STOCKHOLM – Note reported sales of SEK1.051 billion ($101.6 million) for the first quarter, an increase of 28% from the previous quarter.

"NOTE's sales in the period made brisk progress and for the second consecutive quarter NOTE reached sales of over 1 billion," said CEO and President Johannes Lind-Widestam. "Sales of SEK 1,051 million in the first quarter meant growth of about 28%. Adjusted for acquisitions and currency effects, organic growth was 14%. We are growing on most of our domestic markets, with our Swedish and Estonian businesses performing with particular strength.

"Growth is driving profitability and the operating margin amounted to 10.7% for the quarter. Continued investments in our modern plants increase our growth, degree of automation and efficiency, which benefits both us and our customers. Shortly after the end of the quarter, we completed an acquisition of the Bulgarian EMS company ATM Electronics OOD. Through the acquisition, we add another profitable plant to the NOTE group and another option for our customers who are looking for cost-effective manufacturing in Europe," he said. "Our order backlog was some 20% higher than at the corresponding time last year. Given the strong order situation, we see good potential to continue our positive progress. For the second quarter, we expect a growth of 20% and for the full year 2023 to reach sales of at least SEK 4.2 billion. We anticipate a continued strengthening of our profitability."

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