NOTE sees opportunities to reach new highs
The Swedish EMS provider increased its sales by 36% during the third quarter of 2022. During the first three quarters of the year – despite challenges linked to the shortage situation on the component market – NOTE managed to increase sales by 45%.
The company’s third-quarter sales amounted to SEK 930 million (EUR 84.9 million), an increase of 36% from SEK 685 million (EUR 62.6 million) during the same period last year.
Operating profit was SEK 57 million (EUR 5.2 million), down from SEK 64 million (EUR 5.8 million) during the third quarter last year. Profit after tax amounted to SEK 40 million (EUR 3.6 million), a decrease from SEK 48 million (EUR 4.3 million) during 3Q21.
“During the period, NOTE was forced to make a provision for a potential bad debt, which affected NOTE’s operating profit in Q3 by SEK 30 million. The incident does not affect NOTE’s underlying operations, which continued to develop strongly,” says Johannes Lind-Widestam, CEO and President, in the third quarter report.
The CEO continues to state that NOTE is in a clearly expansive phase and the order situation remains strong.
“The total order backlog at the end of the third quarter was roughly 50% higher, for comparable units, than at the same time last year. Based on the current market situation, we see good opportunities to reach quarterly sales of SEK 1 billion for Q4 for the first time ever, corresponding to a growth of approximately 25%,” Johannes Lind-Widestam concludes.