Interim Report | Financials | 3 May, 2017 | 14:35 | Regulatory
Interim Report January – March 2017
Comments from CEO Johan Hjertonsson:
- We are pleased with the Group’s strong first quarter results for order intake, net sales, operating profit and cash flow.
- Good organic sales growth was achieved in all reporting segments. It is our opinion that the Group continues to grow market share.
- The operating profit, at an 80% increase over the prior year is a record for quarter one and the currency and acquisition adjusted operating profit is also a record for the quarter.
- Earnings per share at SEK 2.84 is 75% ahead of the SEK 1.62 from the previous year.
- LED share of net sales in the quarter was above 85%. The key metric in the LED technology shift is the level of the installed base, which in our opinion is a single digit percentage.
- The order backlog is at a record high level as we head into the second quarter.
- We welcome the members of WE-EF and Flux to the Fagerhult Group. There are several strong synergies for our outdoor strategy that will add value from this acquisition. Completion took place on the 9 March 2017.
- We are pleased with the Group’s acquisition of the intellectual property rights (IPR) of the Organic Response (OR) lighting controls technology. The technology fits well with the strategy in the lighting controls space. Many of our businesses already have 4 to 5 years project experience with OR enabled luminaires.
- Finally, the first quarter results have set a solid foundation from which to build on for the remainder of the year.