ORGANOCLICK AB (PUBL) PUBLISH YEAR END REPORT FOR 2023
During the last quarter of the year, sales remained strong with growth across all business units. Overall, sales grew by 29 percent to MSEK 27.9 (21.6). Our operating profit/loss improved to MSEK -6.1 (-19.7) thanks to the increasing sales and lower costs. Cash flow from operating activities strengthened significantly to MSEK 6.7 (0.1).
Translation from CEO Mårten Hellbergs comments to the Interim Report.
Q4, 1 October - 31 December 2023
The Group's result in Q4 2023 compared with Q4 2022
» Net revenue amounted to SEK 27.91 (21.63) million
» The gross margin amounted to 18.4 (-21.9) %
» EBIT amounted to SEK -6.13 (-19.68) million
» Cash-flow from operating activities amounted to SEK 6.66 (0.11) million
1 January – 31 December 2023
The Group compared with 2022
» Net revenue amounted to SEK 145.87 (115.05) million
» The gross margin amounted to 24.3 (11.2) %
» EBIT amounted to SEK -9.23 (-38.51) million
» Cash-flow from operating activities amounted to SEK 0.53 (-21.22) million
Word from the CEO
During the last quarter of the year, sales remained strong with growth across all business units. Overall, sales grew by 29 percent to MSEK 27.9 (21.6). Our operating profit/loss improved to MSEK -6.1 (-19.7) thanks to the increasing sales and lower costs. Cash flow from operating activities strengthened significantly to MSEK 6.7 (0.1).
The Nonwoven & fiber technologies business unit showed continued healthy growth of 44.5 percent, to MSEK 9.0 (6.2). Growth was driven by increased supplies to both existing and new customers. Our portfolio of customer projects remain strong and we have a couple of projects which are near product launches.
The Green coatings & maintenance products business unit performed very well during the quarter, with a sales growth of 58.6 percent and sales totaling MSEK 7.2 (4.5). The OrganoTex and BIOkleen brands showed solid growth, as did our car care products. The quarter saw strong customer growth, with several new customers gained for both OrganoTex and BIOkleen and the start to 2024 has been strong.
Fortunately, the declining sales in the Functional wood business unit reversed to positive growth of 7.8 percent, with sales totaling MSEK 11.7 (10.9). Increased sales to our most important export markets Germany and Finland contributed, as did a more stable sales development in Sweden.
In conclusion, 2023 was a very strong year for us. We grew sales by 26.8 percent to MSEK 145.9 (115.0) and improved our operating profit/loss to MSEK -9.2 (-38.5). Cash flow from operating activities turned positive for the year as a whole, amounting to MSEK 0.5 (-21.2). In addition, we have increased the biobased content of our products from 80 percent to 93 percent.
It will be a challenging first quarter 2024 in comparison with the first quarter 2023. This applies in particular to the Nonwoven & fiber technologies business unit, which experienced very strong sales in the first quarter, partly on account of stock build-up among our customers. We have however gained many new customers within several product areas. We now look forward to a green 2024, in which even greater volumes of fossil chemicals and plastics will be replaced by our biobased products!
This disclosure contains information that OrganoClick AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 15-02-2024 08:30 CET.
.........................................................................................
For more information, please contact:
Mårten Hellberg, CEO
0707 - 16 48 90, marten.hellberg@organoclick.com
……………………………………………………………………………………………………………………………………………………………….
About OrganoClick
OrganoClick AB (publ) is a public Swedish cleantech company listed on Nasdaq First North Growth Market. The company develops, produces and markets functional materials based on environmentally friendly fiber chemistry. Examples of products that are marketed by OrganoClick are the durable water repellent technology for textiles OrganoTex®, the biocomposite material OrganoComp®, surface treatment and maintenance products for villa and property owners under the brand BIOkleen®, biobased binder under the trade name OC-BioBinder™ and the flame and rot-resistant timber OrganoWood® (through the joint-venture OrganoWood AB). OrganoClick was founded in 2006 as a commercial spin-off company based on research performed at Stockholm University and the Swedish University of Agricultural Sciences within environmentally friendly fiber chemistry. OrganoClick has won a number of prizes, such as "Sweden's Most Promising Start -up" and "Sweden's Best Environmental Innovation", and has also received a number of awards, such as the WWF "Climate Solver" award, listed as a SUSTAINIA100 company and has also appeared for two years on the Affärsvärldens and NyTekniks list of Sweden's top 33 hottest technology companies. OrganoClick has its head office, production and R&D located in Täby, north of Stockholm. OrganoClick's Certified Adviser on Nasdaq First North Growth Market is Mangold Fondkommission AB, tel: +46 (0)8 503 01 551, email: ca@mangold.se.
Tags: