Momentum Group Q3 2022: Activity level remains high, with increased revenue and favourable profit growth

2022-10-27 07:55:00

Continued solid sales performance and demand for the companies’ products and services during the quarter. The Group displayed organic sales growth of 8 per cent which, combined with good cost control, led to an increase in EBITA of 16 per cent compared with the third quarter of the preceding year.

Third quarter 2022

  • Revenue increased by 17% to SEK 400 m (343), of which 8 per cent for comparable units.
  • Operating profit rose by 18% to SEK 47 m (40), corresponding to an operating margin of 11.8% (11.7).
  • EBITA increased by 16% to SEK 50 m (43), corresponding to an EBITA margin of 12.5% (12.5).
  • Profit for the quarter increased by 13% to SEK 36 m (32), corresponding to earnings per share of SEK 0.70 (0.60).
  • Acquisition of Mytolerans, which offers products and services in measurement technology for Swedish industry.

January–September 2022

  • Revenue increased by 14% to SEK 1,245 m (1,089), of which 9% for comparable units.
  • Operating profit rose by 14% to SEK 133 m (117), corresponding to an operating margin of 10.7% (10.7). Profit included expenses affecting comparability of SEK –6 m attributable to the separate listing process.
  • EBITA increased by 19% to SEK 148 m (124), corresponding to an EBITA margin of 11.9% (11.4).
  • Profit for the period increased by 13% to SEK 101 m (89), corresponding to earnings per share of SEK 1.95 (1.75).
  • The return on working capital (EBITA/WC) was 62% (60).
  • The equity/assets ratio was 44% (38) at the end of the period.
  • Momentum Group was spun-off from Alligo AB and listed on Nasdaq Stockholm’s main list on 31 March.
  • During the second quarter, the Group acquired HNC Group, a leading player in solutions for industrial automation in Denmark.
  • As of 30 September, 1,500,000 Class B shares had been bought back within the framework of the company’s share buyback programme.

Events after the end of the period

  • Acquisition of Börjesson Pipe Systems, a leading player in sustainable flow technology solutions and products. Part of the purchase consideration was paid through a transfer of own Class B shares.

A quarterly presentation will be available on the company’s website, momentum.group, where CEO Ulf Lilius and CFO Niklas Enmark present the report and provide an update on operations.

MFN