Bezvavlasy group nearly triples net profit to Kc79m in 2023

Bezvavlasy group nearly triples net profit to Kc79m in 2023

Prague, May 3 (CTK) - Hair cosmetics retailer group Bezvavlasy almost tripled its net profit to Kc79m last year, according to preliminary results, while its sales roughly doubled to a record Kc1.05bn, news sites Seznam Zpravy and Hospodarske noviny reported.

The group's EBITDA (earnings before interest, taxes and depreciation and amortisation) amounted to Kc115m, up more than threefold year-on-year. Last year's results included the purchase of Hair Servis, a distributor of hairdressing brands in the Czech market, the group said.

The company also announced that Daniel Horak, who previously ran the Dr. Max pharmacy chain, will take up the new position of CEO of the Bezvavlasy group from June 1.

The EBITDA margin was 11 percent last year. In the next few years, this margin should rise to more than 15 percent, according to the company. "Our expectations for the resulting financial performance of the entire Bezvavlasy group for the next three years are significantly higher than the pro forma consolidated results for 2023, which were affected by many one-off negative factors," said Bezvavlasy board chairman Ales Hudecek.

In view of the acquisition of Hair Servis, which, according to earlier information, cost about Kc530m, the Bezvavlasy group postponed the expansion of its Bezvado e-shops into other countries for a year. It also delayed the opening of a warehouse near Plzen, western Bohemia. Bezvavlasy expects higher costs associated with the purchase of Hair Servis this year as well. Along with this, the group expects higher expenses, for example, for digitisation.

"The merger of Bezvavlasy and the Hair Servis group creates a new group that can build on a strong online and offline business model. Especially e-commerce will be strongly developed towards B2C clientele within the framework of foreign expansion, where Bezvavlasy intends to operate in more than ten European markets within three to five years," said Hudecek.

"B2B distribution in the Czech Republic, on the other hand, offers huge potential for digitisation, which will support the existing offline distribution network," Hudecek added.

Bezvavlasy was founded in 2011. It specialises primarily in the distribution of professional hair cosmetics to hairdressers. Its shares have been traded on the Start market of the Prague Stock Exchange (BCPP) and on the RM-System since September 1, 2022.

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