KISTA, SWEDEN – NOTE posted third quarter sales of SEK 434 million (US$45 million), up 34% year-over-year. Excluding acquisitions, growth was 18%.

Profit after tax increased 100% to SEK 22 million. Operating profit for the quarter was up 104% year-over-year to SEK 32 million.

The order backlog at the end of the third quarter was about 30% above the previous year’s level.

For the first nine months of 2019, sales increased 30% to SEK 1.28 billion. Excluding acquisitions, growth was 16%. Profit after tax increased 65% to SEK 66 million. Operating profit was up 59% to SEK 89 million.

“It is particularly gratifying that, despite a slowdown in the industrial economy, we managed to increase the growth rate during the third quarter,” said Johannes Lind-Widestam, CEO and president. “Growth during the third quarter was 34%, of which 18 percentage points were organic. We increased sales in all home markets and at all plants.

“In terms of profit, our positive trend continued year-to-date. Excluding non-recurring items last year, operating profit increased by 41% to SEK 89 million, and the operating margin increased 0.6 percentage points to 7%.

“We continue to win many new customers. Our order books at the end of the period were about 30% larger than last year, and we are in the startup phase of several large customer projects. Despite a weaker market situation for some of our industrial customers, I see good opportunities to continue our growth curve.”

Ed.: SEK 1 = US$0.10

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