Interim report 1 January – 31 March 2018

8 May 2018 13:00

 

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The first quarter
»    Net revenue totalled SEK 504 million (410)
»    Operating profit amounted to SEK 61 million (52)
»    Profit before tax amounted to SEK 56 million (48)
»    Profit after tax amounted to SEK 43 million (37)
»    Earnings per share were SEK 3.11 (2.67)
»    The acquisition of Blowtech Group was concluded

 

CEO’s comments on the Group’s development during the period
The Group started the year positively. Growth in revenue stood at 23 per cent, of which the newly acquired company Blowtech contributed 18 per cent. At the same time, operating profit increased by almost 18 per cent compared to the first quarter of last year. The profit margin fell marginally, from 11.7 to 11.2 per cent.
       In conjunction with the conclusion of the acquisition of Blowtech in January, the Rotational Moulding business unit was restructured and changed its name to Industrial Products. Following this change, the Industrial Products business unit now comprises Ackurat, Blowtech and Cipax. The addition of Blowtech almost doubled sales for the business unit in relation to the comparison period, and the new acquisition delivered an outcome slightly above the anticipated level. A less favourable product mix combined with increased purchase costs as a result of the weak Swedish krona during the period had an adverse impact on Cipax’s margins. The work of integrating Blowtech was a high priority and joint sales activities are in progress aimed at presenting the broader offering to both existing and potential new customers. 
       The companies within the Industrial Solutions business unit jointly reported slightly higher sales and profit compared to the first quarter of last year. As a result of the decrease in incoming orders relating to new automation projects witnessed during the autumn, fewer installations were conducted during the period. Production volumes for several major contract customers increased significantly, however.
       The Precision Technology business unit continued to report strong figures. Operations involving precision machining of metal and plastic expanded further, while still retaining good margins. The strengthening of capacity through machinery investments and expanded production areas is being planned.
       At the start of the year, the fluctuations in the sectors were slightly larger than during most of 2017, but the order situation in our companies is generally good. The Group’s focus remains on stable organic growth with long-term profitability. To a large extent, ongoing activities are intended to extend relations with existing customers and to select new assignments characterised by a long-term approach. We are still anticipating a positive trend for all our business units.

 

  CONTACT:  
Lennart Persson, CEO
+46 36 31 22 33
lennart.persson[at]xano.se