Interim report 1 January-31 March 2017

2017-04-26 16.00



First quarter 2017

  •  Order intake rose 20% to SEK 3,672 million (3,066). For comparable units the increase was 8%.
  •  Net sales rose 19% to SEK 3,533 million (2,963). For comparable units the increase was 7%.
  •  Operating profit before amortisation of intangible non-current assets attributable to acquisitions (EBITA) rose 31% to SEK 406 million (311), corresponding to an EBITA margin of 11.5% (10.5%).
  •  Net profit for the quarter rose 38% to SEK 261 million (189), corresponding to earnings per share of SEK 2.18 (1.58).


With continued strong growth combined with positive margin development, Indutrade can once again report a quarter with new, record-high results.

First quarter

The improved demand situation during the fourth quarter of 2016 strengthened further during the start of 2017. A continued high pace of acquisitions combined with strong organic growth resulted in a 20% increase in order intake and 19% growth in invoicing during the quarter. In general, the trend is stable for most markets and segments. Development is especially gratifying in Finland, where growth has gained momentum following a long period of weak demand from industry. For companies in parts of the marine segment, however, the business situation remains challenging, with weak order intake and invoicing. Most of the Group’s companies showed positive development during the quarter and delivered earnings and an EBITA margin in line with our expectations. The EBITA margin of 11.5% for the quarter is one of the highest levels ever reached for a first quarter since our stock market introduction in 2005.


During the quarter, four acquisitions with combined annual sales of SEK 240 million were carried out: RS Technics, which is active in measurement technology in the Netherlands; Sunflower Medical, a maker of healthcare equipment in the UK; Ellard, a British manufacturer of controls for commercial doors; and Türenfabrik Safenwil, a Swiss manufacturer of fire protection doors. After the end of the quarter we also acquired Pro-Flex in Norway, a supplier of hoses and couplings to Norwegian industry, and MaxxVision in Germany, which offers image handling technology for industries and visual communication. MaxxVision is the first direct investment that Indutrade has made in Germany.


Indutrade has had a strong start to the quarter. Profitable, organic growth combined with a succession of acquisitions once again demonstrates the strength of the Indutrade model. We therefore look with confidence to the coming quarters. This is my 49th and last quarterly report as CEO of Indutrade. The results for the quarter speak clearly, and for a change, I am “satisfied” with our performance. The growth that Indutrade has shown during my time with the Group can be credited to dedicated employees with a passion for their work, persistence, competence and a little luck.

I want to extend a great thanks to all Indutrade employees I had the benefit to work together with during these years. And to my successor I wish the best of luck – you will be joining a great company!
All the best in the future!

Johnny Alvarsson President and CEO  

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