Year End Report 2017
- Throughout 2017 the Group has been moving forward with its SEK 30 million capital investment in the Hob Certec ceramic roller business in the Czech Republic. This significant investment will position the Group to meet demand from the market for even longer rollers, keeping us right at the forefront of the market and significantly expanding capacity from previous levels. After the completion of final testing, the Group has made its first sales of product manufactured in the new kiln in early 2018.
- The Group completed a strategic refinancing during 2017 and repaid all of its SEK 500 million of outstanding bonds. The bonds were repaid using a combination of existing surplus cash accumulated within the Group as well as from proceeds drawn down through a new senior secured bank facility which was arranged in August 2017. The Group will derive the full benefit from refinancing during 2018.
- In February 2017, Diamorph AB (publ) acquired the final 10% of Diamorph Bearings AB and so today controls 100% of each of its subsidiaries.
- Net sales increased by 1% to SEK 428.7 (423.6) million. Adjusted to fixed exchange rates, net sales increased by 2%.
- Adjusted operating profit was flat at SEK 143.9 (144.1) million.
- Adjusted profit before tax increased by 9% to SEK 116.5 (106.7) million, reflecting a partial year’s benefit from refinancing.
- Operating profit (as reported under IFRS) increased by 4% to SEK 145.0 (139.6) million.
- Profit before tax (as reported under IFRS) decreased by 29% to SEK 100.5 (141.1) million.
- Net sales increased by 1% to SEK 111.6 (110.6) million. Adjusted to fixed exchange rates, net sales increased by 4%.
- Adjusted operating profit decreased by 9% to SEK 35.8 (39.4) million. The decrease partly reflected a weaker product mix during the quarter as well as investments to support the long-term growth of the business.
- Adjusted profit before tax increased by 10% to SEK 33.0 (29.9) million, reflecting the first full quarter of benefits from refinancing.
- Operating profit (as reported under IFRS) decreased by 9% to SEK 34.8 (38.4) million.
- Profit before tax (as reported under IFRS) decreased by 29% to SEK 17.7 (25.1) million.
For additional information, please contact:
Gordon MacLeman, CEO
Telephone: +44 161 955 2410
Mark Hutchison, CFO
Telephone: +44 161 955 2409
The information was submitted for publication on February 28, 2018, at 08:00.
Diamorph supplies advanced material solutions for especially demanding industrial applications. The Company is headquartered in Stockholm and has subsidiaries in the United Kingdom and the Czech Republic. Learn more at www.diamorph.com.