NOTE's half-year report January-June 2016
Financial performance April-June
- Sales increased by 1% to SEK 282.4 (279.5) million.
- Operating profit increased to SEK 15.4 (11.2) million.
- The operating margin strengthened by 1.5 percentage points to 5.51% (4.01%).
- Profit after net financial items increased to SEK 13.6 (9.2) million.
- Profit after tax increased to SEK 11.0 (8.5) million, corresponding to SEK 0.38 (0.29) per share.
- Cash flow after investments increased to SEK 4.1 (-18.0) million, corresponding to SEK 0.14 (-0.62) per share.
Financial performance January-June
- Sales increased by 1% to SEK 561.5 (554.8) million.
- Operating profit increased to SEK 29.6 (23.1) million.
- The operating margin strengthened by 1.1 percentage points to 5.31% (4.21%).
- Profit after net financial items increased to SEK 26.5 (20.2) million.
- Profit after tax increased to SEK 21.2 (17.8) million, corresponding to SEK 0.73 (0.62) per share.
- Cash flow after investments increased to SEK 31.2 (3.8) million, corresponding to SEK 1.08 (0.13) per share.
CEO commentary
”NOTE is one of the most competitive electronics manufacturers in the Nordics, with top-class quality and delivery precision. In the first half-year, we saw continued positive progress for several of our customers, including in the
medical devices and on the defence side.
To increase our focus on markets with good future growth potential, we divested our subsidiary in Norway in the second quarter. Adjusted for the sale of the Norwegian business, sales increased by 31 TSEK, both in the first and second quarters.
as in the second quarter. Higher sales and an increased service content contributed to an improvement in operating profit of SEK 6.5 million to SEK 29.6 million, which meant a strengthening of the operating margin by 1.1 percentage points to 5.31 per cent.
In the second quarter, we achieved an operating margin of 5.5%. Cash flow continued to develop favourably and amounted to SEK 31.2 million. Our balance sheet remains strong with low net debt and an equity/assets ratio of 44.41 TSEK.
In the short term, our order backlog, which consists of a combination of firm orders and customer forecasts, supports a continued positive sales trend. Looking at the number of ongoing business discussions for new projects, the situation also looks positive,” says Stefan Hedelius, President and CEO.
NOTE's Interim Report for January-June is now available in PDF format on the group's website, www.note.eu, and is attached to this press release. The Interim Report for January-September will be presented on 25 October.
For further information, please contact:
Stefan Hedelius, President and CEO, tel. 076-100 07 31
Henrik Nygren, Chief Financial Officer, tel. 08-568 990 03, 070-977 06 86
About NOTE
NOTE is one of northern Europe's leading manufacturing and logistics partners for the production of electronics-based products. NOTE manufactures printed circuit boards, 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 and China. Sales in the last 12 months totalled SEK 1,139 million, and the group has some 900 employees. NOTE is listed on Nasdaq Stockholm. For more information, please visit www.note.eu.
NOTE AB (publ) discloses the information provided herein pursuant to the Market Abuse Regulation, the Swedish Financial Instruments Trading Act or the rules for issuers on Nasdaq Stockholm. The information was submitted for publication at 08:30 a.m. on 20 October 2016.