KISTA, SWEDEN – Note reported second quarter sales increased 14% year-over-year to SEK 500 million (US$54.8 million).

Profit after tax increased 44% to SEK 34 million, and operating profit was up 36% to SEK 42 million compared to the second quarter of 2019.

For the first half of 2020, sales increased 16% to SEK 975 million. Profit after tax was up 29% to SEK 56 million, and operating profit was up 31% to SEK 75 million.

“Note continues to develop strongly. During the first half of the year, sales increased organically by 16% to SEK 975 million,” said CEO and president Johannes Lind-Widestam. “It is very gratifying that we continue to grow our business, despite a weaker market situation as a result of the current pandemic. The main reason for this is we have won new projects with our existing customers and had a strong influx of new customers. During the second quarter, we have won our two largest deals ever, where batch production will start during the third quarter.

“In terms of earnings, our positive trend continued; mainly due to growth, good cost development as a result of implemented efficiency programs and a strong development in Western Europe, operating profit increased by 31% to SEK 75 million.

“It is also gratifying cash flow continued to develop strongly during the first half of the year. In the last 12 months, it amounts to SEK 224 million, corresponding to SEK 7.89 per share.

“It is very satisfying that, despite these turbulent times, we are delivering record levels in terms of sales, operating profit, operating margin and cash flow. Note has a strong operational momentum, and our order backlog continues to grow. During the first half of the year, it was some 20% higher than last year, which gives continued optimism for the future.”

Ed.: SEK 1 = US$0.11

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