KISTA, SWEDEN – Note reported sales increased 32% to SEK 405 million ($42.5 million) in the first quarter.

Profit after tax increased 64% to SEK 20 million. Operating profit was SEK 27 million, up 58% year-over-year.

Cash flow after investments amounted to SEK 2 million.

“After a successful 2018 for Note, the development during the first quarter can be considered to be a record-breaking quarter,” said Johannes Lind-Widestam, chief executive, Note. “Sales increased 32% to SEK 405 million, of which our newly acquired company Speedboard Assembly Services contributed approximately half of the growth. We continue to gain new customers' trust, both in traditional industry and in new fast-growing application areas. It was also very gratifying that during April we were able to announce the extensive cooperation in electronics production that we initiated with DeLaval.

“Our operating profit for the first quarter increased by 58% to SEK 27 million, which is a result of growth, continued stable cost development and a strong development, not least in our plants in Western Europe.”

Ed.: SEK 1 = US$0.10