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Q3 2023: Solid growth and development

Regulatory information

Third quarter (July–September 2023)

  • Net sales increased by 38.1 percent to SEK 631.4 million (457.2), of which organic growth amounted to 1.8 percent.
  • EBITA amounted to SEK 50.5 million (49.4) and the EBITA margin was 8.0 percent (10.8). The EBITA margin for Q3 2023 is in line with the comparison period in 2022, adjusted for the positive effect that arose in connection with a large number of companies introducing the percentage of completion method at the same time in Q3 2022.
  • EBIT for the quarter amounted to SEK 37.0 (40.3) million.
  • Cash flow from operating activities amounted to SEK 0.6 (-2.9) million.
  • Novedo’s bondholders approved amendments to the terms and conditions of the company’s outstanding bond loan 2021/2024, conditional on an IPO before March 31, 2024, including a prolonging of the maturity of the loan until November 26, 2025.
  • At an EGM on September 21, it was resolved to amend the Articles of Association and to split shares, authorize the Board of Directors to resolve on new issues of shares and directed issues of shares.

Period (January–September 2023)

  • Net sales increased by 65.9 percent to SEK 1,942.1 million (1,170.4), of which organic growth amounted to 3.7 percent.
  • EBITA increased to SEK 186.8 million (92.8) and the EBITA margin was 9.6 percent (7.9).
  • EBIT for the period amounted to SEK 146.9 million (71.6).
  • Cash flow from operating activities amounted to SEK 68.5 (15.2) million.
  • Helsingborgs Byggplåt AB, Stantraek A/S and Dundertech AB, with combined sales for 2022 of approximately SEK 355 million, were acquired and taken over.

No significant events have occurred after the balance sheet date

Per-Johan Dahlgren, President & CEO, comments on the first nine months of 2023:
Novedo shows solid growth and development. Net sales and EBITA for R12 months increased to SEK 2,545.1 million and SEK 247.5 million, respectively, with all operating margins over R12 months having strengthened in relation to FY 2022. Novedo has shown good resilience in the tougher economic situation that Sweden and the rest of the world found itself in 2023 and Novedo is well equipped for continued solid and positive development going forward.