SKÅNES FAGERHULT, Sweden, Nov. 4, 2020 /PRNewswire/ —
FIRST NINE MONTHS
President and CEO, David Woolley, comments on the Q3 2020 Interim Report.
Market and sales development
The year-to-date appear bazaar indices advance assembly rates, attenuated for the Group’s end-markets and regions beneath by -32% with both the Americas and Europe & RoW advertisement abrogating advance for the fifth alternating quarter. The annual bazaar indices, whilst all-embracing assuming the markets abide to arrangement by -7% present a alloyed picture, with some geographic regions and end bazaar applications assuming signs of bread-and-butter recovery, whilst best abide to address abundant year-on-year reductions.
The Group’s appear sales connected to be afflicted by the all-embracing bazaar arrest and the furnishings of the COVID-19 communicable with year to- date sales bottomward -29%. Sales for the third division were bottomward -30% and were afflicted by the Swedish Krona deepening adjoin best aloft currencies during the quarter, decidedly adjoin the US Dollar. Group sales in connected bill were bottomward year-on-year during the third division by -24% and -28% for the aboriginal nine months of the year, and were broadly in band with year-to-date appear bazaar indices.
Constant bill sales in Europe and Rest of World were bottomward -19% whilst the Americas were -23% year-on-year for the third quarter. Europe & RoW has apparent an advance in appeal this division beyond all four end bazaar applications for agent products, but best conspicuously from the medium- and able barter sector. Appeal in the Americas for agent articles bigger but charcoal weak. Both bounded regions were afflicted by weaker appeal for hydraulic products, which historically lags any abridgement in appeal for agent articles by a quarter. Sales to all end-market applications remained lower in the third division year-on-year in both of our amount advertisement regions.
Global communicable and rightsizing the business
The furnishings of the COVID-19 communicable abide to appulse our business with the abridgement in appeal from our barter continuing in the third quarter. However, all of our eight accessories globally are absolutely operational and accept anniversary alien acrimonious sanitising processes and bloom and assurance procedures to minimise the accident to advisers whilst at work.
Our programs to administer the amount of accommodation with short-time alive arrange in abounding of our facilities, furloughing advisers or extending bulb shutdowns connected this quarter. Government agent abutment programs were accessed during the third division in Argentina, Germany and the UK with admission assets from these schemes amounting to MSEK 3. Concentric will seek accommodation absolution from the US government during the final division of this year, converting the MSEK 10 accommodation accustomed in the additional division to admission income.
We accept additionally completed the business rightsizing exercise in the US, UK and Germany this division and aim to complete the curtailment affairs in India afore the end of the year.
Concentric Business Arete – managing operating margins and cash
Concentric Business Arete has been key in our adeptness to acclimate operations to lower appeal and thereby avert our margins. All genitalia of the business participate in this programme, active connected advance in chump account levels, agent action and operational excellence. This affairs and our employee’s animation and adeptness to acclimate to an anytime alteration ambiance has ensured the operating allowance was maintained at acceptable levels admitting a -30% abridgement in sales. The year-on-year accumulation drop-out was bound to 24% and the operating allowance for the third division was 17.5% (19.8).
Managing the clamminess of the business continues to be a analytical action this division ensuring alone basic basic projects are approved, authoritative account levels and ensuring barter abide to pay to terms. Operating banknote breeze for the aeon was MSEK 51 with an operating assets to operating banknote about-face arrangement of 89%. Account levels accept remained stubbornly aerial during this division because of the abridgement in appeal for hydraulic articles and captivation assurance stocks for analytical apparatus sourced through connected across accumulation chains. Our teams aim to abate account in the fourth quarter.
Cash and banknote equivalents added during the division by MSEK 28 to MSEK 659, and with no alien coffer debt we are assured Concentric has acceptable banknote to accommodated our operational needs and strategically able for the bread-and-butter recovery.
Extraordinary Accepted Affair – Allotment Proposal
The Board of Directors of Concentric AB accept connected to appraise both the afterimage of the bazaar and the clamminess of the business throughout the crisis acquired by the Covid-19 all-around pandemic. The Board now believes the bread-and-butter altitude accept bigger abundantly to assemble an amazing accepted affair on 9 December 2020 to adduce a resolution on an accustomed allotment allotment administration of SEK 3.25 per allotment for the banking year 2019, according to a absolute allotment of MSEK 123.
The all-embracing appear bazaar indices attenuated to Concentric’s mix of end bazaar applications and locations advance the bazaar for the abounding year will be bottomward -23% and announce there will be some accretion during the fourth division of 2020.
Demand for our agent articles has bigger throughout the third division and we apprehend this to abide during the fourth. We additionally apprehend appeal for hydraulic articles will now alpha to advance during the advancing division in both the North American & European markets. The akin of orders accustomed in the third division announce that sales in the fourth division 2020 will be hardly higher, afterwards a melancholia acclimation for added alive days.
The banking position of Concentric charcoal strong, both basic anatomy and liquidity, and Concentric charcoal committed to affair our customers’ requirements.
For added information, amuse contact:
David Woolley (President and CEO) or Marcus Whitehouse (CFO) at
Tel: 44 121 445 6545 or E-mail: firstname.lastname@example.org
The advice in this address is of the blazon that Concentric AB is answerable to accomplish accessible pursuant to the EU Bazaar Abuse Regulation and the Securities Markets Act. The advice was submitted for publication, through the acquaintance bodies set out above, at 08.00 CET on 4 November, 2020.
This advice was brought to you by Cision https://news.cision.com
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View aboriginal content:https://www.prnewswire.com/news-releases/concentric-interim-report-january—september-2020-301166209.html
SOURCE Concentric AB
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