Significantly increased order intake. Christian Berner Tech Trade’s second quarter was characterized by high activity in the market and a sharp increase in order intake, which provides good conditions for recovery during the second half of 2021. The Group’s revenue increased as a result of acquisitions. Organic growth and profits were negatively affected by weak order intake during the second half of 2020 and the first months of 2021. The effects of raw material and component shortages also had a negative effect on the quarter’s profits.
Second quarter in brief
(April–June 2021)
- Order intake amounted to
SEK 212,8 (142,4) million, an increase of 49,4 percent. In comparative terms, this was an increase of 27.8 percent. - Net revenue for the second quarter amounted to
SEK 185,5 (163,9) million, an increase of 13.2 percent. In comparative terms, this was a decrease of 4.9 percent. - EBITA was 8,0 (14,0) MSEK. The total EBITA margin was 4,3 (8,5) percent.
- Earnings per share, before and after dilution, amounted to
SEK 0,28 (0,51) SEK. - Cash flow from operating activities was
SEK 16,5 (27,1) million. Total cash flow for the period was 28,7 (21,8) MSEK.
First six months in brief
(January–June 2021)
- Order intake amounted to
SEK 381,0 (328,1) million. In comparative terms, this was an increase of 1.1 percent. - Net revenue for the first half of the year amounted to
SEK 345,9 (339,2) million. The total increase compared to first half of 2020 was 2,0 percent. In comparative terms, this was a decrease of 11.8 percent. - EBITA was
SEK (18,5) million and the EBITA margin was 4,6 (5,5) percent. - Earnings per share, before and after dilution, amounted to
SEK 0,54 (0,65). - Cash flow from operating activities was
SEK (49,9) million . Total cash flow for the period was 21,1 (70,4) MSEK.
Important events during the second quarter
- The company held its Annual General Meeting on
April 29, 2021 . The dividend per share wasSEK 0.75 . In total,SEK 14.1 million was paid to shareholders. - The company employed
Sara Johansson as its new HR manager fromSeptember 1 . Christian Berner Tech Trade acquired GF Swedenborgs Ingeniörsfirma AB onApril 15, 2021 . The acquisition was effective fromMay 3 . Swedenborg is included in the accounts for May and June. Acquisition costs, of approximatelySEK 1.8 million , had a negative effect on results in the second quarter. For more information, see NOTE 3 page 16.
Important events after the second quarter
- CFO, Torbjörn Gustafsson, has decided to leave the company. He will see out a notice period of no more than six months in his current role. Recruitment of a replacement has begun.
Message from the ceo
Strong order intake
Revenue increased, although this was a weak second quarter. Improved order intake provides the right conditions for recovery during the second half of the year
Revenue increased by 13.2 percent in the second quarter of this year, due to acquisitions. When adjusted for these acquisitions, performance was weaker and the Group’s EBITA margin amounted to 4.3 (8.5) percent. We are not satisfied with these results. Profits were affected by three factors: 1) fewer incoming orders during the second half of 2020 and the first quarter of 2021, due to the pandemic 2) a shift in profit calculations for heating projects, as Covid-19 has hindered on-site work, and 3) extended delivery times, especially for larger projects, due to the reduced availability of raw materials and components.
In the second quarter, however, we saw a strong improvement in order intake, which grew by as much as 49.3 percent, in comparison to projected figures accounting for the impact of Covid-19. Due to a more favorable business and product mix, we also have better gross margins compared to last year. This means that we can look forward to better results in the second half of this year.
Market developments
In
In
The Future
In our assessment, underlying demand remains stable and we can look forward to positive improvements during the rest of the year. This is guaranteed by a strong order intake during the second quarter.
Acquisitions are an important part of our growth strategy and we are seeking to add more companies to the Group. It is, therefore, gratifying that the acquisitions made in the last year have been successfully integrated and are already making positive contributions.
CEO,
For the full details, please see attached pdf-file.
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