CONCENTRIC INTERIM REPORT JANUARY – MARCH 2023 – Press Release

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REDDITCH, England, May 3, 2023 /PRNewswire/ — 

FIRST QUARTER 2023

  • Net sales: MSEK 1,127 (934) – record sales for the quarter, up +21% year-on-year. After adjusting for the impact of currency +10%, sales on a like for like basis, in constant currency year-on-year were up +11%.
  • Operating income: Operating income was MSEK 181 (166) generating an Operating margin of 16.1% (17.8).
  • Net income for the period: MSEK 121 (130); basic EPS of SEK 3.18 (3.43).
  • Cash flow from operating activities: Cash flow from operating activities was MSEK 89 (89).
  • Group’s net debt: MSEK 865 (1,016); gearing ratio of 39% (59). Cash and cash equivalents up MSEK 184 following strong operating cash generation.

President and CEO, Martin Kunz, comments on the Q1 2023 Interim Report.

Great start to the year, record sales performance whilst maintaining our strong margins.

Financial Performance

The first quarter’s results show a strong start to the year delivering another record sales quarter whilst maintaining strong operating margins. Net sales for this quarter were up +21% to MSEK 1,127 (934) with constant currency sales growth and foreign exchange rates increasing sales by +11% and +10% respectively. The Operating income for the first quarter was MSEK 181 (166) achieving an operating margin of 16.1% (17.8).

The global market for our engine products remained at a sustained high, whilst reported market indices suggest the market was broadly flat year-on-year. Net sales of our Engines division were actually up +24% to MSEK 752 (608) with an Operating margin of 16.6% (17.9). Foreign exchange rates increased sales by +10% whilst underlying sales were up +14%. Over the last year we have made consistent improvements and investments in our production facilities which combined with the supply chain stabilising further this quarter has enabled us to reduce our past due sales order backlog. Operating margins were broadly similar quarter-on-quarter despite a reduction in the net income from Alfdex.

Net sales of our…

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