First quarter: 1 January -
- Total revenue increased by 4,7 % to 313 123 (299 107) TSEK
- Organic growth amounted to 2,9 % (10,2 %)
- Gross margin amounted to 30,6 % (31,2 %)
- Operating profit amounted to 30 677 (30 231) TSEK
- Net income amounted to 24 706 (21 583) TSEK
-
Basic earnings per share amounted to 2,03
(1,80) SEK -
Diluted earnings per share amounted to 2,03
(1,78) SEK - Cash flow from operations amounted to -2 706 (13 138) TSEK
- Cash and cash equivalents amounted to 153 079 (127 184) TSEK
- Net debt in relation to adjusted EBITDA R12: 0,4 (0,9)
- Cost accrual for the long-term incentive program amounted to -2 210 (-2 170) TSEK
The comparison figures within parentheses refer to the corresponding period last year,
unless otherwise stated.
CEO comments
Total revenue for the first quarter amounted to 313 123 TSEK, equal to a growth of 4,7 %.
The operating profit, as well as the adjusted EBITA, amounted to 30 677 TSEK, corresponding to an operating margin of 9,8 %. This quarter's profit was affected by cost accruals for the long-term incentive program amounting to 2 210 (2 170) TSEK, which affected the quarter's operating profit negatively by 0,7 percentage points.
The
6,4 % and with a gross margin of 38,2 (40,5) %.
Largest growth driver within the Air segment was
The segment's gross margin decreased due to the increasing revenue from large European customers with lower average margins.
Available air capacity remained a challenge due to the continued financial distress for many airlines, something which also were contributing to SAS' ongoing Chapter 11 process. This situation resulted into a higher volatility in terms of network and capacity changes, which continued to have some negative impact at specific customers flows, especially for the Swedish market.
3,2 % and a gross margin of 20,3 (19,6) %.
The growth was mainly driven by larger Swedish B2B and B2C accounts with demand for both systematic and ad-hoc services. Also,
Revenue growth continued for both segments during the quarter, even though our
Competition within our
Jetpak's ESG strategy is built upon on our long-term commitment to environment responsibility as well as commitment to our customers, employees and other stakeholders. We have launched our ESG strategy to further integrate sustainability in all our business processes.
Sustainability work within the framework of the UN's Global Compact Program has during this period focused on continued supply chain optimization based on enhanced capacity utilization as well as CO2 reducing activities with consumption of HVO fuel and projects to increase the use of electric vehicles in densely populated areas. Furthermore, the environmentally friendly driving training for drivers have continued during the quarter.
Our ESG strategy is based on transformative targets driving our priorities, decisions and actions. It is our intention to provide an annual reporting of our selected targets within Environment, Social and Governance.
Jetpak have engaged with a number of participants in the drone industry supply chain. The purpose of the engagement is to participate in the development of industry standards and create a strong position once the industry will expand and become a standard alternative for delivery within certain market segments. Pilot projects are currently ongoing in
M&A remained an important part of our growth strategy and during the quarter we have intensively been expanding our Nordic and European pipeline and entered detailed discussions with companies. These discussions have initially resulted in our most recent acquisition of the Malmoe based courier company Budakuten with an annual turnover of 25,6 MSEK and operating profit of 3,8 MSEK. Budakuten has positioned itself as a strong player in express logistics in
The initial acquisition amounted to 10 MSEK, with an additional purchase price of max 15 MSEK, depending on results during 2023 - 2025. The acquisition was paid in cash.
We will intensify our efforts to pursue acquisitions of interesting M&A candidates during coming quarters, as valuations are increasingly attractive driven by current market conditions and interest levels.
During this quarter we have experienced an increasing month-to-month revenue volatility combined with periodic downtrading on larger accounts. Recent interim reports from large multinational logistic companies underlines our concerns, as reports mostly show significantly decreasing volumes and profitability driven by both air and road segments. Nordic and European GDP growth is furthermore expected to remain modest during coming quarters, which potentially leads to increasing price pressure as well as demand for deferred logistic solutions.
Based on the current market conditions and uncertainty we conservatively expect a slightly negative to zero organic growth in coming quarters.
We therefore continue to carefully monitor the development, and we will try to minimize any potential negative impacts by further ramping up on our strategic initiatives:
- Realizing M&A opportunities to strengthen our market position and offering as well as obtaining operational and commercial scale benefits.
- Introduce new services to ensure organic growth as well as strengthening our offering and margins.
- Optimize cost efficiency by enhanced and automated technology driven solutions as well as through improved capacity utilization.
Despite operational disruptions and challenging market conditions, we maintain our long-term targets for organic growth and continuously improved EBITA.
Chief Executive Officer
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This information was submitted for publication, through the contact person mentioned below, on
This constitutes information that
The full report is attached here below and also available at:
https://jetpakgroup.com/en/investors/financial-reports/
For further information
Håkan Mattisson, CFO
Phone: +46 8 5558 5220
e-mail: ir@jetpak.com
About Jetpak
Jetpak is a logistic group represented in more than 170 locations around the Nordic region and in
This can be further supplemented by a unique customized next-day service for systemized transports.
Segment wise, Jetpak has its business divided into one
The group's parent company,
The Jetpak share is traded under the short name JETPAK and with the ISIN code SE0012012508.
Please visit: https://jetpakgroup.com
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