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Summary of the period
” Solid growth with record-high turnover and profit ”
Net sales for the first quarter amounted to
Significant events January to
• Major marine coating company launches low biocidal premium antifouling product using Selektope®.
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Significant events after the end of the period
• No significant events occured after the period.
Financial summary
All amounts in kSEK | 2024 Jan-Mar | 2023 Jan-Mar | 2023 Jan-Dec | 2022 Jan-Dec |
Net sales | 38,270 | 30,757 | 120,861 | 83,631 |
Operating result | 9,119 | 8,347 | 23,389 | 12,024 |
EBITDA | 11,180 | 10,288 | 31,371 | 20,045 |
Net result | 8,186 | 6,660 | 20,203 | 10,617 |
Operating cash flow | 14,562 | 11,161 | 35,143 | 20,125 |
Equity at end of period | 144,424 | 122,695 | 136,238 | 116,035 |
Cash and cash equivalents at end of period | 97,739 | 63,621 | 83,262 | 52,754 |
CEO Comments
The year is off to a strong start and the first quarter shows a solid revenue growth where turnover and profit amount to the highest ever in the company’s history. This report is also my last as CEO of
After a weaker fourth quarter following otherwise strong comparative figures, it is with great pride that I note that sales for the quarter amounted to
Six different customers contributed to the turnover growth, of which the three largest were completely dominant with a distribution of 82%, 11% and 4% of total turnover. PPG’s launch of
Although we achieved a record high operating profit before tax of
It is extremely gratifying to demonstrate growth compared to a quarter, which in turn more than doubled compared to the previous year. Volatility between quarters may still occur, but in the long term we see a stable growth journey with long-term products on the market that gain more and more confidence. All of them respond to contributing to more efficient shipping with lower resistance through the water, lower risk of transporting foreign invasive species, and in some cases the value proposition is delivered with significantly lower concentrations of biocides thanks to Selektope’s unique properties.
Approaching the end of my time as CEO of
It is with great intertest that I, as future chairman, look forward to take part of the continued growth journey in the Selektope business but also, through our strong position, to identify and seize new opportunities under the leadership of a new CEO. The recruitment process is proceeding according to plan and until a new candidate can be presented, the company will be in safe hands of the acting CEO,
CEO
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