NOTE's Interim Report January-September 2005
Operating profit for the third quarter totalled SEK 21.3 (17.6) million. No effects of reversed provisions or write-downs have affected the result.
For the period as a whole, net sales increased by 30 per cent to SEK 1,075.9 (826.3) million.
The operating result amounted to SEK - 87.7 (63.8) m. During the first half of the year, as previously reported, the operating result was negatively affected by restructuring costs and costs for reserved write-downs totalling approximately SEK 128 m.
"The third quarter has been characterised by consolidation, where we have concentrated on capital and cost rationalisation, the effect of this work can be seen in the form of a stable current result. We have also reviewed and developed the internal procedures and control systems to secure the business and build a stable platform for future growth," says Kjell-Åke Andersson, CEO.
In September, Arne Forslund was appointed as the new CEO, effective 1 November 2005. Mr Forslund joins the company from Teleflex Morse, where he was Operations Director Europe, having previously held senior positions at companies such as Danaher Motion, Ortivus and Siemens-Elema.
Kjell-Åke Andersson comments: "Now that we have a stable foundation to stand on, it feels good to hand over to a younger force that can develop the company further". Kjell-Åke Andersson will be at the disposal of the management until the summer and will then ensure continuity and transfer industry knowledge.
For further information, please contact
Kjell-Åke Andersson, CEO of NOTE AB, +46 46 286 92 10 or +46 708 60 81 23
Gunilla Olsson, CFO NOTE; 0176-799 05 or 0709-50 80 71