Heavy slowdown with some recovery

Second quarter

• Turnover MSEK 316.8 (441.4), down 28 percent compared to previous year
• Operating profit MSEK 1.4 (28.5), after financial support of MSEK 12.5 (0.0)
• Operating margin 0.4 percent (6.5)
• Net income MSEK 4.7 (19.0)
• Cash flow from operating activities MSEK 51.3 (-1.8), of which MSEK 35.3 (0.0) from financial support
• Earnings per share SEK 0.54 kr (2.30)

First six months

• Turnover MSEK 717.9 (884.7), down 19 percent compared to previous year
• Operating profit MSEK 27.4 (64.1), after financial support of MSEK 12.5 (0.0)
• Operating margin 3.8 percent (7.2)
• Net income MSEK 16.1 (44.6)
• Cash flow from operating activities MSEK 44.1 (-56.2), of which MSEK 35.3 (0.0) from financial support
• Earnings per share SEK 1.80 kr (5.66)

Fredrik Zöögling, CEO and President of ProfilGruppen, comments:

”The coming decrease in demand that our customers signaled in the end of the first quarter made us take powerful measures quickly. The decrease turned out not to be as substantial as assessed and we have been able to run operations on a higher activity level than we thought, which is gratifying. Despite support for short-term layoffs and other measures we have not been able to adjust the costs to the decrease in turnover and the operating profit in the second quarter of the year is barely a profit. The activity level at many of our customers has been high also in the second quarter and several important framework agreements have been prolonged, which creates confidence.“