Beijer Electronics Group AB’s Annual Report 2019 now available in English-Language
BEIJER GROUP put several pieces of the strategic plan it set out three years ago into place in 2019. The Group made two acquisitions— Neratec of Switzerland and Virtual Access of Ireland—and secured another major global customer in a long-term and major supply agreement with a US elevator manufacturer. Several new strategic products were launched, and operations continued their positive progress. This is reviewed in BEIJER GROUP’s Annual Report for 2019, published today in English-Language on the company’s website: www.beijergroup.com.
BEIJER GROUP consolidated its positive trend in 2019. Sales increased by 10% to over 1.5 billion SEK. EBIT exceeded 100 MSEK, and profit after tax increased by 50%.
In his comments, CEO Per Samuelsson describes how Westermo was the group’s primary driver of sales and earnings growth in 2019. This business entity performed convincingly, setting new order intake, sales and earnings records. The Beijer Electronics business entity is basically following its long-term plan, and reported increased sales and better earnings in the year. However, the Korenix business entity did not achieve the sales volumes necessary for profitability in 2019, partly because a few customers wanted shipments deferred until after year-end.
The Group launched a number of new products, executed two acquisitions and signed a five-year strategic supply agreement with Otis. There is good potential for continued, long-term high and profitable growth.
Mr. Samuelsson goes on to explain that uncertainty has increased with the spread of the coronavirus. The exact impact of its progress on the global economy, and the effect this has on the group, is very hard to assess. BEIJER GROUP will always adapt the company’s costs to prevailing market conditions, while the Group safeguards its long-term skills.
At present, it is impossible to judge the effects of the spread of the coronavirus across society and the global economy. This means that BEIJER GROUP is not publishing any estimates of its underlying financial results for the full year 2020. The Board of Directors has also decided to propose 0 SEK dividend for the financial year 2019, and to reschedule its Annual General Meeting (AGM) from 7 May 2020 to 26 June 2020.
BEIJER GROUP will be presenting a Sustainability Report with its Annual Report, which will be published on its website separately. The Sustainability Report is summarized in the Annual Report.
The Annual Report will be distributed to those who have registered their intention to receive it via Beijer Electronics Group’s subscription service. The Annual report is also available to order from the company by phone on +46 (0)40 35 86 00 or email: info@beijergroup.com.
For more information please contact:
President and CEO, Per Samuelsson, tel 46 (0)40 35 86 10, mobile 46 (0)708 58 54 40
Executive VP and CFO Joakim Laurén, tel 46 (0)40 35 84 96, mobile 46 (0)703 35 84 96.
This information is such that Beijer Electronics Group AB (publ) is required to disclose in accordance with Swedish Securities Market Act (2007:528). The information was submitted for publication through the agency of the contact persons set out above at 13:00 CEST, May 14, 2020.
Beijer Electronics Group AB (publ) is a growing powerhouse of innovators within mission-critical industrial digital technology and IIoT. With a strong focus on the connection between people, technology and data, we share a pride in having some of the world's leading global companies as our core customers. Since its start-up in 1981, BEIJER GROUP has evolved into a multinational group of complementary business entities with sales over 1.6 billion SEK in 2019.
The company is listed on the NASDAQ OMX Nordic Exchange Stockholm’s Small Cap list under the ticker BELE. www.beijergroup.com