{"id":15539,"date":"2023-07-13T08:30:00","date_gmt":"2023-07-13T06:30:00","guid":{"rendered":"https:\/\/www.note-ems.com\/press-releases\/notes-rapport-for-andra-kvartalet-2023\/"},"modified":"2025-12-02T08:28:06","modified_gmt":"2025-12-02T07:28:06","slug":"notes-report-for-the-second-quarter-of-2023","status":"publish","type":"mfn_news","link":"https:\/\/www.note-ems.com\/en\/pressmeddelande\/notes-rapport-for-andra-kvartalet-2023\/","title":{"rendered":"NOTE's report for the second quarter 2023"},"content":{"rendered":"
\n

Financial performance in April-June<\/strong>
- Sales increased by 20% to SEK 1,078 (898) million. Adjusted for acquisitions and currency effects, the
organic growth totalled 7%. Underlying organic growth amounted to 121 thousand tonnes (adjusted for
extraordinary sales in the second quarter of 2022).
- Operating profit increased by SEK 271 thousand to SEK 106 (83) million.
- The operating margin strengthened by 0.5 percentage points to 9.81% (9.31%).
- Profit after net financial items increased by SEK 351 thousand to SEK 96 (72) million.
- Profit after tax increased by SEK 351 thousand to SEK 79 (59) million, corresponding to SEK 2.73 (2.02) per share.
- Cash flow after investments totalled SEK -2 (-4) million, corresponding to SEK -0.07 (-0.14) per share.
Adjusted for acquisition-related payments in the period, operating cash flow after investments was
28 (-4) MILLION.<\/p>\n

Financial performance in January-June<\/strong>
- Sales increased by 241 thousand tonnes to SEK 2,129 (1,719) million. Adjusted for acquisitions and currency effects, the
organic growth totalled 10%. Underlying organic growth amounted to 151 thousand tonnes (adjusted for
extraordinary sales in the first half of 2022).
- Operating profit increased by 371 thousand tonnes to SEK 218 (159) million.
- The operating margin strengthened by 0.9 percentage points to 10.21 p.c. (9.31 p.c.).
- Profit after net financial items increased by SEK 421 thousand to SEK 200 million (141).
- Profit after tax increased by SEK 431 thousand to SEK 164 (115) million, corresponding to SEK 5.65 (3.98) per share.
- Cash flow after investments totalled SEK 47 (5) million, corresponding to SEK 1.62 (0.17) per share.
Adjusted for acquisition-related payments in the period, operating cash flow after investments was
100 (5) MILLION.<\/p>\n

CEO comment - In Q2 we once again delivered our highest turnover to date. We are growing with profitability and the operating margin for the first half year was 10.2%<\/strong>
\u201dNOTE's sales progressed strongly in the second quarter. Despite facing ever-stronger comparative figures, we achieved growth of SEK 201,000,000 in the second quarter, and sales of SEK 1,078,000 were our highest ever for a single quarter. Sales growth for the first half-year totalled SEK 241,000,000.<\/em><\/p>\n

Growth, together with cost efficiencies, is driving our profitability and the operating margin for the second quarter (incl. currency translation losses) was 9.81 TSEK. For the first half of the year, the corresponding figure was 10.2%. Profitability is in line with the target we have set for the business to reach by 2025.<\/em><\/p>\n

Shortly after the end of the quarter, we completed an expansive acquisition of UK-based DVR Ltd. The UK EMS market is expected to grow strongly in the coming years, and this acquisition makes NOTE a bigger player on this growing market. The company has a strong customer portfolio combined with a good customer influx in recent years. DVR's sales for 2023 are expected to be GBP 12 million, with profitability on a par with NOTE's.<\/em><\/p>\n

We see an improved situation in the materials market, which means that customers do not need to place orders as long term. This naturally has a decreasing effect on order intake. Our order situation remains strong with an order backlog (for comparable units) that was just over 10% higher than at the same time last year. For the full year 2023, we see continued good demand and we expect to reach sales of at least SEK 4.3 billion. We foresee a continued increase in operating profit and a strengthening of our operating margin.\u201d, <\/em>says Johannes Lind-Widestam, President and CEO.<\/p>\n

NOTE's half-year report is now available in PDF format on the group's website, www.note-ems.com<\/a>, and is attached to this press release. NOTE is organising a presentation for analysts, media and investors today at 10:00 a.m. CET, where President and CEO Johannes Lind-Widestam will present the report. The Interim Report for January-September will be presented on 17 October.<\/p>\n<\/div>\n

\n

For further information, please contact:<\/strong>
Johannes Lind-Widestam, President and CEO, tel. 070-541 72 22
<\/strong>Frida Frykstrand, Finance Director, tel. 070-462 09 39<\/p>\n<\/div>\n

\n

About NOTE<\/strong>
NOTE manufactures printed circuit boards (PCBA), sub-assemblies and complete products (box build). NOTE is a competitive electronics manufacturer and a stable business partner to customers with high standards. Its products are found in complex systems for electronic control, monitoring and security, for example.<\/em>
\u00a0<\/em>
The business model is based on offering advanced manufacturing, customised logistics solutions and advice at the best possible total cost through long-term customer relationships and partnerships. The customer offering covers the entire product life cycle, from design to aftermarket. Customers are primarily large companies operating on the global market, but also companies with their primary sales in northern Europe.<\/em>
\u00a0<\/em>
NOTE is established in Sweden, Finland, the UK, Estonia, Bulgaria and China. Sales in the last 12 months totalled SEK 3,849 million and the group has some 1,450 employees. NOTE is listed on Nasdaq Stockholm. For more information, please visit <\/em>www.note-ems.com<\/a><\/em>.<\/em><\/p>\n<\/div>\n

\n

This information is information that NOTE AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 CEST on 14 July 2025.<\/em><\/p>\n<\/div>\n

\n

Attached files<\/strong>
Half-yearly report Q2 2023<\/a><\/p>\n<\/div>\n