Interim report Q2 2023

Second Quarter (April–June 2023)

Net sales amounted to TSEK 110,328 (106,392), which is an increase of 3.7 % compared to the same period last year.

The gross margin amounted to 57.4 % (58.6).

Operating profit before depreciation (EBITDA) amounted to TSEK 21,232 (29,911), which corresponds to an operating margin before depreciation of 19.2 % (28.1).

Operating profit (EBIT) amounted to TSEK 7,947 (20,589), which corresponds to an operating margin of 7.2 % (19.4).

Earnings per share before dilution amounted to SEK 0.53 (1.48).

(Comparative figures in parentheses refer to the corresponding period in the previous year.)

Half-year (Jan–June 2023)

Net sales amounted to TSEK 231,624 (205,698), which is an increase of 12.6 % compared to the same period last year.

The gross margin amounted to 56.9 % (58.8).

Operating profit before depreciation (EBITDA) amounted to TSEK 49,691 (58,462), which corresponds to an operating margin before depreciation of 21.5 % (28.4).

Operating profit (EBIT) amounted to TSEK 24,047 (40,446), which corresponds to an operating margin of 10.4 % (19.7).

Earnings per share before dilution amounted to SEK 1.69 (2.96)

(Comparative figures in parentheses refer to the corresponding period in the previous year.) 

Comments from the CEO

New product category launches

The quarter’s absolute highlight is that we reached a big milestone, the launch of our new smart luminaire series. It is shown for the first time at Elfack in Gothenburg and is our first new product category since the puck series for lighting control was launched in 2016. The reception has exceeded our expectations, with an order book that already exceeds the whole planned production of 100,000 units for 2023. To meet the demand, we are increasing our production rate further and are now expecting to deliver more units than originally was planned for 2023.

We see a dip in the growth curve during the second quarter due to the current macroeconomic conditions, which is reflected in the installations mainly on the Swedish market. The dip in the growth curve for installations is observed at the end of April but recovers again at the end of June. Growth in installations for the quarter is on average at 8 %, of which 4 % in April and 12 % in June. In periods of bigger volatility in turnover, growth in installations is a better measure of the underlying demand.

The profitability is negatively affected during the quarter. The primary factors are the dip in the growth curve and also costs related to the launch of our new luminaire series and our international expansion in Germany, ­Switzerland and Spain.

Our international markets with Norway at the front continue to show strong growth in installations. The Netherlands shows an impressive growth and is on their way to replace Finland as our third largest market. During the quarter, we are also open up for sales to Denmark which means that we are now represented in all Nordic countries. During 2024 a launch is planned for the long-awaited product adaptations for our international markets.

It expects to lead to increased growth on these markets in the future. Provided that installations of our new luminaire series reflect the initial interest, Sweden’s growth curve also expects to turn this autumn.

In summary, I would like to thank the team for a great work during the second quarter and we are now looking forward to a new wave of strong growth driven by our new luminaire series and our strongly growing international markets.

Babak Esfahani

CEO

For further information

Phone: +46 (0) 10 207 89 01

E-mail: investor@plejd.com

About the company

Plejd is a leading Nordic supplier of smart lighting controls. By focusing on the user experience, smart lighting controls are made easy and available to everyone.