Slow start in the first quarter of the year, transition towards enhanced service offering
The quarter ended strong after a weak start but overall sales in the first quarter decreased by 1% compared to last year. Operating profit was SEK 1 million which was considerably lower than the same period last year. Operating capital turnover improved further in the quarter and Electronics, our largest segment, continues to develop well despite a slow start in USA and China. Within Machining, volumes from the defense segment have continued to decrease sharply and low capacity utilization has led to further measures for rationalization. Despite the slow start to the year we have taken the next step in the transition to increasingly be able to meet the customer’s needs for technically advanced products as an industrial partner. As part of this we have established a new function, Development & Services, to further enhance our service offering. We have also clarified our business structure whereby Machining will be part of Metal Precision Technology and consist of the units in Karlskoga and Moss and specialize in processing metals and other difficult materials, which allows greater focus on for example the oil&gas industry. Although I can establish that we have made good progress, continued great efforts are required from our employees to move the business towards higher efficiency and increased value for our customers.
Leif Thorwaldsson, President and CEO
First quarter of 2014
- Net sales were SEK 548 million (554)
- Operating earnings totaled SEK 1 million (8)
- Profit/Loss after tax amounted to SEK -2 million (2)
- Earnings per share after tax amounted to SEK -0.17 (0.14)
- Cash flow after investments amounted to SEK -15 million (-51)
- The equity/assets ratio was 40 percent (37) on March 31st
For complete report, see attached file.
For more information, please contact:
Leif Thorwaldsson, President and CEO, Tel: +46 (0) 40 10 26 41
Åke Bengtsson, CFO, Tel: +46 (0) 40 10 26 42
PartnerTech AB is obligated to make the disclosures in this report public pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for public disclosure at 8.30 am on April 22nd, 2014.
As a global industrial partner PartnerTech offers customized solutions throughout the product lifecycle, from product development to manufacturing and aftermarket services, in a number of market areas such as MedTech and Oil&Gas. With approximately 1,400 employees at its plants in Sweden, Norway, Finland, Poland, the UK, the United States and China, PartnerTech reports annual sales of more than SEK 2.2 billion. PartnerTech AB , the parent company, has its head office in Malmö, Sweden, and is listed on the Nasdaq OMX Stockholm Exchange. For more information www.partnertech.com.
