PartnerTech Interim Report January – March 2015
Growth, profit improvement and positive cash flow for the quarter
In the first quarter, sales increased by 14 percent compared with the corresponding period in 2014 – in local currencies, the increase was 6 percent. Operating profit for the Electronics and Systems Integration divisions improved compared with the corresponding period in 2014 and amounted to SEK 21 million. Consolidated operating profit for the quarter totalled SEK 2 million. The restructuring program in the Metal Precision division continued into the first quarter with the aim of reducing the cost base in order to achieve profitability at lower volumes. The prevailing caution in Oil and Gas affected activities in Metal Precision. This meant that we did not reach the quarterly volume that we had targeted with our reductions. We are, however, experiencing continued increased activity in the Metal Precision Technology division where our share of on-going and planned infrastructure projects in the Oil and Gas segment is steadily increasing. Activity in the defense segment did also increase somewhat at the end of the quarter and is not expected to decline further in the near future. The growing demand in CleanTech that we saw towards the end of last year affected Electronics and Systems Integration positively in the quarter and we are continuing to witness good growth in the CleanTech area. During the quarter, we also signed framework agreements that significantly expands our cooperation with existing customers in both the MedTech and Industry market areas.
Leif Thorwaldsson, President and CEO
First quarter of 2015
Net sales were SEK 626 million (548)
Operating profit totaled SEK 2 million (1)
Profit/Loss after tax was SEK -2 million (-2)
Earnings per share after tax amounted to SEK -0.19 (-0.17)
Cash flow after investments amounted to SEK 3 million (-15)
The equity/assets ratio was 33% (40) on March 31
For complete report, see attached file.
For more information, please contact:
Leif Thorwaldsson, President and CEO, Tel: +46 705 832650
Åke Bengtsson, CFO, Tel: +46 733 162755
PartnerTech AB (publ.) is obligated to make the disclosures in this report public pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for public disclosure at 8.30 am on April 23rd, 2015.
PartnerTech is a global industrial partner offering customized solutions throughout the product lifecycle, from product development to manufacturing and aftermarket services, in a number of market areas such as MedTech and Oil&Gas. With approximately 1,400 employees at its plants in Sweden, Norway, Finland, Poland, the UK, the United States and China, PartnerTech reports annual sales of more than SEK 2.2 billion. PartnerTech AB , the parent company, has its head office in Malmö, Sweden, and is listed on the Nasdaq OMX Stockholm Exchange. For more information www.partnertech.com.