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NOTE’s Interim Report January – September 2023
October 23, 2023 | NOTEEstimated reading time: 2 minutes
NOTE announces its interim report for January – September 2023.
Financial performance July-September
- Sales increased by 11% to SEK 1,034 (930) million. Adjusted for acquisitions and currency effects, organic growth was 3%. Underlying organic growth was 8% (adjusted for extraordinary sales in the third quarter of 2022).
- Operating profit increased by 63% to SEK 94 (57) million. Adjusted for a SEK 30 million provision for doubtful debt in the previous year, adjusted operating profit for the corresponding period was SEK 87 million.
- The operating margin widened by 2.9 percentage points to 9.1% (6.2%). Adjusted for doubtful debt in the previous year, the adjusted operating margin was 9.1% (9.4%).
- Profit after financial items was up by 67% to SEK 80 (47) million.
- Profit after tax rose by 63% to SEK 65 (40) million, corresponding to SEK 2.24 (1.37) per share.
- Adjusted for acquisition-related payments made in the period, operating cash flow after investments was SEK 34 (-39) million. Total cash flow after investments, including acquisitions, amounted to SEK -57 (-59) million, or SEK -1.97 (-2.04) per share.
Financial performance January–September
- Sales increased by 19% to SEK 3,163 (2,649) million. Adjusted for acquisitions and currency effects, organic growth was 8%. Underlying organic growth was 13% (adjusted for extraordinary sales in the first three quarters of 2022).
- Operating profit increased by 44% to SEK 312 (216) million. Adjusted for a SEK 30 million provision for doubtful debt in the previous year, adjusted operating profit for the corresponding period was SEK 246 million.
- The operating margin widened by 1.7 percentage points to 9.9% (8.2%). Adjusted for doubtful debt in the previous year, the adjusted operating margin was 9.9% (9.3%).
- Profit after financial items was up by 49% to SEK 280 (188) million.
- Profit after tax rose by 48% to SEK 229 (155) million, corresponding to SEK 7.89 (5.35) per share.
- Adjusted for acquisition-related payments made in the period, operating cash flow after investments was SEK 135 (-34) million. Total cash flow after investments, including acquisitions, amounted to SEK -10 (-54) million, or SEK -0.35 (-1.86) per share.
CEO’s comment – We’re seeing continued high aggregate demand from our customers. We’re growing with profitability, and our operating margin year to date was 9.9%—well in line with our long-term target.
“NOTE’s sales in the third quarter progressed as we expected and reached SEK 1,034 million, which corresponds to growth of 11%. Early in the year, we expected the third quarter to be our weakest in terms of growth. Our broad customer base compensated for short-term project deferrals and inventory adaptations by some of our customers through very high growth by other customers and customer projects. Despite a more challenging business cycle, we are still seeing high aggregate demand from our customers. Sales growth for the first three quarters of the year was 19%.
For the quarter, the profitability was 9.1%. Our operating margin was somewhat lower than our target due to unusually high fluctuations in demand at some of our customers, which has impacted capacity utilisation in our plants. We reported an operating margin of 9.9% for the first three quarters of the year. NOTE’s business is performing positively, and profitability is consistent with the target we set for our business to achieve by 2025.
Our order position remains strong and we feel confident to repeat our guidance of at least 4.3 billion SEK for the full year 2023. This corresponds to growth of at least the 11% we reported in Q3. For 2024, we expect our growth rate to increase. Looking ahead, we see a continued increase in operating profit, and a strengthening of our operating margin.”, says Johannes Lind-Widestam, CEO and President.
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