July - September 2024
- Net sales amounted to SEK 222 million (199). In organic terms net sales increased by 15%.
- The gross margin increased to 56.4% (51.6).
- Adjusted EBITA increased to SEK 30 million (18), a margin of 13.6% (9.1).
- Cash flow from operating activities amounted to SEK -3 million (-14).
- The EVSE share of net sales decreased to 15% (18) amounting to SEK 34 million (35).
"The third quarter of the year saw continued good growth and improved margins. A strong contributor to this was the Consumer division, which delivered its best third quarter ever. The Professional division had organic growth of 10 percent in the third quarter, the first quarter of growth since the new divisional structure with two sales divisions.", says Henrik Fagrenius, President and CEO of CTEK.
During the quarter, CTEK saw a continuous strong growth in the Low Voltage segment.
"I am pleased that Low Voltage showed growth for the fifth consecutive quarter. An increase of 16 percent, which is explained partly by the generally good sales in the Consumer division and the increased sales of customized solutions in the Professional division. To further strengthen the competitiveness of Low Voltage, we are now moving part of the production of Low Voltage chargers for the North American market to Malaysia due to the trade tariffs between China and the US.", says Henrik Fagrenius, President and CEO of CTEK.
Today, 14 November at 09:00 CET, 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/48906
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 November 2024 at 07:45 CET.
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 organizations 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
