Second quarter: 1 April -
- Total revenue decreased by -9,6 % to 293 607 (324 891) TSEK
- Organic growth amounted to -12,6 % (17,4 %)
- Gross margin amounted to 31,9 % (31,8 %)
- Adjusted EBITA amounted to 33 817 (33 118) TSEK
- Impairment loss amounted to - 51 705 (-) TSEK
- Operating profit amounted to -18 792 (32 136) TSEK
- Net income amounted to -25 475 (22 572) TSEK
-
Basic earnings per share amounted to -2,09
(1,88) SEK -
Diluted earnings per share amounted to -2,09.
(1,87) SEK - Cash flow from operations amounted to 28 958 (32 953) TSEK
- Cash and cash equivalents amounted to 166 673 (132 004) TSEK
- Net debt in relation to adjusted EBITDA R12: 0,3 (0,7)
-
Cost accrual for the long-term incentive program
amounted to -2 264 (-2 153) TSEK
Half-year: 1 January -
|
- Total revenue decreased by -2,8 % to 606 730 (623 998) TSEK
- Organic growth amounted to -5,2 % (13,8 %)
- Gross margin amounted to 31,2 % (31,5 %)
- Adjusted EBITA amounted to 65 379 (64 058) TSEK
- Impairment loss amounted to -51 705 (-) TSEK
- Operating profit amounted to 11 884 (62 368) TSEK
- Net income amounted to -766 (44 155) TSEK
-
Basic earnings per share amounted to -0,06
(3,68) SEK -
Diluted earnings per share amounted to -0,06
(3,65) SEK - Cash flow from operations amounted to 26 251 (46 091) TSEK
The comparison figures within parentheses refer to the corresponding period last year, unless otherwise stated.
CEO comments
On a total group basis, the revenue for the quarter amounted to 293 607 TSEK, which was a negative growth of -9,6 %.
The adjusted EBITA amounted to 33 817 (33 118) TSEK, corresponding to an adjusted EBITA margin of 11,5 (10,2) %.
This quarter's operating profit was impacted by a non-cash flow goodwill impairment loss of -51 705 TSEK, due to a weaker road business in
and increased WACC for group companies.
The reported operating profit, including the write-down on goodwill, hence amounted to -18 792 (32 136) TSEK for the quarter.
The cash flow from operations amounted to 29 MSEK. Despite a weaker macroeconomic outlook, we expect to be able to uphold a good cash conversion rate.
Current market conditions had a negative revenue impact during this quarter, affecting both our segments.
The
The biggest revenue decrease within the segment came from Jetpak Europe (consisting of the combined operations in
The net drop within the road segment came from
Specific revenue and profit enhancement programs have been launched in both
Based on the challenging market situation during the quarter, Jetpak Management has also initiated a general groupwide cost efficiency program focusing on reducing overhead costs based on staff reductions and revised incentive schemes as well as further enhancing Jetpak's operational cost structure and level.
Jetpak's ESG strategy is based on our long-term commitment to environment responsibility as well as commitment to our customers, employees, and other stakeholders. We have launched our ESG strategy to further integrate sustainability within all our business processes.
As part of the ESG work - as well as new technology - is the future drone delivery opportunity, and new opportunities provided by enhanced AI solutions.
Jetpak has during the quarter continued to explore to what extent the drone technology can support Jetpak's future supply chain. We have had a continued positive cooperation with a Swedish drone project resulting in a letter of Intent. The parties have a mutual ambition of launching drones in specific areas in
Commercial startup date is not yet defined but awaits authority approval as well as commercial commitment from customers.
New projects are also initiated focusing on identifying process and cost enhancements by introducing AI solutions for some customer and supplier interfaces.
This is still in an initial phase but is expected to potentially automate manual repetitive processes and improve our delivery quality.
M&A remains an important part of our growth strategy and during the second quarter we announced the acquisition of Budakuten in Malmö. We continue to explore interesting new M&A targets with good fit during coming periods, as we still deem the market to be favorable for acquisitions.
We are currently in deeper discussions with some targets with the ambition of deciding on further potential acquisition within the coming quarters.
During recent months we have had ongoing discussion with our largest air capacity supplier (SAS), due to, among other things, their lack of network stability, which are negatively impacting our product quality and operational costs. During this quarter we reached an agreement ensuring a more balanced cooperation with enhanced quality and cost level. Additionally, we expect their Chapter 11 situation to be finalized in a relative near future.
In general, we have experienced a continued market and revenue volatility. Interim reports from big multinational logistic companies seem to support this trend, as reports mostly show decreasing volumes and profitability within both air and road segments.
Nordic and European GDP growth is furthermore expected to remain weak during coming quarters, which potentially may lead to increasing price pressure and a lower demand for logistic solutions.
Based on the current market conditions and uncertainty we conservatively expect a continued weak organic growth in coming quarter, with possibly a slightly improved growth during the fourth quarter.
We therefore continue to carefully monitor the development, and we will continually try to minimize any potential negative impacts by further ramping up on our strategic initiatives, namely:
- Realizing M&A opportunities to strengthen our market position and offering as well as obtaining operational and commercial scale benefits.
-
Introduce new services to ensure organic growth as well as strengthening our offering and margins.
- Optimize cost efficiency by enhanced and automated technology driven solutions as well as through improved capacity utilization.
Despite the above-described challenges, we maintain our long-term targets for organic growth and a continuously improved adjusted EBITA.
Chief Executive Officer
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This information was submitted for publication, through the contact person mentioned below, on
This constitutes information that
The full report is attached here and also available at:
https://jetpakgroup.com/en/investors/financial-reports/
For further information
Håkan Mattisson, CFO
Phone: +46 8 5558 5220
e-mail: ir@jetpak.com
About Jetpak
Jetpak is a logistic group represented in more than 170 locations around the Nordic region and in
This can be further supplemented by a unique customized next-day service for systemized transports.
Segment wise, Jetpak has its business divided into one
The group's parent company,
The Jetpak share is traded under the short name JETPAK and with the ISIN code SE0012012508.
Please visit: https://jetpakgroup.com
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