Polygiene introduces IFRS accounting standards and prepares for listing on First North Premier during the period 2017 - 2018
The Board has decided that the company shall replace the current accounting standard K3 with the International Financial Reporting Standards (IFRS) and prepare the company to move its listing from First North to First North Premier during 2017-2018.
“Polygiene's very strong sales trend and a recently conducted strategic evaluation, have convinced the Board and the management team that this is only the beginning of a long growth journey. The Board has raised the financial target for the period 2017-2022, and 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”, says Richard Tooby, Chairman of the Board.
“Our ambition is to increase the transparency in the company's reporting to the stock market and to expand the financial information”, says Richard Tooby. “Polygiene is a quality company with strong growth and the change to Nasdaq First North Premier allows for, amongst other things, further institutional ownership in the company”, concludes Richard Tooby.
First North Premier imposes more stringent rules on companies regarding information and accounting principles than that of First North. These stricter requirements are broadly consistent with the regulatory framework applicable to the regulated marketplace Nasdaq Stockholm.
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 07.15 CET.
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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.