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Seafire interim report Q3 2023: Weaker performance in a challenging market

Seafire
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Revenue increased by 8% to SEK 233 million and the operating profit, adjusted EBITA, amounted to SEK 19 million in Q3. Given the weak market development within construction and consumer-oriented products in particular, the Seafire Group showed stable performance in Q3.

Unless stated otherwise, the figures in this report concern continuing operations.

Q3 2023

  • Net sales amounted to SEK 233 million (215). Growth amounted to 8%, of which organic growth for comparable entities amounted to -5%, compared with the same period in 2022
  • Operating profit (EBIT) amounted to SEK 9 million (27)
  • EBITA amounted to SEK 27 million (33), corresponding to a margin of 12% (15)
  • Adjusted EBITA amounted to SEK 19 million (21), corresponding to a margin of 8% (10)
  • Earnings per share before and after dilution amounted to SEK -0.21 (0.13)*

The period January – September 2023

  • Net sales amounted to SEK 773 million (641). Growth amounted to 21%, of which organic growth for comparable entities amounted to -4%, compared with the same period in 2022
  • Operating profit (EBIT) amounted to SEK 33 million (64)
  • EBITA amounted to SEK 65 million (79), corresponding to a margin of 8% (12)
  • Adjusted EBITA amounted to SEK 71 million (73), corresponding to a margin of 9% (11)
  • Earnings per share before and after dilution amounted to SEK -1.06 (0.60)*

Significant events in the reporting period

  • On 1 September, Anders Martinsson took up his post as the new business area manager for the Industry segment. Anders has previously worked for Indutrade, where he was business development manager, as CEO within the Wilo Group and as CEO for BE Group AB
  • On 29 September, Seafire corrected the purchase price allocation for SolidEngineer AB, which had a positive impact on both revenue and profit for previously reported periods. See Note 9 for more information
  • As a result of disappointing profitability and challenging market conditions in the subsidiary Hedén Group, Seafire recognized impairment losses on goodwill of SEK 12 million during Q3.

*) Key ratios inclusive of divested business

The interim report is available on Seafire’s website (https://www.seafireab.com/en/financial-information).

For more information, please contact:

Johan Bennarsten, CEO, johan.bennarsten@seafireab.com, +46 707 49 56 59
Jacob Persson, CFO, jacob.persson@seafireab.com, +46 708 64 07 52

About Seafire

Seafire is a company group consisting of the business segments Industrial components and Products, which acquires and develops companies in Sweden. The group was founded in 2016 and focuses on acquiring profitable companies with development potential. Seafire consists of 13 companies with total sales of more than 1 billion SEK. For more information, please visit www.seafireab.com/en.

This information is information that Seafire is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-10-30 12:00 CET.

Attachments

Seafire Interim Report Q3 2023

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