Stable earnings in a challenging market - largest acquisition to date
Second quarter:
- Net sales amounted to
SEK 2,263 million (2,475), down 9 percent. Organic growth amounted to a negative 13 percent. -
Reported order intake decreased by 21 percent while the order backlog as of 30 June was
SEK 1,575 million , a decrease of 41 percent. -
Operating EBITA amounted to
SEK 261 million (297) and the operating EBITA margin amounted to 11.6 percent (12.0). -
Earnings per share amounted to
SEK 3.36 (3.66). - Return on operating capital amounted to 16.8 per-cent (17.9).
- Net debt amounted to a multiple of 0.7 in relation to operating EBITDA (0.4 excluding IFRS 16).
January-
- Net sales amounted to
SEK 4,358 million (4,548), down 4 percent. Organic growth amounted to a negative 11 percent. -
EBITA amounted to
SEK 429 million (470) and the EBITA margin amounted to 9.8 percent (10.3). -
Operating EBITA amounted to
SEK 430 million (477) and the operating EBITA margin amounted to 9.9 percent (10.5). -
Earnings per share amounted to
SEK 5.26 (5.74). -
On
July 13 ,Inwido acquiredSidey in theUK , which fo-cuses on the renovation market inScotland .
CEO Comments:
It is with satisfaction that we begin the third quarter of 2023 by announcing that our largest acquisition to date,
In the second quarter of 2023, the market weakened compared with the first quarter, resulting in sales decreasing for the first time since 2019. The decline in the market that was previously mainly attributable to a slowdown in new construction, we now also see in the consumer market, although not at the same pace. Both order intake and order backlog declined due to the weaker market. That
With regard to the key indicators for our sustainability work, these are affected by lower production volumes, which increases energy consumption per unit despite consolidated energy consumption decreasing in absolute terms. During the quarter, the proportion of sales that are compatible with the EU Taxonomy's criteria for significantly contributing to limiting climate impact increases. It is also satisfying to see that our efforts to reduce the number of accidents are continuing to have an impact.
Over the quarter, net sales decreased by 9 percent to
Mixed development in our business areas
During the quarter, Business Area Scandinavia operated in a clearly weaker market, resulting in sales falling by 12 percent. Various types of programs are therefore welcome, accelerating the transition towards more energy-efficient properties, such as the energy efficiency benefit that came into effect in
Business Area Eastern Europe continues to show sales growth in the Consumer market, while the Industry market diminished. During the quarter, profitability increased sharply with an operating EBITA margin of 13 percent (8.8). This is mainly driven by the ongoing price increases that have been implemented and are now reaching their full impact.
Business Area e-Commerce operates in a market that is currently particularly competitive. Although sales increased the operating EBITA margin decreased to 3.9 percent (7.6). This is largely attributable to market investments in connection with the launch of the newly started operations in
Business Area Western Europe is characterized by a hesitant market. Sales to the Consumer market are decreasing, while the Industry market is more favorable for our business units. Our Irish business unit deviates positively both in terms of sales and profitability.
Future prospects
The second quarter was characterized by a more hesitant market than previously. However, our strong financial status enables us to perceive opportunities to advance our positions, particularly with the acquisition of
The recent inflation and rapid interest rate hikes in
MALMÖ,
President and CEO
This information is such that
For more information, please contact:
Tobias Rydergren, Head of PR & Communication Tel.: 46 (0)70 255 23 61, tobias.rydergren@inwido.com
About
https://news.cision.com/inwido/r/interim-report--january-june-2023,c3804672
https://mb.cision.com/Main/883/3804672/2189071.pdf
https://news.cision.com/inwido/i/strandhus-alborg-danmark,c3199716
https://news.cision.com/inwido/i/henrik-hjalmarsson--inwido-ab,c3199715
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