NOTE's Interim Report January-September 2019
Financial performance July-September
- Sales increased by 341 FTEs to SEK 434 (324) million. Adjusted for acquisitions, growth was 181 FTEs.
The order backlog at the end of the third quarter was approximately 30% above the previous year's level.
- Operating profit increased by 104% to SEK 32 (16) million. Adjusted for non-recurring costs In the third quarter of last year, operating profit increased by 411,000 tonnes to SEK 32 (23) million.
- The operating margin strengthened by 2.5 percentage points to 7.31% (4.81%). Adjusted for costs of eIn the third quarter of last year, the operating margin increased by 0.3 percentage points to 7,3% (7,0%).
- Profit after net financial items increased to SEK 30 (15) million.
- Profit after tax increased by 1,001 thousand tonnes to SEK 22 (11) million, corresponding to 0.76 (0.38) SEK/share.
- Cash flow after investments totalled SEK 1 (9) million, corresponding to SEK 0.03 (0.33) per share.
Financial performance January-September
- Sales increased by 30% to SEK 1,277 (982) million. Adjusted for acquisitions, growth was 161 FTEs.
- Operating profit increased by 591 thousand tonnes to SEK 89 million (56). Adjusted for non-recurring costs In the third quarter of last year, operating profit increased by 411,000 tonnes to SEK 89 (63) million.
- The operating margin strengthened by 1.3 percentage points to 7.01% (5.71%). Adjusted for costs of non-recurring items in the third quarter of last year, the operating margin increased by 0.6 percentage points to 7,0% (6,4%).
- Profit after net financial items increased to SEK 83 (52) million.
- Profit after tax increased by 65% to SEK 66 (40) million, corresponding to SEK 2.29 (1.39) per share.
- Cash flow after investments amounted to SEK -21 (5) million, corresponding to SEK -0.73 (0.17) per share.
CEO comment - Record growth, strengthened operating margin and 30% higher order book.
”It is particularly gratifying that, despite a slowdown in the industrial economy, we managed to increase the growth rate in the third quarter. Growth in Q3 totalled 341 FTEs, of which 18 percentage points were organic. We increased sales in all home markets and in all factories.
In terms of results, so far this year, our positive trend continued. Adjusted for the non-recurring costs of last year, operating profit increased by SEK 411 thousand to SEK 89 million and the operating margin strengthened by 0.6 percentage points to SEK 7.01 thousand.
We continue to win many new customers, our order books at the end of the period were about 30% higher than last year and we are in the start-up phase of several large customer projects. Despite a weaker market situation for some of our industrial customers, I therefore see good opportunities to continue our positive growth curve.”, says Johannes Lind-Widestam, President and CEO.
NOTE's Interim Report for January-September is available in PDF format from today on the group's website, www.note.eu, and is attached to this press release. The year-end report for 2019 will be presented on 5 February 2020.
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
This information is information that NOTE AB (publ) 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, on 17 October 2019 at 08.30 CET.