Elumeo SE Maintains Stability in a Challenging Market and Prepares for Profitable Growth in 2024

elumeo SE, a leading European retailer in gemstone jewelry, disclosed preliminary consolidated figures for fiscal 2023, demonstrating resilience in a turbulent market with revenues nearly unchanged at EUR 45.4 million. Notably, revenues from the web distribution channel rose by 8.4% to EUR 14.5 million, defying expectations with robust sales in Q4 2023.

Despite stable revenues, adjusted EBITDA plunged to EUR -383,000, primarily due to strategic investments aimed at expansion and an adverse impact from inflation on gross profit margins, which dropped to 50.0%. However, the company registered an improved operating cash flow of EUR -0.1 million, thanks to effective working capital management.

The introduction of Jooli Pay in India marked a significant success, with gross merchandise value on the video shopping platform escalating dramatically within five months. Looking ahead, elumeo SE anticipates a return to profitable growth in 2024, projecting a revenue increase of 4-8% and a substantial rise in adjusted EBITDA, aiming to drive the expansion of its video content offering across Europe.