Interim report January–March 2019

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>      Net sales increased 19% to SEK 445.9 million (374.4). In USD, net sales increased 5%.

>      Order intake increased 20% to SEK 442.1 million (369.0). In USD, order intake increased 5%.

>      EBITA was SEK 40.6 million (31.1), representing an EBITA margin of 9.1% (8.3).

>      Adjusted* EBITA was SEK 40.6 million (33.5), representing an adjusted* EBITA margin of 9.1% (8.9).

>      Operating profit was SEK 39.4 million (30.0). Operating margin was 8.8% (8.0).

>      Profit after tax amounted to SEK 34.7 million (21.1).

>      Earnings per share was SEK 2.06 (1.33) before dilution and SEK 2.06 (1.31) after dilution**.

>      IFRS 16 increased EBITA by SEK 0.2 million and increased total assets by SEK 28.5 million.


>      On 4 March, 100% of the shares were acquired in Multiprint A/S in Denmark ***.

>      A Managing Director to the newly established business in the Netherlands is recruited.

>      The Annual General Meeting on 13 May resolved to pay a dividend of SEK 4.50 per share.

*** Multiprint contributed with 6.9 SEK million in net sales and 1.2 SEK million in EBITA, first quarter 2019. If Multiprint had been consolidated on 1 January 2019, net sales for the first quarter of 2019 would have increased by SEK 11.4 million to SEK 457.3 million and EBITA by SEK 1.4 million to SEK 42.0 million. Transaction costs of SEK 0.6 million in the quarter relates to this acquisition. 


Stable start for NCAB in 2019 

2019 began well for NCAB, with a sharp increase in earnings. Order intake and sales also grew strongly in SEK. In USD, sales growth for the Group was, however, slightly weaker than previous quarters, due to weaker order intake in the fourth quarter of 2018. The rate of growth in order intake has, however, improved in the first quarter compared with the previous quarter. 

Nordic has continued to deliver good growth and strong earnings. Our East segment also reported continued favorable results. Growth in Europe was slightly weaker during this quarter, following a strong fourth quarter in 2018.  

It is taking longer than planned in North America to transition operations and even if we are heading in the right direction progress is still slow. We have reduced the proportion of low-tech products as planned, but this decrease is yet to be fully compensated for, though we have secured many new customers who are developing favourably. We have just got the news that the tariffs for imported goods to USA have been raised from 10 to 25 percent from 10 May.

The acquisition of Multiprint was completed in March and the integration is proceeding as planned. In Malaysia, where we launched operations three months ago, we now have four employees who are building a base of new customers. We are also launching operations in the Netherlands and have recruited a Managing Director, who will begin work at the end of June. 

Our annual conference, which was held in April in Athens, is an important means of building and maintaining a strong culture. This year, we had 270 participants, 40 more than last year. Our recently published sustainability and annual report describe the high level of motivation and engagement of our employees. The result of this year’s employee survey was even stronger than last year. Dedicated employees are our most important success factor as a knowledge business company – even if our focus is always on PCBs.  

Hans Ståhl 

President and CEO, NCAB Group AB

This is information that NCAB Group AB is obligated to disclose pursuant to the EU Market Abuse Regulation. The information was issued for publication on 14 May 2019 at 6:00 a.m. CEST. 

This is a translation of the original Swedish interim report. In the event of difference between the English translation and the Swedish original, the Swedish interim report shall prevail. 

For further information, please contact:

Gunilla Öhman, IR Manager

Telephone: +46 707 63 81 25


About NCAB

NCAB is a worldwide leading supplier of printed circuit boards, listed on NASDAQ Stockholm.

NCAB is offering PCBs for demanding customers, on time with zero defects, produced sustainably at the lowest total cost. NCAB was founded in 1993. Since its foundation, the operations have been characterized by an entrepreneurial and cost efficient culture and have over time showed strong growth and good profitability.

Today, NCAB has local presence in 17 countries in Europe, Asia and North America and customers in approximately 45 countries worldwide. Revenues in 2018 amounted to SEK 1 617 million. Organic growth and acquisitions are part of NCAB’s strategy. For more information about NCAB Group please visit us at

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