Polygiene increases the financial targets
The Board of Directors increases the financial targets for Polygiene for the period 2017 - 2022. According to the new targets, Polygiene should have net sales of more than SEK 400 million, through organic growth, and an EBIT margin of more than 20 percent at the latest in year 2022.
The increased targets can be compared with the previous targets which were an average annual organic growth in net revenues to exceed 30 percent over a business cycle and that, in the long term, the earnings before tax (EBT) or
pretax profit margin shall exceed 15 percent over a business cycle. In 2016 net sales amounted to SEK 62 million.
“The targets of net sales of more than SEK 400 million and an EBIT margin of more than 20 percent at the latest in year 2022 shall be seen as important milestone. The Board and management team expects that the growth journey will continue with undiminished force even after this milestone has been reached in 2022 or earlier" , says Richard Tooby, Chairman of the Board of Polygiene AB.
During spring of 2017 an external consultant conducted an extensive analysis. Polygiene is continuously expanding with current and new customers and the analysis was made with the purpose to better understand the market, the underlying driving forces and to better assess the growth potential in Polygiene. A strategic review of the company’s current position points at a very large sales potential in the medium-long term. The overall market development for odor control in lifestyle and workwear, footwear, protective gear and home textiles is still in a very early stage.
A driving force in the market development is consumers’ increasing demand for the odor control function as well as the environmental value that Polygiene’s Wear More-Wash Less concept adds to the products. These brand building environmental messages are used by Polygiene’s customers in their marketing and brand positioning, which in turn gives them additional sales and margins on their products.
Polygiene has over 140 brand partners today and has a dominant position as the market leader for odor control in Sports & Outdoor, a segment where growth is expected to continue. The company’s management team is now utilizing this market leading position as a springboard to further increase sales in the segment and also substantially increase sales in other market segments.
“We have increased the rate of investment since a year back and it is these investments that, amongst other things, now form the basis for raising sales growth and profitability targets. We have great confidence in the company’s positive developments for the coming years ahead” , says Richard Tooby.
“We have invested in our Marketing & Sales organization in Europe, Asia and North America; with the purpose to increase penetration with current customers and also to increase growth in new market segments and brand partners. I now look forward to take a stronger Polygiene to the next level where we continue to grow both our strong position in Sports & Outdoor and our newer market segments, such as Lifestyle & Workwear, Footwear and Home textiles” , concludes Christian von Uthmann, CEO of Polygiene.
This information is information that Polygiene AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at July 5, 2017, at 07.00 CET.
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Company’s IR at e-mail: email@example.com
Richard Tooby, Chairman of the Board, Polygiene. Mobile: + 46 (0)70 219 31 05, e-mail: firstname.lastname@example.org
Christian von Uthmann, CEO, Polygiene. Mobile: + 46 (0)70 319 77 21, e-mail: email@example.com
Polygiene is the world-leading provider of odor control technology and Stay Fresh solutions for clothing, sports equipment, lifestyle textiles and other materials to help people stay fresh and confident. Polygiene brings the Scandinavian values of quality and care for the environment to life through its products and services. More than 100 global premium brands have chosen to use Polygiene Odor Control Technology in their products. Polygiene was established in 2006 and is listed on Nasdaq First North in Stockholm, Sweden. Remium Nordic AB acts as its Certified Adviser.