STOCKHOLM – Note reported second quarter sales increased 28% to SEK 642 million (US$74.5 million). Adjusted for acquisitions and currency effects, growth was 27%.

Profit after tax was up 40% to SEK 47 million, and operating profit increased 44% to SEK 60 million.

Cash flow after investments and acquisitions amounted to SEK -53 million.

For the first half of 2021, Note posted a sales increase of 17% to SEK 1.14 billion. Adjusted for acquisitions and currency effects, growth was 19%.

Profit after tax for the six-month period was up 39% to SEK 78 million. Operating profit grew 34% to SEK 100 million.

Cash flow after investments and acquisitions amounted to SEK -49 million.

“Note continues to develop in a convincing way,” said Johannes Lind-Widestam, CEO and president. “A strong recovery in the market, especially in Sweden and China, in combination with continued very high new sales, contributed to sales increasing by 17% during the first half of the year to SEK 1,144 million. Adjusted for acquisitions and currency effects, organic growth was 19%. The positive development was further strengthened during the second quarter. In the same way, organic growth in the second quarter was 27%.

“At the turn of the month May-June, we completed an expansive acquisition of iPRO of the UK. In the recent 12-month period, the company has sales of just over SEK 330 million. iPRO is in a strong growth phase with several customers developing charging solutions for electric vehicles – a market under very rapid development.

“In terms of earnings, our positive trend continued, mainly due to growth, stable margins in ongoing customer assignments and good cost development as a result of implemented efficiency programs. During the first half of the year, operating profit increased by 34% to SEK 100 million. During the second quarter, earnings growth was 44%, and the operating margin was 9.3%, our highest level ever.

“We have reason for great optimism regarding the future. The order backlog at the end of June was at a record level, and in like-for-like terms just over 40% higher than last year. Based on the current market situation, we estimate sales for this year will amount to at least SEK 2.45 billion. For the full year, we expect increased operating profit and a stronger operating margin."

Ed.: SEK 1 = US$0.12

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