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ctek-ipo-15-sep

Significant deterioration in CTEK profits – delivery disruptions continue to have an impact

The result is burdened with items affecting comparability of SEK 21 million and costs related to refinancing SEK 24 million.

Earnings per share amounted to 74: -0 SEK (0:29).

Operating profit at interest level – 2.5 million SEK (39.5) and adjusted profit – 25.0 million SEK (46.8).

Net sales amounted to 209 million Swedish kronor (193). Organic growth was 9.3 percent (25.9).

CTEK debuted on the Stockholm Stock Exchange in September this year.

Delivery disturbances continue to affect

CTEK continued to have strong demand in all divisions during the third quarter, according to the interim report. Sales of EVSE (Electric Vehicle Supply Equipment) doubled compared to the previous year and accounted for 20 percent of the group’s sales.

Earlier in the year, the company was not significantly affected by the shortage of components and materials in the wake of the pandemic, although it resulted in costs rising gradually during the year, but during the latter part of September CTEK suffered from disruptions in the supply chain, especially in the after-sales department . This means that deliveries ordered and planned during the third quarter cannot be settled.

So organic growth stalled at 9 percent, with an adjusted EBIT margin of 12.0 percent, CEO John Lind says in the interim report.

“We see ongoing challenges and the disruptions mentioned above will impact our operations in the coming quarters as well,” the CEO wrote.

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