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21/07/2023 | Press release | Report | Stock Market Release

Interim report January – June 2023

Varying demand, acquisitive growth and improved cash-flow
  • Net revenue increased to MSEK 1,819 (1,461)
  • Adjusted operating profit increased to MSEK 218 (190), corresponding to an operating margin of 12.0 percent (13.0)
  • Profit after net financial items was MSEK 168 (189)
  • Earnings per share was SEK 2.05 (2.91)
  • Order bookings increased to MSEK 1,809 (1,437)
  • Cash flow from operating activities totaled MSEK 336 (247)
  • Tollman Spring was acquired on April 14 and Finn Lamex was acquired on June 8


Group
Demand in the quarter was overall stable, but with variations in the Group’s diversified customer base. Growth in the quarter was driven by acquisitions. Volumes in the industrial segments were lower, while certain other customer segments posted good growth. The Nordics, together with North America, were the strongest regions. Asia and the rest of Europe noted weaker performances, which also led to margin pressure that is being addressed with savings and other measures. Cash flow improved over the previous quarter, in part due to focused efforts throughout the Group to reduce inventory levels.

Subsidiaries
Lesjöfors noted mixed demand, with major variations between geographic regions and customer segments. The Chassis Springs business area posted good growth and has its peak season in the spring. Demand within Industrial Springs remained stable in the Nordics and the US, albeit with somewhat lower volumes compared with the previous year. In Asia and Central Europe, demand was generally weaker and varied significantly between different customer segments and countries. Demand in medical technology, for example, was good, while demand for springs was weaker among end customers within the construction industry. Last year’s acquisitions of John Evans’ Sons, Telform and Tollman Spring supported growth for the quarter.

Demand was stable in both of Beijer Tech’s business areas. Order bookings increased, due in part to new projects but also to good demand in Sweden and Norway. Price increases led to profitable organic growth that was supplemented by the acquisitions of Botek and Finn Lamex.

Strategy and acquisitions
Two additional acquisitions were carried out within the Group during the quarter. Lesjöfors has with the acquisition of Tollman Spring Company in April advanced its position as a major spring group in the North American market. Tollman is a manufacturer of industrial springs with a well-established market position and long-standing customer relationships in attractive segments such as industry, defense and automotive.

In June, Beijer Tech acquired Finn Lamex, a niche manufacturer of complex laminated windscreens for the commercial vehicle, motorhome and industrial machine aftermarkets. The company has demonstrated profitable growth for quite some time and now local management and Beijer Tech together look forward to continuing along this path.

The operating environment is still characterized by uncertainty and with summer now here, I would like to thank our employees for all of their initiatives and efforts throughout the Group to ensure the best possible performance.

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NEXT REPORT

The next interim report for January–June will be published on July 19. For more information about the company’s activities, visit our calendar
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