SWECO AB (publ) Interim report January-March 2012
Record profit and strong growth
- Net sales increased by 34 per cent to SEK 1,909.6 million (1,420.7).
- Operating profit rose by 69 per cent to SEK 231.3 million (136.6).
- Operating margin of 12.1 per cent (9.6).
- Profit after tax of SEK 164.5 million (97.1) and earnings per share of SEK 1.79 (1.07).
- Net debt to equity ratio was 18.6 per cent (–12.7).
Comments from CEO Mats Wäppling:
“The year got off to a very good start for Sweco. Operating profit reached SEK 231 million, which represents an increase of 69 per cent over the same period of last year and is our highest profit of all time for a single quarter. Operating margin was 12.1 per cent. The top performing business area was Sweco Norway, with an operating margin of 14.5 per cent.
“We are continuing to grow. Net sales for the first quarter of the year rose by 34 per cent, of which 17 per cent was organic growth. At the beginning of February we consolidated the acquired operations in FMC Group and now have around 1,700 employees in Finland. This strong growth is also visible in Norway, where net sales were up by 35 per cent.
“We are currently experiencing keen demand for Sweco’s services. Another source of satisfaction is the continued positive trend for our industrial consultants in Finland. At present we see no signs of a market downturn, despite ongoing financial unrest in the Eurozone and general economic slowing. Nonetheless, there are remaining concerns about the future direction of the economy and market development is difficult to predict.
“Today Sweco has close to 7,600 employees. With a profitability and financial strength at the absolute top of the industry, we have excellent potential to continue growing both organically and through acquisitions. Our wide service offering and leading market position give us a solid platform for favourable long-term development.”