Technology trading group Indutrade released its Q2 report on Tuesday, revealing that all business areas experienced negative organic growth during the period.
A lower order backlog, strong comparison figures for many of the group’s companies, and fewer working days all contributed to the weak results.
Last year, the Life Science business area saw strong growth thanks to diabetes-related products in the Nordics and production equipment supplied to Novo Nordisk in Denmark.
During the earnings call, management stated that organic growth in Life Science would have been positive if sales to Novo Nordisk were excluded.
“If we exclude the two companies with the highest sales to Novo Nordisk during the quarter, organic sales for the business area would shift from minus 4 percent to plus 4 percent,” said CEO Bo Annvik.
