KISTA, SWEDEN – Note posted sales up 22% to SEK 396.5 million (US$43.5 million) for the fourth quarter of 2018. Net profit was SEK 24 million, up 34.8% compared to the fourth quarter 2017. Operating profit rose 24% to SEK 28.1 million.

For the year, sales increased 17% to SEK 1.4 billion. Net profit was SEK 64.2 million, down 11%. Operating profit was SEK 83.9, a decrease of 10.2% year-over-year.

“In 2018, we increased sales by 17%,” said CEO Johannes Lind-Widestam. “Organic growth was 15%, which was seasoned slightly during Nov-Dec with our newly acquired UK company Speedboard Assembly Services. During the fourth quarter, growth was 22%. We still see high demand at all home markets, and the order backlog for comparable units was just over 25% higher than last year.

“Our reported operating profit amounted to SEK 84 million. The underlying operating profit, excluding non-recurring items, improved by 17% to SEK 91 million, corresponding to an operating margin of 6.6%. For the fourth quarter, the operating margin was 7.1%.”

Ed.: SEK 1 = US$0.11