First quarter 2024
- Net sales amounted to
SEK 3,147 m (3,224), a decrease of 2 percent. Organic sales growth was negative by 10 percent while acquisitions contributed positively by 7 percent. -
Adjusted1) operating profit amounted to
SEK 225 m (264). -
Operating profit amounted to
SEK 225 m (264). - Adjusted1) operating margin amounted to 7.1 percent (8.2).
- Operating margin amounted to 7.1 percent (8.2).
-
Profit for the period amounted to
SEK 117 m (180). -
Earnings per share before and after dilution amounted to
SEK 1.53 (2.35). -
Cash flow from operating activities amounted to
SEK 208 m (355). -
During the quarter
Lindab acquired Danish Airmaster and American Vicon. In March, an agreement was signed to acquire the business TGA KlimaPartner inGermany . The acquisition of TGA KlimaPartner was completed inApril 2024 .
1) Adjusted operating profit/operating margin does not include significant one-off items and restructuring costs.
"Lindab Ventilation Systems delivered a stable result in the first quarter despite a continued weak market. Sales and gross margin increased while operating profit showed resilience.
As in previous quarters, the first quarter was characterised by lower demand in the construction market, particularly in the Nordic region. However, several countries in southern and western
Ventilation Systems benefits from energy efficiency
Ventilation Systems has increased sales during the quarter through acquisitions. The underlying market has weakened by around five percent, but despite this the business area achieved an operating margin of 9.6 percent. Adjusted for acquisition costs, the operating margin was 10.0 percent. Selective price increases are being implemented and the cost base is being reviewed to further strengthen profitability.
During the quarter,
Profile Systems was affected by lower demand
The reduced construction activity in the Nordic region has a direct impact on demand for Profile Systems. The first quarter is the seasonally weakest period for Profile Systems and this year it was also a quarter with fewer working days due to public holidays. Sales decreased by 21 percent, which led to a slighlty negative operating result for the business area.
Prepared for higher demand
Ventilation Systems, which accounted for 80 percent of the quarter's sales, has withstood the recession well and adapted its costs to the prevailing market situation. When the market turns,
Acquisition creates conditions for further growth
During the first quarter, the acquisition of
During the first quarter, we also acquired Vicon, the US leader in machines for manufacturing of rectangular ventilation ducts.
In March,
With a continued strong cash flow and a good financial position, more acquisitions will be added to
For 2027, the goal is to achieve sales of
The market may begin to recover in 2024
The market situation is subdued, with many paused projects and uncertainty about the cost of financing. The accumulated need is high and if interest rate cuts take place during the summer of 2024, it will probably lead to an increased willingness to invest, which will benefit the construction industry.
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This disclosure contains information that
Contacts:
President and CEO
E-mail: ola.ringdahl@lindab.com
Phone: +46 (0) 431 850 00
Lars Ynner
CFO
E-mail: lars.ynner@lindab.com
Phone: +46 (0) 431 850 00
Head of Corporate Communications
E-mail: catharina.paulcen@lindab.com
Mobile: +46 (0) 701 48 99 65
The Group had sales of
The share is listed on the Nasdaq Stockholm, Large Cap, under the ticker symbol LIAB.
https://news.cision.com/lindab/r/lindab-s-interim-report-january---march-2024--stable-development-for-ventilation-systems,c3972469
https://mb.cision.com/Main/1983/3972469/2776187.pdf
https://news.cision.com/lindab/i/interim-report-q1-cover,c3296302
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