Year-end report 2017

8 February 2018 13:00


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The full year
»    Net revenue totalled SEK 1,663 million (1,052)
»    Operating profit amounted to SEK 220 million (96)
»    Profit before tax amounted to SEK 200 million (92)
»    Profit after tax amounted to SEK 158 million (70)
»    Earnings per share were SEK 11.44 (5.09)

The fourth quarter
»    Net revenue totalled SEK 432 million (269)
»    Operating profit amounted to SEK 54 million (10)
»    Profit before tax amounted to SEK 50 million (13)
»    Profit after tax amounted to SEK 42 million (9)
»    Earnings per share were SEK 3.07 (0.66)

Important events during the year
»    A 2:1 share split was carried out in June
​»    In December, XANO signed an agreement to acquire Blowtech Group AB

Events after the balance sheet date
​»    The acquisition of Blowtech Group was concluded on 2 January 2018


CEO’s comments on the Group’s development during the period
A positive outcome from implemented activities, combined with continued favourable market conditions, generated further growth and more than five times the operating profit during the final quarter of the year in relation to the comparison period. The Group’s full-year figures showed a combined growth of 58 per cent, of which Jorgensen contributed with 36 per cent, as well as an operating profit that exceeded last year’s figure by 131 per cent. The profit margin increased from 8.7 to 12.0 per cent, while earnings per share rose from SEK 5.09 to SEK 11.44.
      The Industrial Solutions business unit achieved almost double the turnover and three times the operating profit compared to the previous year. Jorgensen was responsible for the majority of the additional volume, although organic growth amounted to a good 32 per cent. During the year, significantly higher project volumes were supplied to the packaging industry, while assignments for major contract customers also grew in size. Sales of proprietary products to furniture and interior manufacturers achieved considerable export successes and reported new record figures. The market conditions were generally good throughout the year, although incoming orders in respect of new automation projects declined to some extent during the late autumn.
      The companies in the Precision Technology business unit reported an overall increase in volume, with a marked strengthening of the operating margin compared to last year. Thanks to ongoing strategic investments in production capacity and strengthened technical expertise, the operations were able to benefit from the year’s favourable market climate and continue to expand. Above all, assignments with existing customers within the medical technology industry sector increased in scope. The positive profitability trend is built on an ever higher degree of automation and the rational use of the companies’ resources.  
      Operations within the Rotational Moulding business unit displayed a slight growth with stable profitability. Restraint on the part of customers within individual product segments was compensated by good development in other areas. The companies experienced large fluctuations in incoming orders during the second half of the year in relation to the comparison period, although a positive end to the year meant that the volume of orders was higher at the year-end than last year. Further development of the proprietary product ranges as well as strategic marketing activities continued to be a high priority. 
      In conjunction with the conclusion of the acquisition of Blowtech in January 2018, the Rotational Moulding business unit was restructured and changed its name to Industrial Products. The business unit now comprises Cipax, Ackurat (previously within Industrial Solutions) and Blowtech.

Future development
In the long term, future activities are being focused on maintaining stable organic growth with good profitability. With the current favourable market situation and well functioning organisations, the conditions are in place for positive development in the short term as well. With the current Group structure, temporary downturns within individual sectors or markets can be compensated by expansion in other areas. The potential exists for growth through further development of existing assignments as well as through establishment on new markets and in new customer segments.


Lennart Persson, CEO
+46 36 31 22 33