STOCKHOLM – Note reported sales of SEK1.1 billion ($107.6 million) for the first quarter, an increase of 20% compared to last year's first quarter.

For the first half of the year, the company's sales increased by 24% to total SEK2.1 billion ($205.4 million).

"Note is one of the fastest-growing companies in the EMS sector and a stable EMS provider to customers with high standards. Over the last three years, NOTE has achieved organic growth of 20%," said CEO Johannes Lind-Widestam. "This clearly outpaces the EMS sector generally. However, the challenging shortage situation on the component market has limited the growth of Note, and the EMS sector. A number of critical components are still subject to major supply disruptions, although there are clear indications that the lead-time for most electronic components is reducing. Market commentators expect continued growth in the European EMS sector averaging about 7% until 2030.

"Note’s target of SEK 5 billion sales by 2025 will primarily be achieved organically, as well as through carefully screened acquisitions. Just after the end of the quarter, we acquired UK enterprise DVR Ltd. We anticipate high growth on the UK market over the coming years, and this acquisition of a fourth plant in the UK makes NOTE a bigger player on this growing market," he said. "We also acquired Bulgarian enterprise ATM Electronics OOD earlier in the year, which offers the group and our customers another cost-efficient manufacturing option in Eastern Europe. We see great potential in continuing to develop our businesses and our growth journey with the customers, staff and management of our newly acquired plants."

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