Polygon AB (publ) - Interim report 1 January - 30 June 2018
Q2 up slightly on already high expectations.
SECOND QUARTER 2018
- Sales grew 25.9% to EUR 147.1 million. Adjusted organic growth was strong at 9.9%, with Continental Europe reporting impressive growth of 14.5%. Recent acquisitions, completed in late 2017 and early 2018 contributed EUR 19.8 million in sales, corresponding to a growth of 17.0%. The stronger euro had a negative impact of 1.0%. Order intake in the quarter was up 50% on last year.
- Adjusted EBITA amounted to EUR 9.0 million (6.3), up 42.5%. Continental Europe and Nordics & UK posted improved earnings while North America reported decreased earnings due to weak performance in Canada Nordics & UK posted positive earnings of EUR 1.6 million (0.0) due to recent acquisitions.
- EBITA amounted to EUR 8.4 million (5.4). Items affecting comparability were recognized in a net amount of EUR 0.6 million (0.9) during the quarter.
- Polygon Sweden acquired the assets and liabilities of Caliber Sanering Sverige AB in order to enter into the fire damage restoration market (FDR).
JANUARY - JUNE 2018
- Sales growth for the period was 19.8% and amounted to EUR 295.3 million. Adjusted organic growth was 7.3% and acquisitions contributed growth of 13.8%. Currency rates had a negative effect of 1.3%.
- Adjusted EBITA amounted to EUR 18.7 million (14.9), up 26%. Continental Europe and Nordics & UK improved earnings while North America was in line with last year. Earnings for Nordics & UK improved over 100% due to recent acquisitions.
- EBITA amounted to EUR 16.8 million (13.9). Items affecting comparability were recognized in a net amount of EUR 2.0 million (1.0).
- Cash flow from operating activities totalled negative EUR 2.5 million, compared with positive EUR 8.3 million last year due to increased level of working capital. The liquidity buffer amounted to EUR 58.9 million (Dec 2017: 60.9).
- During the first half year, Polygon completed the acquisitions of Dansk Bygningskontrol (Denmark), Von Der Lieck (Germany), Metodia AB (Sweden, asset deal), Caliber Sanering Sverige AB (Sweden, asset deal), minority shares both in Caption Data (UK) and in four Norwegian franchisees. After the closing date, Polygon Norway acquired the remaining 80% of the shares in their franchise partners in Drammen and Kongsberg (sales EUR 3.5 million).
Polygon is a Global Expert and the European market leader in Property Damage Control. On 3 continents and in 13 countries, our more than 3.600 specialists prevent, control and mitigate the effects of water, fire and climate. Our innovative and tailor-made solutions combine people, knowledge and technology for a wide range of customer segments.