• H1 net profits down 36% to US$7m
  • Net sales down 27% to $190.1m
  • Operating profits down 76% to $3.3m
  • C02 refills up 7%
SodaStream has seen sales struggle

SodaStream has seen sales struggle

SodaStream has defended its first-half results after a sharp drop in profits and sales.

CEO Daniel Birnbaum said the performance "masks the ongoing strength of our business in key markets". However, sales were down in all regions, as were sales of SodaStream machines.

C02 refills were one bright spot, with sales climbing by 7%.

Overall, net profits in the first six months of the year were down 36% to US$7m, SodaStream said today. Net sales were down 27% to $190.1m in the same period while operating profits dropped by 76% to $3.3m.

The company recently repositioned itself as a "health and wellness" water brand, and Birnaum said the change is "making tremendous progress".

"We are confident that our new strategic direction supported by a terrific and unique product portfolio and marketing plan, will fuel increased household penetration and user activity and deliver sustainable growth and increased profitability in the years ahead," he said.

SodaStream has struggled to maintain sales in recent quarters and in October last year unveiled a 38-page plan to turn around the business.

In February, Birnbaum announced a new SodaStream platform that will dispense both hot and cold beverages. The CEO said it will have any feature a customer could think of "other than a back massage".

In pre-trading today, SodaStream's share price on the Nasdaq was down about 4.5%.

To read the company's full results, click here.