H1 2024: Icecat Achieves 9% Revenue Growth

Icecat N.V. H1 2024 Report.pdf

The revenues of Icecat N.V. (ISIN: NL0012751226) have increased by 9% over the first six months of 2024 to 7.2 million euros compared to the same period last year. The growth is stable.

The gross profit increased by 6% over the same period. The operating expenses were stable at 7.5% higher. The profits (EBT) increased by 4% for this period. These earnings contribute to the already very solid cash position. All of Icecat’s key financial metrics have shown solid progress.

Investments

In the first half of 2024, we completed the investment in a stake in Wakuli, a fair-trade specialty coffee brand and chain. Fast-growing Wakuli has an omnichannel approach. Furthermore, we are continuously evaluating and negotiating other investment or divestment opportunities.

Board

Peter Sol stepped down as CCO on January 1, 2024, and continues as Director Strategy to strengthen our investment focus (Icecat Capital). He is temporarily replaced as CCO by managing director Emre Tan, who is already involved in daily sales operations as chief growth officer (CGO). All other board members remain in their posts.

Organization

We started further simplifying our organization by merging Iceshop BV and Icecat Syndy BV into Icecat Commerce BV, which will be effective on the last workday of 2024. This will create business substance regarding our e-commerce and PIM solutions in the market, help unify our platforms, strengthen our main Icecat brand, and simplify our internal administrative processes.

DRs

For its employee incentive plan, Icecat’s balance of purchased Depository Receipts of Icecat shares via NPEX is 127,295 DRs as of June 30, 2024. We expect to continue purchasing DRs during H2-2024 as part of this incentive plan.