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NOTE has reported first quarter sales of SEK 277.1 million and operating profit of SEK 30.4 million. Operating margin was 11%, and adjusted for non-recurring items, expanded by 0.2 percentage points to 5.3%. Profit after financial items increased to SEK 29.1 million, while profit after tax was SEK 26.9 million.
"Our positive progress in the first quarter continued. We secured several new customers, as well as new and exciting projects in our already-strong customer base. Sales increased in Sweden and Finland. In China, the market for some of our major customers was cooler. However, there is good reason to believe that our sales growth in China will recover momentum going forwards. Positive is the very brisk start for our unit in Estonia, one of our larger units, this year–sales in the first quarter were at record levels," said Stefan Hedelius, CEO and President.
"For the first quarter sales were SEK 277 million. Adjusting for the divestment of our Norwegian entity, we achieved sales growth of over 4%. Our operating profit increased by SEK 16.2 million to SEK 30.4 million. The operating profit had positive impact from the divestment of industrial property, and negative from restructuring costs, primarily at one of our Swedish sites. Adjusting for these non-recurring items, underlying operating profit increased by SEK 0.5 million to SEK 14.7 million, and operating margin expanded by 0.2 percentage points to 5,3%, which was positive."
"Including the property sale, our cash flow after investments increased some SEK 50 million to SEK 77,8 million, or SEK 2.70 per share. We are well placed financially for the future–our Balance Sheet remains one of the sector’s strongest with an equity to assets ratio of 45.2%."
NOTE is one of the leading Northern European manufacturing and logistics partners for production of electronics-based products. NOTE produces PCBAs, subassemblies and box build products. NOTE's offering covers the complete product lifecycle, from design to after-sales. NOTE has a presence in Sweden, Finland, the UK, Estonia and China. Net sales in the last 12 months were SEK 1,096 million; the group has approximately 900 employees. NOTE is listed on Nasdaq Stockholm. For more information, please click here.