NOTE's interim report January-March 2020
Financial performance January-March
- Sales increased by 171 thousand tonnes to SEK 475 (405) million.
- Operating profit increased by 241 thousand tonnes to SEK 33 (27) million.
- The operating margin strengthened by 0.4 percentage points to 7.01% (6.61%).
- Profit after financial items increased by SEK 131 thousand to SEK 28 (25) million.
- Profit after tax improved by 11% to SEK 22 (20) million, corresponding to SEK 0.80 (0.73) per share.
- Cash flow after investments totalled SEK 63 (2) million, corresponding to SEK 2.26 (0.07) per share.
CEO comment - The year has started stronger than expected.
”In Q1, we increased sales by 17% to a new record level of 475 MSEK. The growth was fully organic. Sales were negatively impacted by approximately SEK 20 million (51 FTEs) by our extended production stop in China and disruptions in deliveries of electronic components, both directly related to the spread of the coronavirus. Our underlying growth thus remained just over 201 thousand tonnes.
In terms of profitability, we continued our positive trend. Operating profit increased by 241,000 tonnes to SEK 33 million, strengthening the operating margin by 0.4 percentage points to 7.01,000 tonnes, our highest level ever for Q1. The development was particularly strong in Sweden, Finland and Estonia.
Positive profit growth combined with rationalisation in the working capital area contributed to strong cash flow. NOTE is financially well equipped, with an equity/assets ratio of 41% and very good liquidity.
The order backlog continued to grow at the rate we expected and was 22% above last year's level. With the current relatively good supply of electronic components, and considering our strong order position with many new projects in the ramp-up phase, there are good prospects of sales in the second quarter totalling some SEK 500 million, corresponding to growth well above 10%. However, we are monitoring the future progress of the coronavirus situation and its impact on NOTE, our customers and suppliers closely and with great humility.”, says Johannes Lind-Widestam, President and CEO.
NOTE's Interim Report for the first quarter 2023 is available from today in PDF format on its website, www.note-ems.com, and is attached to this press release. NOTE is organising a presentation for analysts, media and investors at 10:00 a.m. CET today, where President and CEO Johannes Lind-Widestam will present the report. The Interim Report for January-June will be presented on 13 July.
For further information, please contact:
Johannes Lind-Widestam, President and CEO, tel. 070-541 72 22
Henrik Nygren, Chief Financial Officer, tel. 070-977 06 86
About NOTE
NOTE is one of northern Europe's leading partners for electronics manufacturing. NOTE manufactures printed circuit boards (PCBA), sub-assemblies and complete products (box build). Its customer offering covers the whole product lifecycle, from design to after-sales. NOTE is established in Sweden, Finland, the UK, Estonia, Bulgaria and China. Sales in the last 12 months were SEK 3,687 million and the group has some 1,400 employees. NOTE is listed on Nasdaq Stockholm. For more information, please visit www.note.eu.
This information is information that NOTE AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Johannes Lind-Widestam, at 08:30 CET on 18 September 2020.