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Greenlit Brands revenue up 29 per cent in first quarter, Fantastic IPO delayed

Greenlit Brands has enjoyed a 29 per cent increase in revenue to $319 million (€207 million) for the first quarter, with strong trading across its brand portfolio of Fantastic Furniture, Freedom, Snooze, Plush Sofas and OMF.

Due to the continued rise of furniture and homewares spending in e-commerce, the business’ online sales leapt 44 per cent on the prior year.

“All retail brands enjoyed exceptionally strong trading, with like for like sales growth strengthening across the quarter to deliver an increase of 22 per cent year on year,” Greenlit’s parent company Steinhoff International said in its quarterly report.

And while the pandemic has driven strong results for the furniture group, it has also caused a delay in its plans for a possible public listing for the Fantastic Group, with the business noting it has postponed the consideration of an IPO until later in the financial year in order to make it easier for potential investors to assess the growth potential of the group.

According to a report in the AFR last year, the business pulled plans for the IPO in November last year, and was seeking to raise between $200 million and $300 million to float its operations.

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