Strong sales and profit trend
In today’s interim report for the third quarter of 2012, Nolato reports a strong performance for both sales and profit. Group sales increased 39% to SEK 999 million (718). Operating profit (EBITA) rose to SEK 84 million (54) and earnings per share rose to SEK 1.98 (1.37).
“It is highly pleasing that our strong performance continued in the third quarter,” says President and CEO of Nolato, Hans Porat.
Business area Nolato Medical’s sales rose 31% to SEK 288 million (220). Operating profit (EBITA) increased to SEK 32 million (25), with an EBITA margin of 11.1% (11.4). The newly acquired company in the UK, Nolato Jaycare, was consolidated on 1 April and accounted for SEK 67 million of the business area’s sales in the quarter.
“Nolato Medical’s product sales were in line with the market, while the project-related sales remained low,” says Hans Porat. “The British unit acquired in the spring is performing according to plan.”
Business area Nolato Telecom’s sales doubled to SEK 444 million (220). Operating profit (EBITA) increased to SEK 35 million (7), with an EBITA margin of 7.9% (2.3 ex. non-recurring items).
“Demand for the new product portfolio has remained very strong,” says Hans Porat. “Inventory build-up has also occurred among customers ahead of the Chinese public holidays at the beginning of the fourth quarter.”
Business area Nolato Industrial’s sales amounted to SEK 268 million (279). Operating profit (EBITA) totalled SEK 24 million (26), with an EBITA margin of 9.0% (9.3).
“At the end of the quarter we noted a cyclical slowdown for many of the segments in the business area,” continues Hans Porat.
Nolato’s financial position remains strong. At the end of the quarter, net debt stood at SEK 286 million (66), with an equity/assets ratio of 45% (52). The net debt has risen as a consequence of financing the acquisition and an increased working capital requirement.
The year-end report for 2012 will be released on 5 February 2013. The Annual General Meeting will be held on 25 April 2013.