At its capital markets day, the Swedish Thule Group has presented plans to enter the two new product categories in 2023: car seats – to be launched in Europe first, expanding worldwide in a second step – and dog transport products, starting with a dog cage.
The company was also updating the sales growth targets communicated in spring 2021: “When summarizing 2021, it is satisfying to confirm that our impressive sales growth of +38 percent vs. 2020 means that we are tracking several years ahead of our previously communicated long-term goal of doubling 2020 sales by 2030,” said Magnus Welander, CEO and president of Thule. “We have therefore decided to update the sales growth target to double the 2021 revenue over the coming nine years and reach SEK 20 billion by 2030. This means that the 2030 target has been raised by 4.4 billion SEK compared to the target presented one year ago, with the strong performance in 2021 and the entry into the new product categories, of course, being strong contributors to the higher growth ambition. The Ebit-margin target of maintaining the current high levels of >20 percent and the recently increased dividend target of >75 percent of net income will be kept on the same high level.”
While it is planning for fast growth in numbers and categories, the company has kept its long-term sustainability targets presented in April 2021 at the same levels. The targets are linked to the company’s decision in the autumn of 2020 to commit to the globally acknowledged Science Based Targets initiative (SBTi) and the Paris Agreement:
- Scope 1: 46 percent reduction, in absolute numbers, of greenhouse gases from Thule’s production sites, compared with the base year 2019.
- Scope 2: 100 percent renewable electricity at company-owned manufacturing sites and offices.
- Scope 3: An absolute reduction of greenhouse gases by 28 percent related to purchased materials and upstream and downstream logistics, compared with the base year 2019.
The full company presentation can be found on the Thule website.
