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Seafire interim report July - September 2024: Continuing weak demand, signs of stabilization

Seafire
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Net sales for Q3 declined by 9 percent to SEK 211 (233) million and adjusted EBITA was SEK 12 (19) million. Development during the quarter was mixed, with large differences between companies. Borö Pannan’s net sales are still well below the previous year’s level, but with gradual stabilization and an increasing order intake. Several consumer-oriented subsidiaries are showing stability and/or growth. The focus will remain on earnings and cash flow in an uncertain macro situation.

Unless stated otherwise, the figures in this report concern continuing operations.

Third quarter 2024

  • Net sales amounted to SEK 211 (233) million. Growth was -9 percent, of which organic growth was -9 percent, compared with the same period in 2023
  • Adjusted EBITA amounted to SEK 12 (19) million, corresponding to a margin of 6 (8) percent
  • EBITA amounted to SEK 11 (27) million, corresponding to a margin of 5 (12) percent
  • Operating profit/loss (EBIT) amounted to SEK 5 (9) million
  • Basic and diluted earnings per share amounted to SEK -0.09 (-0.21*)
  • Cash flow from operating activities was SEK 1 (94) million, negatively affected by a tax deferral repayment of SEK 2 million (previous year: positively affected by SEK 94 million)

The period January - September 2024

  • Net sales amounted to SEK 693 (773) million. Growth was -10 percent, of which organic growth for comparable entities was -11 percent, compared with the same period in 2023
  • Adjusted EBITA amounted to SEK 35 (71) million, corresponding to a margin of 5 (9) percent
  • EBITA amounted to SEK 41 (65) million, corresponding to a margin of 6 (8) percent
  • Operating profit/loss (EBIT) amounted to SEK -13 (33) million and was affected by goodwill impairment of SEK 35 million related to Borö-Pannan in Q2
  • Basic and diluted earnings per share amounted to SEK -0.86 (-1.06*)
  • Cash flow from operating activities was SEK 42 (69) million, negatively affected by a tax deferral repayment of SEK 5 million (previous year: positively affected by SEK 94 million)

Significant events during the reporting period

  • On August 1, Daniel Repfennig took over the role of President and CEO of Seafire

*) Key ratios inclusive of divested business

The interim report is available on Seafire’s website (https://www.seafireab.com/en/financial-information).

For more information, please contact

Daniel Repfennig, CEO, +46 722-00 89 41, daniel.repfennig@seafireab.com

About Seafire

Seafire is a company group consisting of the business segments Industrial components and Products, which acquires and develops companies in Sweden. The group was founded in 2016 and focuses on acquiring profitable companies with development potential. Seafire consists of 12 companies with sales of about one billion SEK. For more information, please visit www.seafireab.com/en.

This information is information that Seafire 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 above, at 2024-11-06 08:00 CET.

Attachments

Seafire Interim Report 3 2024

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