Interim Report January – March 2012
Growth continues and operating margin is 3.5%
The positive trends of 2011 continued in the first quarter of 2012. Sales rose by 5% in local currency compared with the same period of 2011, and operating profit was SEK 21 million. While much of the increase can be attributed to our focus on internal cost-effectiveness, our broad customer base and competitive organizational structure were also key factors. Due primarily to the ongoing recovery at the Defense & Maritime market area, operating segment Machining showed further growth during the quarter. The Electronics segment also showed positive development, while volumes within Systems Integration & Enclosures decreased somewhat due to poorer demand by a number of customers. Our broad range of services, including technical development, production and after-market services as well as a strong global supply chain and a growing share of production in low-cost countries, has attracted a great deal of interest. As proof of this we have received orders from both new and existing customers during the quarter and afterwards. In March, we announced the signing of a new framework agreement within the CleanTech market area to develop and manufacture products on behalf of the leading European supplier of products and services for the cleaning of components and tools. The agreement, which calls on both our product development expertise and production of complete systems, is in line with our goal of increasing the percentage of orders at higher levels in the value chain. Although PartnerTech has now operated at a profit for six straight quarters, it is difficult to predict how global uncertainty might affect our market areas going forward.
Leif Thorwaldsson, President and CEO
First quarter of 2012
- Net sales were SEK 611 million (587)
- Operating profit totaled SEK 21 million (3)
- Profit after tax was SEK 12 million (-4)
- Earnings per share after tax came to SEK 0.97 (-0.34)
- Cash flow after investments amounted to SEK -18 million (16)
- The equity/assets ratio was 39% (37) on March 31
- PartnerTech signed an agreement with Safetykleen to develop and manufacture products for the cleaning of components and tools
For complete report, see attached file.
For more information, please contact:
Leif Thorwaldsson, President and CEO, Tel: +46 (0) 40 10 26 41
Åke Bengtsson, CFO, Tel: +46 (0) 40 10 26 42
PartnerTech develops and manufactures products under contract for leading companies, primarily in Information Technology, Industry, CleanTech, MedTech and Instrumentation, Defense and Maritime and Point of Sale Applications. With approximately 1,300 employees at its plants in Sweden, Norway, Finland, Poland, the UK, the United States and China, PartnerTech reports annual sales of more than SEK 2,3 billion. PartnerTech AB (www.partnertech.com), the parent company, has its head office in Vellinge, Sweden, and is listed on the Nasdaq OMX Stockholm Exchange.
PartnerTech AB, corporate identity number 556251-3308
Box 103, Industrigatan 2, SE-235 22 Vellinge, Sweden
PartnerTech (publ) is required to publicly disclose the information in this press release pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for public disclosure at 8.00 am on April 24th, 2012.