1 percent to 97.8 MSEK (96.4)
• Total expenses increased with 1 percent to 86.3 MSEK (85.5)
• Net credit losses decreased to 16.7 MSEK (29.6)
• Operating profit improved to -5.3 MSEK (-18.6)
• Net profit for the period was -4.5 MSEK (-14.7) earnings per share was -0.25 SEK (-0.82)
Comment from Carolina Brandtman, CEO Qliro
” Net profit for the period improved to SEK -4.5 million (-14.7), driven by lower credit losses. Our underlying credit quality remains stable and we are not seeing a widespread impact on customers’ payment patterns from the pandemic.
E-commerce activity remained high in the first quarter. Volumes with our payment methods increased by 27 percent and excluding the former Qliro Group merchants, growth was 56 percent. More and more customers are using our digital applications. The number of app logins increased by 27 percent to 2.4 million and the total number of logins in the app and website was 3.5 million.
Income growth in the quarter (+1 percent) is not satisfactory, but I am confident that we will see an improvement as soon as the next quarter. We have good control of our costs (+1 percent). This is important, and we are seeing increased efficiency thanks to the improved processes and from having to handle fewer simple issues that customers can take care of themselves digitally, which increases our future scalability.
Our checkout and our digital post-purchase experience are market-leading and we will continue to grow our network of merchants with medium-sized and large e-merchants in the Nordic countries. During the quarter, the Board of Directors decided that our organic growth might be complemented with additional acquisitions, which could be another tool for us to use in the future. The focus remains on building a scalable and sustainable business model, where we handle much larger volumes without raising expenses at the same rate as income over the long term.”
Presentation
Analysts, investors and media are invited to a webcasted conference call/audiocast on the 11th of May at 10 am when CEO Carolina Brandtman and CFO Robert Stambro will present the result. After the presentation there will be a Q&A session.
Phone numbers:
Sweden +46 8 505 583 51
UK +44 (0) 333 300 9260
USA +1 833 526 83 83
Link to the webcast: https://tv.streamfabriken.com/qliro-q1-2021
The presentation material and the webcast will also be available at https://www.qliro.com/en/investor-relations/presentations