Polygiene Group AB anticipates lower sales in the period 1 January to 31 March 2023
Revenues for the first quarter are expected to be approximately 35% lower than the corresponding period last year. The main reason is lower order intake due to continued high inventory levels throughout the supply chain.
Problem with lower demand and high inventory levels in the supply chain, as previously announced, have continued in the first quarter. The deviation is mainly explained by the fact that sales after the Chinese New Year have not developed according to expectations and have affected both Freshness and Product Protection.
EBIT will thus be lower than last year, and Polygiene Group AB will probably report negative EBIT in the first quarter. Polygiene Group AB initiated a cost savings program during the last quarter of 2022 and will continue with a cost overview going forward. The result is still under development and is preliminary at the time of writing.
The company still has a stable financial position with a strong cash position and a debt-free balance sheet. The market is expected to recover in the coming quarters, but it is hard to predict when this will impact the sales. As an ingredient brand, Polygiene Group AB will be affected positively after the stocks are cleared out and new production begins.
Polygiene Group will publish the interim report for the period 1 January to 31 March on 27 April at 08.00 CET.
This disclosure contains information that Polygiene Group 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 06-04-2023 13:08 CET.
Press contact
Ulrika Björk, CEO, ulrika.bjork@polygiene.com, +46 (0)70-921 12 75
ABOUT US:
Polygiene Group™ is the global leader in antimicrobial technologies and odor control solutions. We treat hard surfaces and textiles to ensure that your products are better protected and remain more hygienic, and you remain confidently fresh and odor-free. As the ingredient brand of choice, we work with over 500 global premium brands within our business areas of Product Protection and Freshness. We provide a wide range of technologies that increase the value of our customers products and enable consumers to live a more mindful life. We offer solutions and treatments for products with technologies such as: OdorCrunch, StayFresh, ScentMaster, ViralOff, BioMaster and VeriMaster. Polygiene Group is listed on the Nasdaq First North Growth Market in Stockholm, Sweden. For more information: www.polygiene.com
Svensk Kapitalmarknadsgranskning AB is the Company's Certified Adviser.