Swedencare maintains its strong growth path this year
The Malmö-based pet healthcare company earned SEK848.6 million (€81.3M) in the first half of 2022, 188% more than the same period last year.
Swedencare posted net revenue of SEK 470.9 (€45.1M) in the second quarter of the year, an increase of 194%.
“We managed to improve the margins in the second quarter even though the global economy was significantly affected by a number of parameters like continued price increases, rises in interest rates, inflation and not least the ongoing war in Ukraine,” claimed CEO Håkan Lagerberg.
The Swedish company generated profits of SEK77.6 million (€7.4M) in the quarter (+510%).
Acquisitions and online channel
The company believes that the good results are a result of the recent company acquisitions, including US premium pet supplement company NaturVet and Italian veterinarian company Innovet.
Lagenberg noted that the online channel “has impressed” during the quarter. NaturVet´s Amazon sales increased by 37%, Pet MD Brands by 30% and SwedencareUK, which sells more than 60% online, increased by 61% during Q2.
“We are convinced that online will be the sales channel that will grow more rapidly than the others over the upcoming years,” he concluded.
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