Polygon AB (publ) - Interim report 1 January - 30 September 2017
We meet our Q3 expectations
THIRD QUARTER 2017
- Sales amounted to EUR 125.0 million, with organic growth of 2.0%. Recurring jobs coming from an increased share of wallet have compensated for last year’s high level of jobs caused by extreme weather.
- The backlog at the end of the period was slightly below the high level at the equivalent point last year.
- Adjusted EBITA amounted to EUR 8.8 million (9.3).
- Operating profit before amortization (EBITA) was EUR 8.4 million (9.1). Items affecting comparability were booked in an amount of EUR 0.4 million (0.2) in the quarter.
- The acquisition of Polygon Nord AS (franchise in Norway) with yearly sales of EUR 5.4 million was closed in September and consolidated. Skadegruppen AS in Norway with yearly sales of EUR 27.1 million was signed in Q3, approved by the competition authorities in October and will be consolidated in Q4.
- After quarter end two more acquisitions were signed (Denmark and Germany).
JANUARY - SEPTEMBER 2017
- Sales growth for the period was 8.2%. Both the second and third quarter showed moderate growth due to a lack of major events. Organic growth excluding currency effects was 8.7%.
- Adjusted EBITA amounted to EUR 23.7 million (21.8), an increase of 8.7%. Development in Continental Europe and North America was strong. Adjusted EBITA margin was equal to last year at 6.3%.
- Operating profit before amortization (EBITA) was EUR 22.4 million (21.2). Items affecting comparability were booked in an amount of EUR 1.3 million (0.6) in the first nine months of the year.
- Cash flow from operating activities was EUR 18.4 million (15.1). The liquidity buffer amounted to EUR 42.1 million (Dec. 2016: 46.4).
- Two add-on acquisitions in the Nordic region were closed and consolidated during the period (Sweden and Norway). The acquisition of Skadegruppen AS in Norway was signed within the quarter and subsequently closed in November for consolidation in Q4.
- The Board of Directors was further strengthened in February with the appointment of Nadia Meier-Kirner.
Polygon is a Global Expert and the European market leader in Property Damage Control. On 3 continents and in 13 countries, our 3.000 specialists prevent, control and mitigate the effects of water, fire and climate. Our innovative and tailor-made solutions combine people, knowledge and technology for a wide range of customer segments.