Continued strong growth and earnings in an uncertain world.
First quarter 2022
- Net sales rose by 41 percent to
SEK 2,002 million (1,423).
Organic growth was +21 percent and order intake was higher than net sales - Operating profit (EBITA) increased 37 percent to
SEK 243 million (177) and the operating margin was 12.1 percent (12.4). Adjusted for costs related to the discontinuation of Bufab’s Russian operations amounting toSEK -15 million (0), remeasured additional purchase considerations amounting toSEK -15 million (-6) and acquisition costs amounting toSEK -8 million (0), operating profit (EBITA) increased by 53 percent toSEK 281 million (183), corresponding to an operating margin of 14.0 percent (12.9) - Earnings per share rose by 39 percent to
SEK 4.42 (3.18) - During the quarter, Pajo-Bolte A/S and TIMCO (
TI Midwood & Co Ltd. ) were acquired, with annual sales of approximatelySEK 190 million andSEK 730 million , respectively - The Board of Directors appointed Erik Lundén as new President and CEO of
Bufab . He takes officemid-August 2022 . At the same timeJohan Lindqvist will take on the role as Vice President and Deputy CEO Bufab once again achieved its highest ever sales, operating profit, and earnings per share for a single quarter
The group in brief
Quarter 1 | Δ | 12-months rolling | Full year | |||
SEK million | 2022 | 2021 | % | 2021/22 | 2021 | |
Order intake | 2,041 | 1,481 | 38 | 6,644 | 6,084 | |
Net sales | 2,002 | 1,423 | 41 | 6,456 | 5,878 | |
Gross profit | 561 | 397 | 41 | 1,801 | 1,638 | |
% | 28.0 | 27.9 | 27.9 | 27.9 | ||
Operating expenses | -318 | -220 | 45 | -1,040 | -942 | |
% | -15.9 | -15.5 | -16.1 | 16.0 | ||
Operating profit (EBITA) | 243 | 177 | 37 | 761 | 695 | |
% | 12.1 | 12.4 | 11.8 | 11.8 | ||
Operating profit | 233 | 170 | 37 | 727 | 664 | |
% | 11.6 | 11.9 | 11.3 | 11.3 | ||
Profit after tax | 166 | 119 | 39 | 517 | 470 | |
Earnings per share, SEK | 4.42 | 3.18 | 39 | 13.81 | 12.57 |
Continued strong results in an uncertain world
During the first quarter of 2022,
The healthy level of demand continued into the first quarter of this year, and we noted a strong organic growth of 21 percent. The organic growth is a result of strong underlying demand in all segments, price increases, and higher market shares.
We have offset increased costs of raw materials and freight by passing these on to the customers, given us a stable gross margin for the quarter.
The share of operating expenses increased somewhat during the quarter but adjusted for costs related to the discontinuation of our Russian operations, remeasured additional purchase considerations and acquisitions costs, the share of operating expenses declined compared with the preceding year. This combined with the healthy growth, explains the strong results in the quarter.
Overall, operating profit rose by 37 percent and the margin was 12.1 percent. Adjusted for the items in the preceding paragraph, operating profit increased by a full 53 percent and the margin amounted to a strong 14.0 percent.
During the quarter, we acquired TIMCO, which conducts operations in the UK, and has annual sales of approximately SEK 730 million. The acquisition is the largest to date for
We have already begun working with the business opportunities brought about by both of these acquisitions. Acquisition costs of approximately
The Board has decided to discontinue our small inventory- and sales office in
Looking ahead, the war in
Under these circumstances, it is however important that we also continue working on the development of our operations in areas such as digitalisation, efficiency, and strengthening our team. The aim of this is to be even more relevant for our customers. We have made much progress, but still have a lot of work left.
To wisely integrating the acquisitions we have made recently is also a priority area. By using our Best Practice model, both existing and newly acquired companies are strengthened.
We are also working on several activities within the area of sustainability, a strategically important area for
A strong first quarter, with a healthy order intake, creates the conditions for stable development also in the second quarter of this year. However, considering all of the challenges that the geopolitical situation entails, it is difficult to comment on the future.
Regardless of the developments, however, Bufab’s position is significantly stronger overall than it was a year ago. I want to thank all of Bufab’s 1,750 “solutionists” for their excellent work so far this year.
President and CEO
Conference call
A conference call will be held on
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Contact
President & CEO
+46 370 69 69 00
johan.lindqvist@bufab.com
Marcus Söderberg
CFO
+46 370 69 69 66
marcus.soderberg@bufab.com
This information is such that
Tel: +46 370 69 69 00 Fax +46 370 69 69 10
www.bufab.com
Attachment
- 220421-Q1-English
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