STOCKHOLM – Note reported first quarter sales increased 6% year-over-year to SEK 502 million. Adjusted for currency effects, growth was 11%.

Profit after tax for the period was up 37% to SEK 31 million. Operating profit grew 21% to SEK 40 million.

“During the first quarter, we increased sales by 6% to the new record level of SEK 502 million,” said CEO and president Johannes Lind-Widestam. “Adjusted for currency effects, growth was 11%. We continue to win new business in a convincing way, and the order backlog at the end of the quarter was just over 30% higher than last year. In terms of profitability, our positive trend continued. Operating profit increased by 21% to SEK 40 million, implying a strengthening of the operating margin by one percentage point to 8%, our highest level ever for the first quarter. To ensure, if possible, deliveries to our customers in the current shortage of electronic components, mainly of semiconductors, we increased our inventories during the first quarter, which in the short-term weighed on our cash flow.

“In the wake of the pandemic, our growth clearly slowed down during the second half of last year. For some time now, however, we have seen a very strong recovery in demand, both from our established customer base and from new customer partnerships. Based on the current market situation and our strong order backlog, I consider the conditions very good to achieve growth of 10%-20% for the full year and continue our positive profitability trend.”

Ed.: SEK 1 = US$0.12

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