Interim report 1 January – 30 June 2018

12 July 2018 11:30


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The interim period
»    Net revenue totalled SEK 1,045 million (853)
»    Operating profit amounted to SEK 122 million (114)
»    Profit before tax amounted to SEK 115 million (100)
»    Profit after tax amounted to SEK 90 million (77)
»    Earnings per share were SEK 6.44 (5.61) 

The second quarter
»    Net revenue totalled SEK 541 million (443)
»    Operating profit amounted to SEK 61 million (62)
»    Profit before tax amounted to SEK 59 million (52)
»    Profit after tax amounted to SEK 47 million (40)
»    Earnings per share were SEK 3.33 (2.94)

Important events
»    The acquisition of Blowtech Group was concluded
»    The Dutch enterprise Polyketting was acquired


CEO’s comments on the Group’s development during the period
A strong second quarter meant that the Group’s results for the first half-year were our best to date, calculated in Swedish kronor. In relation to the comparison period, sales rose by just over 22 per cent, of which the new acquisitions Blowtech and Polyketting jointly contributed 19 per cent. Operating profit improved by 7 per cent and the profit margin amounted to 11.0 per cent.
     The increase in volume of just over 80 per cent within Industrial Products was primarily attributable to Blowtech, which was acquired at the start of the year. The business unit’s operating profit improved by 31 per cent. Ackurat strengthened its margins, while Cipax’s profitability continued to be adversely affected by exchange rate effects and a higher proportion of customer-specific production. The integration of Blowtech is progressing and several coordination projects have been launched.
     The Industrial Solutions business unit reported a growth in sales of 5 per cent, primarily attributable to the Group’s latest addition, Polyketting. Operating profit fell by 11 per cent, a deterioration that is directly linked to the lower volumes within project-related operations. However, the activity level was generally higher here towards the end of the period. Sales to major contract customers continued to develop positively.
     The companies within the Precision Technology business unit reported 16 per cent higher invoicing and an operating profit that exceeded that of the comparison period by 42 per cent. The good profitability is founded on a well-balanced customer and assignment structure in combination with resource-efficient manufacture. The strengthening of capacity through additional machinery investments and expanded production space is continuing.
     With the exception of project-related operations, the demand situation in the Group was generally slightly more cautious than normal at the end of the first half-year. To date this year, we have experienced larger variations in incoming orders from month to month than during last year, and are therefore cautious when it comes to drawing overly far-reaching conclusions on this basis. There is considerable potential in the numerous project quotations that are awaiting completion, and we are anticipating continued positive developments for the Group as a whole.


Lennart Persson, CEO
+46 36 31 22 33