Review of the first quarter of 2024 for VEOM Group

The VEOM Group company recently published its financial results for the first quarter of 2024, marking a turnover of 5.7 million euros. This figure is down 10% compared to the same period in 2023.

In detail, the Chacon & DiO Home division saw its sales fall by 18%, in particular due to the overhaul of its home automation products and a continued slowdown in the Large DIY Stores (GSB) sector. On the other hand, Cabasse Audio posted a 4% increase in its turnover, reaching 2.3 million euros, an increase which confirms the recovery that began at the end of 2023.

VEOM Group maintains its outlook for 2024, with the planned introduction of new products in the Luxury Audio and home automation division. Additionally, a 15% cost reduction plan is expected to contribute to the expected improvement in gross margin and EBITDA.