- Revenue rose by 1 percent to MSEK 2,054 (2,031).
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Operating profit rose by 23 percent to MSEK 129 (105) and
the operating margin was 6.3 percent (5.2). - Profit after net financial items rose by 35 percent to MSEK 124 (92).
- Profit after taxes rose by 36 percent to MSEK 94 (69).
- Earnings per share increased to SEK 3.35 (2.45).
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Cash flow from operating activities amounted to MSEK 164 (94) and
cash flow per share for the most recent 12-month period was SEK 14.25 (9.70). - The return on equity for the most recent 12-month period was 14 percent (11).
- The equity/assets ratio at the end of the reporting period was 49 percent (45).
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After the end of the reporting period: Acquisition of electromechanical services company.
In early July 2015, the subsidiary Momentum Industrial signed an agreement to acquire all shares in Carl A Nilsson AB, a comprehensive electromechanical services company in southern Sweden, with annual revenue of approximately MSEK 20. Closing is scheduled for September 2015. -
The 2015 Annual General Meeting will be held in Stockholm on 20 August 2015.
The Board proposes a dividend of SEK 4.00 (3.50) per share.
PRESIDENT’S STATEMENT
The overall business situation was relatively stable during the first quarter of the financial year, but the market fragmentation remains – whereby parts of our operations are affected by more difficult market conditions. The decentralised profit responsibility means, for example, that local measures are introduced where necessary.
Operating profit for the first quarter was impacted by non-recurring items in both 2015 (MSEK +15) and 2014 (MSEK –6). We disposed of one property in Finland and our last property in Sweden, for example. These disposals had a positive impact of MSEK 25 on cash flow. Overall, we generated a strong cash flow during the quarter.
In early July (after the end of the reporting period), Momentum signed an agreement to acquire Carl A Nilsson, a successful electromechanical services company in southern Sweden. The company is well established in an attractive market. This is our first corporate acquisition in a couple of years and we are continuously evaluating acquisition opportunities in order to strengthen our offering and profitability.
Our priorities for the remainder of the financial year will be to improve P/WC by focusing on volume, gross margins and inventories. We will therefore continue to make customer proximity and sales a top priority, and during the quarter, we both extended and signed new agreements with customers in all of our main markets.
Stockholm, July 2015
Ulf Lilius
President & CEO
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