DUROC: EARNINGS UPDATE FOR THE THIRD QUARTER 2021/2022 - ADJUSTED EBIT IS EXPECTED TO INCREASE BY C. 40 PERCENT TO APPROXIMATELY SEK 50 M
April 11, 2022
In Duroc's quarterly report for the second quarter 2021/2022, information was given that demand during the next quarter was expected to be good and that most of the portfolio companies would continue to do well, while there was short-term uncertainty for Cotting Group. The summary of the results for the third quarter 2021/2022 shows that the companies, despite continued disturbances, such as cost inflation and semiconductor shortages, developed above expectations. Adjusted EBIT is expected to increase by just over 40 percent to approximately SEK 50 million (SEK 36.7 million). After items affecting comparability, mainly write-downs in intangible assets in the Cotting Group, operating profit is expected to increase to just under SEK 40 million (SEK 1.2 million). Most portfolio companies show strong earnings improvements at the end of the quarter.
The figures are preliminary and not audited by the company's auditor. Complete information will be presented in connection with Duroc's regular interim report on May 6, 2022.
The development going forward is still difficult to assess. Duroc has low exposure to Russia and Ukraine. Cotting Group is negatively affected by the lack of semiconductors and other components on which the automotive industry depends. Rising raw material and energy prices also remain uncertain factors for Duroc's portfolio companies in the coming quarters.
Duroc's balance sheet is strong, with limited elements of intangible assets, a large element of owned production properties, and a low debt / equity ratio.
For further information
John Häger, CEO Duroc, 0702 48 72 99
The information in this press release is such that Duroc AB is obliged to publish in accordance with EU's Market Abuse Regulation. The information herein was provided for publication at 4:08 p.m. (CET), 11 April 2022 by the contact person above
Duroc AB (publ)Box 5277, SE-102 46 Stockholm, Sweden Street address:
Corporate ID number: 556446-4286
Duroc acquires and develops industrial and trading companies. With deep
knowledge of technology and markets, the Group's companies aim for leading
positions in their respective industries. Duroc is listed on NASDAQ OMX
Stockholm (symbol: DURC). www.duroc.se