Industry News

Bufab Q3 like for like sales static 03 December 2015

Bufab Group reported third Quarter sales up 8% to SEK 577 million (61.5 million euros) but said after adjustment for currency and acquisitions like for like sales remained unchanged against the same Quarter 2014. Nine month sales rose 11% to SEK 1,847 million.

Operating profit for Quarter Three was SEK 52 million (2014 Q3: SEK 48 million) equating to an adjusted operating margin of 9%.

Net sales for the nine months to date rose 11% to SEK 1,847 million (197 million euros) with an underlying sales growth of 3%. Operating profit was SEK 159 million (2014 9 months: SEK 141 million). The adjusted nine months operating profit was SEK 159 million, unchanged from 2014 same period with an adjusted operating margin of 8.6%, which was down from 9.5% in 2014.

President and CEO Jörgen Rosengren estimated underlying demand for Q3 to be weaker than in Q2 and in the corresponding Quarter in 2014. He noted that the change was tangible amongst many customers, particularly in Norway and Sweden.
Flos B.V, which Bufab acquired at the beginning of the year, was reported to have developed well and contributed good sales and profitability in Q3. International sales grew but at a lower rate than earlier in the year with growth coming from acquisitions and increased market shares. Swedish net sales declined but this remained due to a major customer that switched to own production in Q4 2014.
Jörgen Rosengren said that the favourable margin trend seen in Q3 was attributable to previously announced measures to implement price increases, achieve purchasing advances and effect cost savings.

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