Circuits Assembly Online Magazine - Note Reports Q4 Sales Down 4%

STOCKHOLM – Note reported fourth quarter sales decreased 4% to SEK 466 million (US$55.9 million). Adjusted for currency effects, sales were at the same level as the previous year.

Net income increased 21% to SEK 32 million, and operating profit was up 8% to SEK 38 million during the period. Cash flow after investments amounted to SEK 44 million.

The EMS provider reported 2020 sales increased 6% to SEK 1.87 billion. Adjusted for currency effects, growth was approximately 7% for the year.

Profit after tax increased 25% to SEK 116 million for 2020, and operating profit was up 20% to SEK 149 million. Cash flow after investments was SEK 172 million for the year.

“In 2020, we increased sales by 6% to the new record level of SEK 1,874 million,” said CEO and president Johannes Lind-Widestam. “Including exchange rate changes, organic growth was 7%. We continue to feel a great interest in our flexible and broad customer offering. With a focus on the market and technology areas where we are already strong, we won several of our largest deals ever, both in the engineering industry and medtech.

“It is also gratifying that, despite a difficult market situation (Covid-19), we managed to continue our positive earnings trend. Operating profit increased 20% to SEK 149 million, and the operating margin widened 0.9 percentage points to 8%, which in both cases is our highest levels ever.

“Continued efficiencies in our working capital utilization, in combination with our positive earnings trend, contributed to cash flow after investments improving to SEK 172 million.

“We win new customers and projects in a convincing way, and the order backlog at the turn of the year was approximately 20% higher than last year. Based on the current market situation, I consider the opportunities to be very good to reach our growth target of at least 10% in 2021 and continue our positive earnings trend.”

Ed.: SEK 1 = US$0.12

PCB EAST: The original East Coast technical conference and exhibition! Returning to the Boston suburbs in June 2021!