NCAB reports net sales increase by 47%
PCB Supplier NCAB Group reports ”good performance” during the second quarter, despite continued problems with component shortages.
Net sales increased by 47% to SEK 1,122.0 million (762.2). In USD, net sales increased 25%. For comparable units, net sales increased by 35%, and in USD 15%.
Order intake decreased 2% to SEK 1,035.7 million (1,057.8). The decrease in USD was 17%. For comparable units, the decrease in order intake was 14% in SEK, and 27% in USD. Book to bill was 92%.
Order intake in the second quarter 2021 was abnormally high due to longer lead times. Excl. The elevated order intake, the second quarter’s order intake in 2022 is estimated to have increased with 20% in SEK.
EBITA increased 54% to SEK 160.2 million (103.8), representing an EBITA margin of 14.3% (13.6).
Cash flow from operating activities was SEK 148.2 million (30.3). Operating profit was SEK 150.9 million (99.7). Profit after tax was SEK 141.1 million (77.9).
During the second quarter, our good performance continued, and we are pleased to note strong net sales and very good cash flow. This is despite continued problems with component shortages that many of our customers are experiencing. We were able to convert the solid order book into sales with good gross margins and generated further increases in EBITA margin. As supply chains improved, we were also able to retain working capital levels, which led to very good cash flow in the quarter, said NCAB CEO, Peter Kruk, in the interim report.
NCAB reports high organic growth in all regions except for East.
There, we noted lower net sales resulting from the divestment of the Russian operations and because some Chinese customers were encompassed by lockdowns. However, our Chinese factory partners have operated without interruption throughout the quarter, and we continued to offer good service to our customers, Peter Kruk said.