STOCKHOLM – Note reported annual sales of SEK3.9 billion ($356 million), down 8% from 2023's total.

For the fourth quarter, the company's sales of SEK1 billion ($93.7 million) represented a decline of 5%.

"Fourth-quarter sales of SEK1,025 million were consistent with our expectations and in the upper interval of the guidance we issued," said Johannes Lind-Widestam, president and CEO. "Given prevailing market conditions, we’re satisfied even though we know our customer portfolio is stronger than this.

"Despite late volume downscaling by customers, through repeated adaptations to our resources and working continuously on rationalisation, we succeeded in achieving high profitability. We think achieving an underlying margin of 10.5% in the quarter is a sign of strength. The profitability we achieved in this quarter is the second highest we’ve ever reported, and this is in a weak market.

"Our high profitability is a major contributor to the strong cash flow we generated in the year, but the hard work our plants did on reducing excess inventory and rationalising working capital tie-up also had a positive impact. In the fourth quarter, our operating cash flow was SEK 140 million, with the corresponding number for the full year being SEK 539 million. NOTE’s financial situation remains really positive."

• Prev
• Next