January - March 2024
- Net sales amounted to SEK 201 million (246). In organic terms net sales decreased by 19%.
- The EVSE share of net sales decreased to 17% (39) and amounted to SEK 35 million (96).
- The gross margin increased to 54.0 percent (44.5).
- Adjusted EBITA increased to SEK 19 million (7), a margin of 9.7% (3.0).
- EBIT amounted to SEK 8 million (-9), including items affecting comparability of SEK -7 million (-9)
- Profit after tax amounted to SEK 1 million (-18) and earnings per share after dilution amounted to SEK 0.01 (-0.35).
- Cash flow from operating activities amounted to SEK 45 million (36).
"Cash generation continued to be positive in the first quarter, as a result of implemented cost savings and continued focus on reducing working capital. Cash flow from current operations was SEK 45 million (36), enabling us to amortize long-term liability by SEK 100 million during the quarter. The positive cash flow, in combination with continued cost control and thus improved profitability, resulted in a significantly reduced debt-to-equity ratio of 2.2x (3.0).", says Henrik Fagrenius, President and CEO of CTEK.
During the quarter, CTEK continued to see positive trends within both technologies Low Voltage and EVSE.
"CTEKs sales of Low Voltage (12 & 24-volt chargers) continued to be buoyant in the first quarter. Sales rose to SEK 166 million (150), corresponding to an increase of 11 percentage points. Meanwhile, positive trends in EVSE sales in the Nordics improved the result in the newly formed Professional division. Based on this, along with our increased business-to-business focus in the new division, my assessment is that we have turned a corner and we will see an improvement in 2024.", says Henrik Fagrenius, President and CEO of CTEK.
Today, 14 May at 09:00 CEST, CTEK will hold an audiocast in English. CTEK is represented by CEO Henrik Fagrenius and CFO Thom Mathisen, who present the interim report and answer questions. For further information: https://financialhearings.com/event/48904
Before its publication, this information was inside information and is such that CTEK 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 persons set out below, on 14 May 2024 at 07:45 CEST.
For further information please contact:
Niklas Alm, Investor Relations, +46 708 24 40 88, niklas.alm@ctek.com
About CTEK
Established in Dalarna Sweden, CTEK is the leading global brand in battery charging solutions, most specifically vehicle charging.
CTEK offers products ranging from 12V & 24V battery chargers to charging solutions for electrical vehicles.
Products are sold via a carefully selected network of global distributors and retailers, as original equipment, supplied to more than 50 of the world's leading vehicle manufacturers and through charge point operators, property owners as well as other organisations and individuals providing EV charging infrastructure.
CTEK takes pride in its unique culture based on a passion for innovation and a deep commitment to supporting the transition to a greener mobility, by adhering to industry-leading ESG standards.
CTEK's share is listed on Nasdaq Stockholm Mid Cap and is traded with the ticker CTEK.
For more information, also visit www.ctekgroup.com
