Year-end Report 2017
Fourth quarter (October 1 - December 31)
- Net sales increased by 9% compared to the same period last year, 22 243 (20 337) thousand.
- Operating profit amounted to SEK -10 101 thousand for the period compared to SEK -817 thousand for the same period last year. The 2017 figure includes a one-time expense in the form of an additional depreciation of SEK 6 000 thousand.
- Profit after tax amounted to SEK -7 635 (-779) thousand.
- Cash flow from operating activities amounted to SEK -4 200 (-80) thousand.
- Earnings per share amounted to SEK -1.1 (-0.1).
Full year 2017
- Net sales increased by 34% compared with the same period last year, SEK 80 198 (60 003) thousand.
- Operating profit amounted to SEK -9 576 thousand for the period compared to SEK 27 thousand for the same period last year. The 2017 figure includes a one-time expense in the form of severance pay of SEK 1 892 thousand and an additional depreciation of SEK 6 000 thousand.
- Profit after tax amounted to SEK -7 656 thousand (-519).
- Cash flow from operating activities amounted to SEK 8 576 thousand (1 049).
- Earnings per share amounted to SEK -1.1 (-0.1).
Comment from CEO Mats Öberg
Strong growth in Waystream
We continue to be a strong and demanded market player; this conclusion can be deduced from looking back on an intensive and successful 2017 for the company. We show that we are particularly attractive in the Nordic market, and that the quality of our product and service offer gives us advantages. With a new strategic agenda and enhanced sales organization, we look forward to 2018.
We completed the year with another sales strong quarter with an increase in net sales in the fourth quarter of 9% compared to the same period last year. During the full year 2017, the company had a turnover of SEK 80.2 million, corresponding to a 34% growth from 2016.
The company's strong growth is a result of well-targeted sales efforts. In order to succeed, we have strengthened our focus on our core markets, but also expanded the organization purely by staff. Although the Nordic markets account for most of the sales, we have achieved success in Germany, for example, where we could publish orders on MPC480, which is our most advanced product, and an important complement in our portfolio in early 2018.
During the quarter we have reviewed previous development projects and after the usual review, a write-down of capitalized assets on parts that we do not see will contribute to future growth for the company.
In addition to the new recruitment of sellers, we have also set up a CTO service which is a welcome addition to the management team. With Johan Sandell on board, we further enhance the conditions for developing the most innovative products for our customers.
We have shown that the company is particularly successful in the Swedish and Nordic markets. Our products and solutions are demanded in markets with mature internet infrastructure. A high degree of fiber expansion benefits the sales of switches and routers where we positioned ourselves well with high quality and cost-effective products. The rapid development of mobile and network services drastically increases the demands on capacity and stability that our products meet.
In my third quarter comment, I mentioned the need for a proper market analysis and strategy for the company. During the quarter, the organization worked focused on completing this work, and we now have a strategic agenda that the whole company feels safe with. One of the most important priorities in the near future is to continue to grow in our core business and expand it to neighboring markets. This means continued focus on sales, mainly in the Nordic region and Europe, and the successful implementation of our revised partner program with existing and new partners. The strategy also takes into account the needs we see the market going forward, including interoperability and virtualized functions. We therefore focus on developing solutions and services that are in line with this.
2017 can thus be summarized with strong growth, primarily through focused sales efforts in Sweden and the Nordic region. We are still working on building the organization for the future and establishing a strategy that ensures that innovative solutions can lead our customers to SDN as well as cloud-based infrastructure.
We have an exciting 2018 ahead of us; following our workshop this week at the FTTH Conference in Valencia, we have been confirmed that there is a strong demand for our solutions in Europe, with the ever-increasing use of data-demanding services.
Mats Öberg - CEO
Obs: Report is only available in Swedish
Waystream sells and designs advanced digital infrastructure including switches and routers. With our products and expertise, we help telecom operators and service providers to offer reliable and user-centric network services with a high level of functionality. Our products are smart, easy to use and manage, and designed to create the best possible experience for the end user.
The company is traded on the NASDAQ First North. Waystream’s Certified Adviser is FNCA Sweden AB.
For more information, please contact:
Mats Öberg, VD Waystream
Mobile: +46 (0) 76 881 81 31