Better third quarter than last year
Inwido's President and CEO, Håkan Jeppsson, comments on the third quarter of 2018:
“It is pleasing to note that 25 of Inwido's 29 profit units performed better this quarter than in 2017, which is also reflected in operating profit having increased to SEK 202 million in the quarter, the most profit we have earned to date in any third quarter. However, the warm summer in the Nordic region generally dampened consumers' eagerness to buy, which led to increased competition in the windows industry and thereby pressure on gross margins. Inwido has coped with the challenging market situation pretty well and our third quarter developed largely as expected.”
“Sales increased by 8 percent compared with the corresponding period last year, to SEK 1,682 million. The operating EBITA margin increased to 12 percent (11) while, with the hot weather, order bookings decreased by 7 percent, adjusted for acquisitions and currency effects.”
“Denmark is performing very well, and both the UK and Ireland are currently developing well. Norway has shifted to profit during the year, and Inwido's e-commerce operations continue to grow strongly, up 45 percent over the quarter. In Sweden and Finland, the windows market is tough, with increased competition and lower market prices.”
“We anticipate somewhat weaker market growth in Europe over the upcoming periods. We foresee a continued strong market in Denmark, however, and e-commerce has good opportunities for growth. At the same time, we believe the tough competition in Sweden and Finland will persist. In the fourth quarter, we will safeguard the introduction of Inwido's new governance model. By assigning the units full responsibility for their operations and profitability, it will be possible to respond even faster in each sub-market to further increase customer focus and efficiency.”
Please read the full press release, including KPI table, in the pdf attached.
For more information, please contact:
Inwido AB
Håkan Jeppsson, President and CEO Phone: 46 (0)10-451 45 51 or 46 (0)70-550 15 17
Peter Welin, CFO Phone: 46(0)70-324 3190 or 46(0)10-451 45 52 E-mail: peter.welin@inwido.com
About Inwido
Inwido is Europe’s largest supplier of windows and a leading door supplier. The company has operations in Denmark, Finland, Norway, Sweden, Austria, Estonia, Ireland, Lithuania, Romania, Poland and the UK, as well as exports to a large number of other countries. The Group markets some 20 strong local brands including Elitfönster, SnickarPer, Hajom, Outline, Tiivi, Pihla, Diplomat and Sokolka. Inwido has approximately 4,400 employees and generated sales of slightly more than SEK 6.4 billion in 2017. The Group's headquarters are located in Malmö, Sweden. For further information, please visit www.inwido.com
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