Jays Headphones strikes another big order in Russia
Regulatory Press Release
Northbaze Group (publ) strikes another major deal in Russia. Northbaze Group’s subsidiary and headphone manufacturer Jays Headphones will provide products to a national campaign during Q4 2019 and Q1 2020. The initial order value is of 5.6 MSEK.
JAYS, owned by Northbaze Group, announces a new major business in Russia. During end of Q4 2019 and beginning of Q1 2020 Jays will supply products to a national campaign with a Russian retailer. The initial order value is of 5.6 MSEK in today’s exchange rate. The model sold is x-Five Wireless. “Next to the size of the order I’m very excited as it is a spin-off from our previous business in Russia. I see it as a proof that our activities in Russia has been successful. The x-Five Wireless, which recently came out as test winner from prestigious M3 in Sweden, is a very strong product in an important price segment” says Henrik Andersson, CEO of Northbaze Group.
The transaction is structured so that Jays will have a positive cash flow from the receipt of the order in Q4 2019 to the final delivery during Q1 2020. Approximately 25% of the order will be delivered in Q4 2019.
For further information, please contact:
Henrik Andersson, CEO
Mobile: +46 761 99 35 55
Email: Henrik@jaysheadphones.com
This information is such that Northbaze Group AB (publ) is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out above, on December 17th, 2019 at 09:30 CET.
About Northbaze Group AB (Publ).
Northbaze Group is a publicly listed company on Nasdaq First North Growth Market. Jays brand was founded in 2006 with a vision that everyone should have the opportunity to experience great sound and designs. The Group develop, design, producing and promotes own brand and products within ”Audio & Sound” and “Smart Mobility” for chosen markets globally and online. The developed product range is marketed under brands such as Jays Headphones, Jays Speakers, Clint Audio, Clint Digital, Krusell, Pagalli, Walk on Water and KAVAJ. The Group also develops and manufactures products for other reputable brands on an OEM basis. Northbaze Group currently operates in Sweden, Denmark, Germany, Hong Kong, and in Thailand, where its 100% owned production facility is located.
Within “Audio & Sound” division, where Jays Headphones includes, the group acquired in 2019 the Danish award-winning audio bran Clint Digital in purpose to expand into the Smart Speaker area. The Group has in 2018 expanded into the “Smart Mobility” vertical with the acquisition of KRUSELL AB with a brand legacy of designing and manufacturing high-quality mobile accessories since 1991 with a strong dedication and Nordic appeal in this area. The German e-commerce company, KAVAJ was acquired and integrated in the Group during April 2019 in purpose to strengthen the Group's online presence through primarily Amazon and other online marketplaces.
In 2017 Northbaze Group announced the new Group strategy, a strong organic growth with profitability in combination with acquisition-driven growth within the audio segment and other close related verticals within consumer electronics such as smart-connectivity and mobile products. The Northbaze Group has a strategy plan to make several acquisitions coming years with the objective to diversify and create a strong company group with a focus on long-term profitable growth.
Northbaze Group´s long-term financial targets is to have annual growth in net sales of 20 percent with a profit of minimum 10 percent EBITDA margin and an equity ratio (solidity) over 30 percent. The Group has as target to increase the sales within B2C as well as online with approximately 10% per year, during the three upcoming years, and at the same time the offer’s though retail will be strengthened. The company does not publish forecasts and will not present updated detailed forecasts to the market.
Northbaze Group AB (publ) is a public company listed at Nasdaq First North Growth Market. Certified Adviser is Redeye AB with email-address certifiedadviser@redeye.se and phone +46 8 121 576 90.