STOCKHOLM – Note reported fourth quarter sales increased 75% to SEK 814 million (US$86.4 million). Adjusted for acquisitions and currency effects, growth was 48%.

Profit after tax increased 115% to SEK 68 million compared to the fourth quarter of 2020. Operating profit grew 125% to SEK 87 million.

Cash flow after investments of SEK -44 million was negatively impacted by high organic growth.

For full-year 2021, the electronics manufacturer posted sales up 41% to SEK 2.6 billion. Adjusted for acquisitions and currency effects, growth was 30%.

Profit after tax for the year was SEK 194 million, up 68% year-over-year. Operating profit was up 68% to SEK 251 million.

Cash flow after investments and acquisitions amounted to SEK -142 million.

“In 2021, Note increased sales by 41% to the new record level of SEK 2,643 million. Organic growth was 30%, which clearly exceeds our long-term growth target,” said Johannes Lind-Widestam, CEO and president, Note. “We ended the year very strong, and during the fourth quarter sales increased by 75% to SEK 814 million, which is our highest sales level ever for a single quarter. Note’s organic growth during the fourth quarter was close to 50%.

“It is also gratifying that despite the pandemic and a very challenging shortage situation in the component market, we managed to continue our positive earnings trend. Operating profit in 2021 increased by 68% to SEK 251 million, and the operating margin was strengthened by 1.5 percentage points to 9.5%, which in both cases are our highest levels ever. For the fourth quarter, which was our strongest quarter ever, operating profit increased by 125% to SEK 87 million, and the operating margin amounted to just over 10%.

“In addition to the strong electrification trend in society, there is much indicating a continued positive development of our industry. A clear increase in focus on sustainability issues, the consequences of the pandemic and expanded trade barriers in the world economy are three factors that significantly increase the interest of European customers to seek manufacturing partners closer to their core business. This is a development that strongly benefits Note with most of the plants and customers in Europe.

“Note is still in an expansive phase with many new major customers with a high growth rate. We expect a very strong sales development in 2022. Despite the ongoing pandemic and the challenging situation in the component market, we see good opportunities to achieve growth of around 50% in the first quarter. The conditions for continuing our positive earnings trend are very good.”

Ed.: SEK 1 = US$0.11

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