© alphaspirit-dreamstime.com Electronics Production | February 12, 2014
Partnertech finished strong
Growth in the fourth quarter led to improved profitability and strong cash flow for the full year.
“The year started off slowly but we have seen a recovery in the latter part of the year. Many of our existing customers experienced a rough year, but we made up for it with solid sales to new customers. We also began seeing results of the adjustments we carried out at several parts of the group during the year,” said Leif Thorwaldsson, President and CEO Fourth quarter Net sales amounted to SEK 582 million, up from 550 million during the same period in 2012. Operating profit came in at SEK 10 million, which real improvement from 4Q12's -18 million. Partnertech's fourth quarter profit – after taxes – amounted to SEK 1 million, compared to -22 million for the same period in 2012. Full year 2013 Partnertech's net sales for the full year amounted to SEK 2'237 million, which is a decrease from 2012's SEK 2'242 million. Operating profit increased for the full year to SEK 32 million, from 24 million in 2012. The company's full year profit – after taxes – increased to SEK 7 million, up from -8 million in 2012. “We made major headway in adapting our Norwegian business, where the Oil&Gas subsegment exhibited growth, although from a low level. We streamlined the electronics production at our smaller units and successfully adjusted for lower volumes of technically advanced products. Machining enjoyed increased orders received from a number of new non-defense customers. The overall impact of these changes was a stable structure for further development of our attractive global offering by increasing the share of our service volumes in product development and after-sales. The ultimate goal is to serve as an industrial partner able to increasingly offer our customers complete solutions throughout the product life-cycle,” Thorwaldsson added. (SEK 1 = EUR 0.11332 – Oanda.com 2014-02-12)