Interim Report January – March 2022
Continued strong growth
Quarterly net sales increased by 85 percent, with a strong contribution from the Norrvidinge acquisition. High market demand, but a global pandemic and the war in Ukraine have resulted in large price increases in fuels and raw materials, which has led to lower margins. Cash flow from operating activities improved during the quarter. The acquisition strategy remains firm, focusing on identified growth region in Sweden.
“We live in a troubled world. A global pandemic has been accompanied by the war in Ukraine with major humanitarian consequences. This has reinforced an ongoing trend of significant price increases on fuels and raw materials, as well as delayed deliveries of materials and production equipment. It is still not possible to fully assess the long-term consequences on the Swedish economy. However, we can conclude that the year has started well with a continued strong sales growth and that the organization has proven to be able to adapt to changing conditions.
Having said that, we are of course not unaffected by the current situation, where, among other things, challenging cost increases have decreased margins. Our assessment is that we, within our projects, have been relatively successful in paring and navigating the market with suppliers and customers. Going forward, this is an issue that we will have to address in our daily operations. We have many ongoing dialogues with and inquiries from customers and expect margins to improve during the year”, says Magnus Persson, VD Bellman Group.
Summary First quarter, January - March 2022
- Net Sales amounted to SEK 861.4 m (466.2), an increase of 84.8 percent.
- EBITDA before items affecting comparability amounted to SEK
- 64.0 m (67.6), a decrease of 5.3 percent. The EBITDA margin
- before items affecting comparability amounted to 7.4 percent
- (14.5).Operating profit (EBIT) amounted to SEK 19.9 m (33.7), with an
- operating margin of 2.3 percent (7.2).
- Net profit for the quarter amounted to SEK 3.8 m (-0.8).
- Earnings per share, basic and diluted, equaled SEK 1.7 (-0.6).
- Cash flow from operating activities amounted to SEK 35.9 m (21.3).
This disclosure contains information that Bellman Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 19-05-2022 13:26 CET.
For additional information, please contact:
Magnus Persson, VD Bellman Group
Tel: +46 (0) 70 583 52 30
E-post: magnus.persson@bellmangroup.se
Roger Axelsson, CFO Bellman Group
Tel: +46 (0) 70 874 5041
E-post: roger.axelsson@bellmangroup.se
About Bellman Group
Bellman Group is a civil engineering group that operates in rock blasting, excavation, haulage, and mass handling in Sweden. In 2021, net sales for the Group were SEK 2.9 billion. Bellman Group, with registered offices in Solna, Sweden, has approximately 600 employees and approximately 1,300 subcontractors. The parent company’s corporate bonds are listed on Nasdaq Stockholm. Bellman Group is a group of strong growth with an explicit acquisition strategy.