A strong quarter with substantial e-commerce growth
President & CEO Henrik Hjalmarsson comments on the second quarter and the first six months of 2020:
“I am pleased to present the fifth consecutive quarter with improved margins and a strong cash flow. Despite the Covid-19 pandemic, Inwido delivered growth as well as better profit than the corresponding quarter in 2019. We are entering the third quarter with a 12 percent higher order backlog compared to the corresponding time last year”.
“Backed by a positive consumer market and a high growth rate in e-Commerce, net sales landed at SEK 1,719 million (1,710), despite the fact that our operations in the United Kingdom and Ireland closed down for a period as a result of the Covid-19 pandemic. Operating EBITA increased to SEK 202 million (187) and the operating EBITA margin rose to 11.8 percent (10.9). We also reduced net debt to 1.7x operating EBITDA (2.8x)”.
“Business Area South continued to develop positively and grew by 3 percent. The Group's e-business in e-Commerce grew by 44 percent, reached an all-time high and accounted for 13 percent of the Group's sales in the quarter. Also, within Business Area North, the majority of our business units in Sweden and Norway experienced a positive consumer market, while the Finnish consumer market is negatively affected by the Covid-19 pandemic. The industrial market in the Nordic region has been more cautious”.
“Now our efforts to strengthen Inwido for expansion continues, through investments in our business units, industry-leading e-commerce and value-creating acquisitions. We enter the third quarter with a good order backlog, strong liquidity but also a large portion of humility as the Covid-19 pandemic makes the development of demand unusually uncertain. Independent of the external circumstances, we focus on being able to rapidly adjust our costs and to always keep our customers' best interests in mind”.
Read the full press release, including KPI table, attached
For more information, please contact:
Henrik Hjalmarsson, President and CEO
Tel: +46 (0)76-846 20 46, email: henrik.hjalmarsson@inwido.com
Olof Engvall, Investor & Public Relations Manager
Tel: +46 (0)73-541 45 73, email: olof.engvall@inwido.com
About Inwido
Inwido owns and develops companies that improve people’s everyday lives indoors with various products and services. Today, Inwido is Europe’s largest windows group and a natural home for the region’s strongest companies in the areas of comfort, indoor climate and safety. In 2019, Inwido achieved sales of SEK 6.6 billion and an operating EBITA margin of 9.7 percent. The Group has some 4,400 employees in total, with operations in Denmark, Estonia, Finland, Ireland, Lithuania, Norway, Poland, Romania, the UK, Sweden and Germany.
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