Polygiene AB (publ.) Interim Report 1 July–30 September 2018
New product launch, continued improved earnings and positive cash flow
Q3 in brief
- In the third quarter, net sales amounted to MSEK 18.3 (19.0), which corresponds to a decrease of 3.7% compared to the same period last year.
- Operating profit/loss (EBIT) for the period amounted to MSEK 0.6 (0.7).
- The cash flow for the third quarter was positive MSEK 0.4 (-1.9).
- Gross margin amounted to 70.1% (70.1%).
- The company extends its product portfolio with new, patented technology.
- The organization is growing in North America as part of the new marketing strategy.
Events during Q3 2018 (July-September)
- Polygiene, world-leading provider of odor control for textiles, has signed an exclusive distribution agreement with Sweden-based material science company Prebona. The agreement extends initially over a period of three years and gives Polygiene access to Prebona’s patented OdorControl technology.
- The Asia branch of the Los Angeles-based premium denim brand, Denim of Virtue, is now launching Polygiene treated jeans.
- The board of directors and the senior management of Polygiene AB are filing charges against Christian von Uthmann, former CEO of the company, for serious fraud and breach of trust. Uthmann is suspected of exploiting his position and company resources for improper personal gain.
- New Korean partner, Pumchang is one of the largest sock suppliers in Korea with a turnover of 50 million USD in 2017 and sales of 30 million pairs of socks per year.
- Polygiene grows organization in North America with appointment of new Commercial Director, Bobby Howell. The collaboration with the former agent Concept III is terminated during the quarter.
- Untitled, one of the brands of the Japanese fashion group World, is launching a business performance suit for ladies.
Significant events after Q3
- Polygiene enters Brazil, the fifth largest textile producer in the world, with two Sao Paolo based key representatives brought on board to launch the global leader in Stays Fresh technology. In addition, Polygiene will sign an agreement with a local distributor to serve this dynamic market that mainly has a domestic fulfilment with their textile and apparel sector.
- Yonex co., Ltd, the world leading manufacturer of golf, tennis and badminton equipment and apparel, have signed an agreement to use Polygiene Stays Fresh Technology in their products.
- The appointment of Rebecka Harvyl as marketing manager will strengthen the marketing team with her additional skill set and professional background. Harvyl will be situated at the Polygiene headquarters in Malmö, Sweden.
- The first order from the new Polygiene Odor Control Technology is placed by one of the company’s major brand partners for production next year.
This information is information that Polygiene AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on 8 November 2018.
For the full report, please read the attached PDF. For more information, contact:
Ulrika Björk, CEO
Mobile: +46 (0) 70 921 12 75
Kristian Populin, CFO
Mobile: +46 (0) 73 936 00 96
Polygiene is the world-leading provider of odor control technology and Stays Fresh solutions for clothing, sports equipment, lifestyle, textiles and other materials to help people stay fresh and confident. Polygiene brings the Scandinavian values of quality and care for the environment to life through its products and services. More than 140 global premium brands have chosen to use Polygiene Stays Fresh Techno-logy in their products. Polygiene was established in 2006 and is listed on Nasdaq First North in Stockholm, Sweden. Erik Penser Bank AB acts as its Certified Advisor.