CTEK AB: Interim report Q2: Weak demand in April with significantly lower sales as a result - recovery for the remainder of the quarter
Net sales amounted to SEK 199 million (235). Net sales declined 20 percent organically.
The EVSE share of net sales was 31 percent (29) and amounted to SEK 61 million (64).
Adjusted EBITA declined to SEK 3 million (23), corresponding to a margin of 1.4 percent (9.9).
Loss after tax amounted to SEK -22 million (12) and earnings per share after dilution amounted to SEK -0.32 (0.24).
Cash flow from operating activities amounted to SEK 39 million (-7).
Henrik Fagrenius has been appointed as the company's new President and CEO and will assume his role on 1 September 2023.
"Weak demand within the end consumer segment during April affected the quarter with negative sales growth and a reduced operating profit as a result. It is pleasing, however, that we saw a recovery during the last two months of the second quarter, a trend we now see continuing into the beginning of the third quarter. It is also positive that we continue to maintain stable underlying gross margins in all divisions," says Ola Carlsson acting President and CEO of CTEK.
Activities to improve our profitability and reduce our tied-up capital are continuing with undiminished energy, which resulted in continued positive cash flow.
"The previously communicated cost-reducing activities, including personnel reductions, have continued to impact positively. Cash flow after investing activities remained positive for the quarter, driven by activities to reduce tied-up capital in inventories and accounts receivable. We remain firm in our previous assessment that we will have a positive operating cash flow for the full-year 2023. However, the Group's adjusted EBITA margin fell further to 1.4 percent, while organic sales declined 20 percent to SEK 199 million. Our assessment is that the Group's adjusted EBITA margin will gradually improve in the second half of the year", says Ola Carlsson acting President and CEO of CTEK.
Today, 9 August at 09:00 CEST, CTEK will hold an audiocast in English. CTEK is represented by acting CEO Ola Carlsson and CFO Thom Mathisen, who present the interim report and answer questions. To participate or for further information:
Before its publication, this information was inside information and is such that CTEK AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, on 9 August 2023 at 07:45 CEST.