REVENUE OF €6.1M AT 2
th
QUARTER 2022
Solid growth of +8% of the division
Cabasse Audio
despite a demanding base effectDivision
Chacon & DIO Home
hampered by component supply difficulties and disruptions in freight transport linked to the repeated closures of Chinese portsStart of a major deployment of Security-Video protection products for a leading brand in Europe
CONFIRMATION OF 2022 OBJECTIVES
Sustained growth of the division
Cabasse Audio
with the launch of two new products in September 2022Return to a normalized situation in freight transport for the division
Chacon & DIO Home
at 2
n/a
half of 2022, and acceleration in the Security-Video protection segment with a complete new range of productsImprovement in the gross margin rate and the EBITDA margin in 2022, with the gradual return to normative levels of freight transport costs
Cabasse Group (Euronext – FR0013530102 – ALCG)
a leading European group in the world of
smart home
(smart home), publishes its consolidated turnover for the 2
th
quarter of fiscal 2022 (which will end on December 31, 2022).
Consolidated data in K€ | 2 | 2 | Variation |
---|---|---|---|
Turnover |
6,373 |
6,055 |
-5% |
Chacon & DIO Home | 3,980 | 3,469 | -13% |
Cabasse Audio | 2,045 | 2,203 | +8% |
Home & Technology | 349 | 389 | +10% |
At 2
th
quarter of its 2022 financial year, Cabasse Group achieved consolidated revenue of €6.1 million, down -5% compared to the 2
th
quarter of 2021, which constituted a very demanding base effect (reminder: +37% growth in the 2
th
quarter of 2021).
The past period remained disrupted by global tensions in freight transport (repeated closure of ports in China due to the Covid pandemic and port congestion in Europe) which resulted in supply delays on certain ranges of products and components.
The division
Chacon & DIO Home
was the most impacted by these disruptions (-13% activity on 2
th
quarter after -19% on 1
er
trimester).
Cabasse Audio
however, returned to growth in 2
th
quarter (+8% vs. -2% in the 1
er
trimester).
Cabasse Audio
was able to take advantage of advance orders, placed on 2
n/a
half of 2021, of critical electronic components with very long lead times, and thus be able to deliver solutions from the THE PEARL range.
After the 1
er
In the first half of 2022, consolidated revenue is down slightly by -9%, at €12.4 million, compared to growth of +28% over the same period last year.
Consolidated data in K€ | 1 | 1 | Variation |
---|---|---|---|
Turnover |
13,652 |
12,404 |
-9% |
Chacon & DIO Home | 8,629 | 7,256 | -16% |
Cabasse Audio | 4,617 | 4,721 | +2% |
Home & Technologies | 406 | 427 | +5% |
Activity by division
The division
Chacon & DIO Home
was impacted throughout the half-year by disruptions linked to freight transport (delays in deliveries, difficulties in sourcing raw materials) but also by the postponement of promotional operations in several countries in Europe due to the geopolitical context. Half-year sales thus amounted to €7.3 million, down -16%.
This situation has tended to gradually normalize since the beginning of the summer and the division should return to a more sustained level of activity in the 2
n/a
semester, while benefiting from the commercial launch of new innovative technological products for the
smart home
particularly in the field of Security-Video protection (new complete range of cameras and innovative video protection systems and extension of the home automation and equipment range).
In July 2022, Chacon announced the extension of its video security range with the commercial launch of two new outdoor wireless WiFi cameras operating in complete autonomy thanks to solar batteries. These products, equipped with a rotating surveillance camera operating on 2 axes (horizontal at 320° and vertical at 90°) that can be controlled from your smartphone, make it possible to cover a wide field of vision to ensure the protection of the home. Thanks to their efficient solar panel and their integrated rechargeable lithium battery, the cameras are continuously powered and do not need a wired connection to be operational.
Chacon has also begun to deploy a large fleet of Security-Video protection products, marketed as a private label (MDD) for a major brand across Europe. This commercial launch, which has been the subject of nearly two years of work devoted to R&D and the establishment of the partnership, will contribute to the Group’s acceleration in this rapidly growing market segment.
Although hampered by still significant difficulties in the supply of electronic components, the division
Cabasse Audio
returned to growth in 2
th
quarter (+8%). This commercial performance is all the more satisfactory as the 2
th
quarter of 2021 was a particularly demanding basis for comparison (+85% growth in the 2
th
quarter of 2021).
The growth momentum is supported by
(i)
the continued strong sales of the THE PEARL loudspeaker range, as well as
(ii)
the strong growth in export sales under the effect of distribution agreements concluded over the last 18 months (United States, Canada, United Kingdom, South Korea, Netherlands, Finland, Thailand, Australia, etc. .). At 1
er
half of 2022, exports thus represented 49% of Cabasse Audio’s sales (compared to just over a third in 2021 and less than 30% in 2020).
Building on the success in France and export of its flagship model THE PEARL PELEGRINA, manufactured in the brand’s workshops in Brittany and whose first 70 numbered copies for the 70th anniversary of the Cabasse brand were sold in a very short time. , Cabasse Audio has decided to continue marketing this model. This success demonstrates the market’s appetite for the “luxury audio” segment, for which the brand was awarded the prestigious Diapason d’Or 2022 “exceptional links” prize by Hi-fi Diapason magazine.
The extension of the Cabasse Audio range will continue in 2
n/a
half of 2022 with the marketing of two new innovative products, in addition to the current High-End Streaming range.
Division activity
Home & Technologies
(connectivity solutions and software platform
Smart Home Business Platform
) increased by +5% on 1
er
semester 2022 (+10% in 2
th
trimester). This period is of little significance due to the seasonal nature of the activity.
Outlook
After the 1
er
semester 2022, the group confirms its annual objectives:
-
Sustained growth of its Cabasse Audio division
which began to materialize in 2
th
quarter and which will be driven by the extension of the range at the start of the 2022 school year;
-
Gradual return to more sustained activity for the Chacon & DIO Home division
which will benefit from the launches of new products for the
smart home
at 2
n/a
semester 2022;
-
A further improvement in the gross margin rate
with
(i)
the growing contribution of new technological products and a favorable business mix linked to the growth of Cabasse Audio
(ii)
the gradual return to normative levels of transport costs over the year and
(iii)
the positive impact of the annual increases in effective selling prices since 1
er
January 2022;
-
An increasing EBITDA margin
taking advantage of the improvement in the gross margin and a cost structure that remains under control.
Cabasse Group reiterates its ambition to move towards the target level of 10% EBITDA margin by 2022, during the 2
n/a
semester.
Financial diary 2022
2022 half-year results |
September 26, 2022 |
Turnover of 3 |
November 7, 2022 |
Turnover 4 |
February 2, 2023 |
2022 annual results |
April 19, 2023 |
These dates are given as an indication, they are likely to be modified if necessary. The publications will take place after the closing of the Euronext markets.
About Cabasse Group
Cabasse Group is a leading European group in the world of
smart home
(Smart home).
The group is present in the most dynamic segments of the
smart home
: high-fidelity audio, under the Cabasse brand, home automation and home comfort solutions, under the Dio brand, and video-security equipment and electrical accessories under the Chacon brand.
The group presents a strong complementarity of its brands, technological synergies based on its software platform
Smart Home Business Platform
and a combination of product, industrial and commercial know-how, with the ambition of democratizing the smart home among households.
Cabasse Group benefits from an established global organization, with a presence in France (Montpellier and Brest), Belgium (Brussels), the United States (Palo Alto) and an industrial subsidiary in Singapore.
Listed on Euronext Growth in Paris, Cabasse Group has been recognized on several occasions among the hyper-growth French Tech companies.
Label: Cabasse Group
ISIN Code: FR0013530102
Number of shares making up the share capital: 2,577,033
More information on Cabassegroup.com – Twitter: @Cabasse_Group – Facebook: /Cabasseofficiel – /Chacon.DiO.France
contacts
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