"Freestanding air cleaning solutions in the Facility Solutions product category continue to grow. Revenue increased by 104 per cent in the quarter compared to the previous year and the product category accounted for 19 percent (10) of our total sales. Both total order intake and sales in the quarter increased compared to Q3 last year. Order intake increased by 29 percent and sales increased by 5 percent. We increased our installed base by 17 percent and the volume of cleaned air delivered increased by 30 percent compared to the previous year. The installed base drives our recurring revenues, which amounted to 62 percent (62) of total sales in the quarter. I am very pleased that Facility Solutions continues to grow, and that we deliver very strong profitability with an EBIT margin of 22.6 percent in the quarter," CEO
FACILITY SOLUTIONS INCREASED REVENUE BY 104%. TOTAL ORDER INTAKE INCREASED BY 29%.
July –
- Net revenues
SEK 109.7m (104.9), currency-adjusted net revenues totaledSEK 113.1m (113.5) - Installed units 10,980 (9,406)
- Recurring revenue
SEK 67.9m (64.9) - Order intake
SEK 89.9m (69.8) - EBITDA
SEK 32.2m (24.9) - EBITDA margin 29.3% (23.7%)
- Operating profit (EBIT)
SEK 24.8m (17.8) - Operating margin 22.6% (17.0%)
- Net profit for the period
SEK 16.2m (9.0) - Earnings per share
SEK 1.10 (0.61) - Operating cash flow
SEK 21.6m (22.4)
Summary January –
- Net revenues
SEK 332.5m (386.5), currency-adjusted net revenues amounted toSEK 358m (384.8) - Installed units 10,980 (9,406)
- Recurring revenue
SEK 196.8m (194.1) - Order intake
SEK 283.4m (287.6) - EBITDA
SEK 87.0m (95.5) - EBITDA margin 26.2% (24.7%)
- Operating profit (EBIT)
SEK 65.5m (74.5) - Operating margin 19.7% (19.3%)
- Profit for the period
SEK 51.9m (44.3) - Earnings per share
SEK 3.50 (2.98) - Operating cash flow
SEK 82.1m (52.5)
Significant events in the third quarter
QleanAir wins another large deal within the office segment inGermany QleanAir and BioLamina sign groundbreaking cleanroom contractQleanAir signs cleanroom contract with life science innovatorsCELLINK
Significant events after the end of the period
QleanAir delivered cleaned indoor air equivalent to 11.22 Avicii Arenas per hour by the end of the third quarter
CEO COMMENT
Continued strong growth in the Facility Solutions product category - up 104 percent
During Q3 2021, revenue from air cleaning solutions in the Facility Solutions category increased by 104 percent and totaled
The overall revenue increase of 5 percent was due to strong sales in
Higher activity levels particularly in
A higher activity level led to an increase in order intake in the quarter, totaling
Growth of 17 percent in the installed base increased the volume of cleaned air
The coronavirus pandemic has raised awareness of the importance of clean indoor air, which we see as having a positive impact on demand for our solutions, both in the short and longer term. During the corona pandemic we have delivered air cleaning solutions to new customer segments such as schools, hospitals, offices, and public environments. We provide a healthy working environment in the areas where it is needed most. Our view is that the increased demand for healthy working environments will continue after the corona pandemic ends.
Our installed base increased by 17 percent to 10,980 units at the end of the quarter. The amount of clean air we supply increased by 30 percent. A growing installed base also means that our base for future revenues is growing. Recurring revenue represented 62 percent (62) of total revenue in the third quarter. In absolute terms, recurring revenues increased to
High margins in a challenging quarter
We continue to deliver very good margins in our underlying business where more than 75 percent of contracts are extended or renewed, while continuing to invest in sales resources, innovation and brand building. Our EBITDA margin for the quarter was 29.3 percent (23.7) and our EBIT margin was 22.6 percent (17.0).
Outlook
During Q3, corona related restrictions were eased in most of our markets, which makes it easier for us to perform our sales process. However, we are not through the pandemic yet and there is still uncertainty about how the number of infected people will develop in our markets and how this will impact future restrictions.
The uncertain situation in the world, as well as the turbulent world markets with high raw material prices, high transportation costs and component shortages, affect us and make our sales process more challenging. Also, challenges in our supply chain and with our production partners required a lot of focus and hard work from our teams and our partners during Q3. We expect this turbulence to continue for parts of 2022.
We have a high activity level in the company and expect the increased awareness of the importance of indoor air quality to continue to contribute to an increased demand for air cleaning solutions. Our growth strategy remains firm, with a focus on developing and growing our new product categories Facility Solutions and Room Solutions, as well as maintaining our strong position in Cabin Solutions. We continue to see good growth opportunities in all our markets, with our cleanroom solutions in the US, Facility Solutions and Room Solutions in
Solna
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