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© Note Electronics Production | July 31, 2017

Note increased sales with 9% in 2Q/2017

Swedish EMS-provider Note achieved sales of SEK 585.5 million (EUR 61 million) in the first half-year. Adjusted for the divestment of the Norwegian operation (in the second quarter of the previous year), sales growth was 8 percent.
"I am delighted that our market efforts start to show results–in Q2 sales in our units increased by 12 percent. We still win new customers' confidence and new exciting projects to our already strong customer base. Our recently announced collaboration with innovator myFC, as well as several ongoing projects in the Internet of Things, represent great growth opportunities for us. Growth combined with cost reductions means that we will continue to strengthen our profitability. During the second quarter, our operating margin improved by 1.1 percentage points to 6.6 percent. We are financially well-equipped for the future–our balance sheet is one of the strongest in the industry with an equity ratio of just over 46 percent," says Per Ovrén, CEO and President.

Financial performance April–June
  • Sales increased by 9% to *SEK 308.4 (282.4) million. Excluding divestments, sales increased by 12 percent.
  • Operating profit rose to SEK 20.3 (15.4) million.
  • Operating margin expanded by 1.1 percentage points to 6.6 percent (5.5%).
  • Profit after financial items increased to SEK 19.3 (13.6) million.
  • Profit after tax rose to SEK 11.6 (11.0) million, corresponding to SEK 0.40 (0.38) per share, of which SEK -0.14 (-) consisted of write-down of foreign deferred taxes.
  • Cash flow after investments amounted to SEK 1.3 (4.1) million, or SEK 0.05 (0.14) per share.

Financial performance January–June
  • Sales increased by 4% to SEK 585.5 (561.5) million. Excluding divestments, sales increased by 8 percent.
  • Operating profit rose to SEK 50.7 (29.6) million, and adjusted for non-recurring items in the first quarter, operating profit increased to SEK 35.0 (29.6) million.
  • Operating margin was 8.7 percent (5.3%), adjusted for non-recurring items in the first quarter, operating margin expanded by 0.7 percentage points to 6.0 percent (5.3%).
  • Profit after financial items increased to SEK 48.4 (26.5) million.
  • Profit after tax was up to SEK 38.5 (21.2) million, corresponding to SEK 1.33 (0.73) per share.
  • Cash flow after investments amounted to SEK 79.1 (31.2) million, or SEK 2.74 (1.08) per share.
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*EUR 1 = SEK 9.52789

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August 13 2017 4:10 PM V8.5.9-1