Rocket Internet results improve but losses continue
Rocket Internet SE managed to cut the losses at certain companies in its portfolio in the first half as it saw a rapid revenue rise.
The Berlin-based firm, which specialises in startups owns Global Fashion Group (GFG) and this unit is progressing well.
At group level, Rocket’s consolidated net losses fell to €27 million from €617 million and the sale of half of its 26% stake in its Delivery Hero business for €660 million will certainly boost the balance sheet.
The company said that aggregated revenue of selected companies grew by 29% to €1.24 billion wit the aggregate adjusted Ebitda margin improving to -12% from -19.6% a year ago.
GFG grew its net merchandise value by 33.8% to reach €528 million in the half. And the adjusted Ebitda margin improved to -8.6% with Q2 proving much stronger at -4.3% than Q1.
GFG controls brands including Lamoda, Dafiti and Zamora and collaborates with over 3,000 international and regional labels.
Earlier this month it said that Q2 continued net revenue grew across all regions with a 25.6% rise to €281.9 million. That increase came as Zalora and The Iconic net revenue rose 22.4%. The company also said that its Lamoda saw net revenue growth of 39.3% and Dafiti saw revenue growth of 17.3%.
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