FinnvedenBulten Reports 21.6% YTD Growth
According to Fastener+Fixing News, In its interim report for January to September 2011 FinnvedenBulten reports net sales of SEK 2,282 million (250 million euros) up 21.6% on the same period last year.
Accumulated profit after tax for the nine months was reported at SEK 85 million (9.3 million euros). Sales for the third quarter were up 19% on same period 2010 at SEK 704 million (77.5 million euros).
President and CEO, Johan Westman, commented: “Our business continued to progress positively in the third quarter, with a strong improvement in profitability compared with the same period last year. The organic growth of 19% in the quarter was driven by production increases in existing contracts and new businesses. We are monitoring the uncertainty in the financial market and the macroeconomic development to see how they affect our customers. Meanwhile we have good operational and financial contingency plans for potential drop in demand. We still see good opportunities for growth through, for example, our initiatives in China and Russia.”
Fastener manufacturing division Bulten reported third quarter sales up 15.7% to SEK 412.3 million, with operating earnings at SEK 22 million. 2011 nine-month sales totalled SEK 1,307.6 million, representing about 57% of group total sales, with operating earnings of SEK 87.3 million. Bulten reported “continued good development with an increase in market share compared with last year” and said that new business opportunities had occurred thanks to unplanned restructuring activities in the automotive industry. The formation of a joint venture company with GAZ in Russia is said to be continuing according to plan, with final agreement expected at the beginning of 2012.
