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Electronics Production | July 15, 2011

Partnertech 'continues to proceed in the right direction'

"Now that the first half of the year is over, I have concluded that our business is continuing to proceed in the right direction. Both sales and earnings were better than the year-ago period", says Leif Thorwaldsson President and CEO of Partnertech.

"With the exception of MedTech and Instrumentation and Point of Sale Applications, where we are phasing out some products according to plan, sales were higher in all market areas than the first half of 2010. During the second quarter a few customer orders were postponed, which affected sales in the quarter. In addition, strong demand -primarily for the Industry market area - decelerated somewhat although growth continued. For these reasons, second quarter sales were somewhat weaker than we had anticipated." "Six-month operating profit improved by SEK 24.6 million compared to the year-ago period. That is clear evidence that our profitability-oriented activities have had an effect. Excluding consolidation costs in the UK, second quarter profit was lower than the first quarter due to the decline in sales." "During the second half of the year, we will continue to pursue activities aimed at achieving sustainable profitability in all markets. A large part of the effort involves steadily improving internal efficiency and reducing capital tied up. The market as a whole feels positive with high levels of activity. The organization works with many new inquiries, thus I remain positive about the future."
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