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29 April 2022, 08:00
Sdiptech AB (publ) publishes interim report for the first quarter (January - March) 2022
The report is available on the company's website: www.sdiptech.se
GOOD DEMAND, STRENGTHENED MARGINS AND EXTRA STRONG ACQUISITION PIPELINE
FIRST QUARTER 2022
EVENTS AFTER REPORTING DATE
COMMENTS BY THE CEO
The demand for Sdiptech’s products remains good and the organic sales growth, excluding currency effects, was 8.2 percent in the quarter. Our view of a continued strengthening of margins during 2022 is unchanged, even though purchasing costs increased more than expected during the quarter. Sdiptech’s acquisition pipeline is stronger than normal, which gives us the opportunity to reach this year´s acquisition target ahead of time.
The start of 2022 will always be associated with the Russian invasion of Ukraine and our thoughts go to everyone who is affected. The geopolitical situation is creating new issues for us all to manage, and the consequences of this are of course difficult to evaluate at present. For Sdiptech, however, the direct business exposure in Russia and Ukraine is negligible. Apart from this, we do not see any significant impact on demand.
Demand from our customers remains strong and the Group reported organic sales growth of +8.2 percent, excluding currency effects. This was despite the fact that we are experiencing some delays of deliveries due to material shortages. Our products meet critical needs within infrastructure, which ensures solid demand independent of the economic situation.
The increase in costs for components, raw material and logistics was extraordinary in the quarter and exceeded our own price increases. For this reason, margins in comparable units have temporarily decreased somewhat and organic EBITA* growth amounted to -1.2 percent, excluding currency effects. Our pricing-related work will continue with the goal of achieving full compensation for increased costs, as we have done before.
The Group’s profitability continues to increase and the EBITA* margin amounted to 18.5 percent (17.6). The strengthened margin came from our ordinary acquisition activities as well as divestments during the past year, fully aligned with our focus on a Group consisting of niched companies with profitable and strong market positions
In late January 2022, Agrosistemi was acquired which is our first business unit in Italy. Agrosistemi has over 20 years of experience in treatment and recovery of biological sludge from municipal wastewater. Through a proprietary treatment process used to clear sludge from harmful substances and turning it into high quality organic fertilizer products, Agrosistemi contributes to the UN’s Sustainable Development Goals 2.4, 9.4, 11.6 and 15.3.
During the quarter, 91 percent of the shares in Temperature Electronics and TEL UK were also acquired. The companies are specialised in products for airflow controls and evacuation of hazardous gases in laboratories. The products can reduce energy usage by up to 85 percent compared to traditional products. In addition, this ensures clean air in laboratories where personnel are exposed to potential hazardous gases and materials. TEL contributes to the UN’s Sustainable Development Goals 7.3, 8.8 and 9.4.
Our order intake continues to be good, even though material shortages can result in delays of deliveries and revenues. On 30 June 2022, an important change will occur, as planned, in the rules in the British market for electric car chargers. The rule change implies a major upgrade of our products, and our customers may be more hesitant in placing orders during the second quarter. We expect that any impact on sales will be temporary.
In the longer term, we feel comfortable about being able to fully compensate for increased costs and our assessment is, unchanged, that the Group’s profitability should be established at a level of around 20 percent in EBITA* margin.
We have established in the new markets Italy and the Netherlands, strengthened our presence in the UK and the Nordic region and have expanded the Resource Efficiency business area. As a result of these investments, our acquisition pipeline is stronger than normal. Our financial position is good, and several ongoing projects give us the opportunity to reach our annual acquisition target of SEK 120-150 million in acquired EBITA already before the autumn.
By way of conclusion, I want to express a big thank you to all our dedicated employees for your commitment and strong efforts.
President and CEO
For further information, please contact:
Bengt Lejdström, CFO, +46 702 74 22 00, firstname.lastname@example.org
Sdiptech AB (publ) is required to disclose this information pursuant to EU Market Use Regulation 596/2014. The information was provided by the above contact persons for publication on 29 April 2022 at 08.00 CEST.
Sdiptech’s common shares of series B are traded on Nasdaq Stockholm under the short name SDIP B with ISIN code SE0003756758. Sdiptech’s preferred shares are traded under the short name SDIP PREF with ISIN code SE0006758348. Further information is available on the company's website: www.sdiptech.se
Sdiptech is a technology group that acquires and develops market-leading niche operations that contribute to creating more sustainable, efficient and safe societies. Sdiptech has approximately SEK 3,000 million in sales and is based in Stockholm.