Continued strong growth and solid US margins
Loomis delivered a strong start to the year with an organic revenue growth of 6.3 percent in the first quarter. Both the US and Europe and Latin America contributed to the development, and we substantially increased our revenues within Automated Solutions. The US segment had a strong performance in the quarter with solid growth and structured work on scalability. The overall business in Europe and Latin America had a more challenging start to the year, and actions are underway for margin recovery. The operating cash flow for the quarter was impacted by a temporary build-up of stock in foreign currency. However, the operating cash flow in relation to operating income (EBITA) for the rolling twelve months was a strong 89 percent.
Comments on quarter 1
- Revenue for the first quarter was SEK 7,253 million (6,812). Revenue grew by 6.5 percent (21.1) of which organic growth was 6.3 percent (11.7) and acquisitions contributed with 2.9 percent (0.4). Exchange rate effects on revenue was -2.7 percent (9.0).
- Operating income (EBITA) 1) for the quarter was SEK 754 million (717). The operating margin (EBITA) was 10.4 percent (10.5).
- Operating income (EBIT) before items affecting comparability for the quarter was SEK 710 million (667) and operating margin (EBIT) before items affecting comparability was 9.8 percent (9.8).
- Net financial expenses for the quarter were SEK -188 million (-113).
- Income before taxes for the quarter was SEK 507 million (543) and net income was SEK 359 million (403).
- Earnings per share before dilution for the quarter were SEK 5.06 (5.64) and after dilution were 5.05 (5.64).
- Cash flow from operating activities2) amounted to SEK 402 million (719) in the quarter, equivalent to 53 percent (100) of operating income (EBITA). The cash flow was partially impacted by a temporary build-up of foreign currency stock over the quarter end.
- Loomis AB repurchased 700,000 own shares between February 5 and April 5, 2024, of which 643,592 were repurchased in the first quarter.
1)Earnings Before Interest, Taxes, Amortization of acquisition-related intangible fixed assets, Acquisition-related costs and revenue and items affecting comparability.
2)Cash flow from operating activities is exclusive of impact from IFRS 16.
This press release is also available on the company's website, www.loomis.com.
May 6, 2024
Jenny Boström
Head of Sustainability and IR
Mobile: +46 79 006 45 92
Email: jenny.bostrom@loomis.com
Loomis offers secure and effective comprehensive solutions for managing payments, including the distribution, handling, storage and recycling of cash and other valuables. Loomis' customers are mainly financial institutions and retailers. Loomis operates through an international network of around 400 branches in more than 20 countries. Loomis employs around 25,000 people and had revenue in 2023 of more than SEK 28 billion. Loomis is listed on Nasdaq Stockholm Large-Cap list.
This information is information that Loomis AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 3.00 p.m. CEST on May 6, 2024.
