STOCKHOLM – Note reported first quarter sales of SEK1.06 billion ($96.9 million), in line with its sales for the first quarter of 2023.

"The weaker business cycle that impacted our demand in the second half-year 2023 was still having an effect on our customers’ aggregate demand," said CEO Johannes Lind-Widestam. "The market challenges some of our customers are facing have meant temporary project deferrals. Demand is also being impacted by inventory adaptations by customers. During the market shortage for electronic components, several customers decided to place larger orders, building up product inventory to safeguard shipments. Now that the shortage is largely over, it will obviously take a few quarters before these customer inventories return to balance.

"The slower growth we have witnessed in recent quarters is linked to underlying challenges on the market generally. With the focus we have on partnerships with current business customers where we’re sector leaders in delivery accuracy and quality, and where we’re continuing to secure new business customers at the same rate as previously, we have an optimistic view of the future."

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