STOCKHOLM – Note reported first quarter sales increased 64% year-over-year to SEK 821 million (US$86.9 million). Adjusted for acquisitions and currency effects, growth was 35%.

The electronics manufacturer’s profit after tax increased 83% to SEK 56 million for the January to March period. Operating profit was up 90% to SEK 76 million.

Cash flow after investments was SEK 9 million, compared to SEK 4 million for the same period last year.

“Despite challenges caused by the pandemic and continued shortage situation in the component market, Note increased sales by 64% to the new record level of SEK 821 million,” said CEO Johannes Lind-Widestam. “Adjusted for acquisitions and currency effects, growth was 35%. We continue to win new business in a convincing way. The order backlog for comparable units, excluding English iPRO, and for delivery in the next three quarters, was 46% higher than at the end of first quarter last year. We are growing significantly in all domestic markets and in all customer segments. Within Greentech, which accounted for 24% of sales, growth was as high as 90%. There are several fast-growing customers in the green technology shift, including products for energy optimization and electric vehicle charging points.

“In terms of profitability, our strong trend continued. Operating profit increased by 90% to SEK 76 million, meaning a strengthening of the operating margin by 1.3 percentage points to 9.3%, our highest level ever for the first quarter. Despite inventory increases due to growth and the fact that our direct delivery delays due to component deficiencies doubled to approximately SEK 100 million, cash flow after investments improved to SEK 9 (4) million. Our financial situation remains very strong, with an equity/asset’s ratio of 41%.

“We have a fantastic order situation, and in March we achieved by far our highest sales ever for an individual month. Despite the challenges in the component market, we consider the opportunities to be very good to reach growth of at least 30% in 2022 and continue our positive profitability trend. We are well placed to achieve our goal of reaching sales of SEK 5 billion by 2025 at the latest.”

Ed.: SEK 1 = US$0.11

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