Continued growth for Systemair
Continued growth for Systemair The ventilation company Systemair continues to grow even if the growth rate have been reduced. During the third quarter (Nov-Jan) for the split fiscal year 2008/2009, the net turnover increased by 5 percent to 807 MSEK (769). Net profit decreased by 13 percent to 54 MSEK (63). For the fiscal year's first 9 months the net turnover increased by 11 percent to 2 541 MSEK (2 296) and net profit by 13 percent to 224 MSEK (198). - Our third quarter includes both December and January, so we had the calendar and the economy going against us. With that in mind, we are satisfied with growth of 5%, says Gerald Engström, CEO Systemair. - The global financial crisis has led to falling volumes, especially in Russia and Ukraine but also in Spain and Ireland. However, for us healthy growth continued in parts of Western Europe, Eastern Europe and in Asia. We adjusted expenditure throughout the period under review. We remain cautiously positive about the outlook for sales. Our aim is to continue growing even when demand slumps, by developing new products, marketing consistently and expanding our geographic presence through acquisitions and new operations. The interim report as a whole is available on the website www.systemair.com from March 5 at 08.30. For further information please contact: Lars Hansson, Chairman of the Board, mobile +4670 895 90 02 Gerald Engström, CEO, +46222-440 01, mobile +4670 519 00 01 Glen Nilsson, CFO, +46222-44003, mobile +4670 654 40 03 Systemair in brief Systemair is a leading ventilation company with operations in 38 countries in Europe, North America, the Middle East, Asia, Africa and Australia. The Company had sales of approximately SEK 3.1 billion in the 2007/08 financial year and currently employs about 1,950 people. Since it was founded in 1974, the Company has increased sales every year and at the same time reported an operating profit. During the past three years, the Company's growth rate has averaged roughly 18 percent. The Group comprises about 50 companies. Systemair has well-established operations in growth markets. The Group's products are marketed under the Systemair,Frico, VEAB and Fantech brands. Systemair shares have been quoted on the Mid Cap List of the OMX Nordic Exchange in Stockholm since October 2007.