Duni has published its interim report (1 January – 31 March 2015). Highlights from the report include:
- Net sales amounted to SEK 1,046 m (921). Adjusted for exchange rate changes, net sales increased by 7.3 %.
- Operating income increased by more than 50%, from SEK 73 m to SEK 112 m.
- Earnings per share, after dilution amounted to SEK 1.57 (1.09).
- Improvement within all business areas with the exception of Materials & Services, where production of hygiene products was discontinued at the end of the quarter.
- The net debt continues to decline thanks to a positive cash flow.
Duni’s CEO comments on the report:
“The first quarter was strong and included a historic increase in net invoicing and operating income. Growth was recorded of approximately 14%, with net invoicing of SEK 1,046 m (921). Operating income for the quarter increased to SEK 112 m (73) and the operating margin strengthened to 10.7% (7.9%). The net debt at the end of the quarter was SEK 836 m.
Since the beginning of 2013, the Company has enjoyed a positive earnings and sales trend. The improvement has been achieved through structural measures (acquisitions and divestments) and greater internal efficiency. During the period, we have also experienced a volatile currency situation, with a weaker Swedish krona having a positive effect on earnings, while an ever stronger USD has had a negative impact on our raw materials costs. With the closure of the hygiene products business, the structural effects will diminish during the second quarter of 2015. As from the third quarter, the structural effect will become somewhat negative compared to last year; the acquired Paper+Design will then have been part of Duni for more than 12 months, at the same time as the hygiene product operations will be phased out entirely.
Delivery capability during the quarter was good and all business areas (with the exception of Materials & Services) demonstrated growth and an improvement in earnings compared to last year.”
