Interim Report
First Quarter of 2022
Plejd AB (publ)
About the company
Plejd is a leading Nordic supplier of smart lighting controls. By focusing on the user experience, smart lighting controls are made easy and available to everyone.
Interim Report
First Quarter of 2022
First Quarter | Jan-March 2022
Net sales amounted to TSEK 99,305 (74,203),
which is an increase by 33.8 % compared to the same period last year.
The gross margin amounted to 59.0 % (55.6).
Operating profit before depreciation and amortization (EBITDA) amounted to TSEK 28,551 (17,955), which corresponds to an operating margin before depreciation and amortization of 28.8 % (24.2).
Operating profit (EBIT) amounted to TSEK 19,856 (11,296),
which corresponds to an operating margin of 20.0 % (15.2).
Earnings per share before dilution amounted to SEK 1.48 (0.82).
(Comparative figures in parentheses refer to the corresponding period in the previous year.)
Financial overview
Amounts in TSEK
Jan-March 2022
Jan-March 2021
Jan-Dec 2021
Net sales
Gross margin, %
EBITDA
Operang profit (EBIT)
Profit aſter tax
Earnings per share before and aſter diluon, SEK
Equity/assets rao, %
Cash and cash equivalents
99,305 59.0 28,551 19,856 15,867 1.48/1.43 69.9 97,510 | 326,175 57.0 82,438 53,680 41,716 3.90/3.82 70.9 105,478 |
Comments from the CEO
Strong growth with increasing profitability continues
We start the year strong with a first quarter that shows organic growth of 34 % and continued high profitability. Compared to last year, operating profit increased by 76 % and amounts to MSEK 20, which means an operating margin of 20 %. Gross margin amounts to 59 % for the quarter, which is also an increase compared to the previous year.
Growth in installations increased by almost 42 %, as inventory levels for the quarter are normal, this can be seen as a better comparative figure due to last year's higher inventory build-up. We thus complement the growth in sales with growth in installations to understand the company's development better.
Norway continues to show a fantastic development, with as much as 167 % in organic growth and 213 % in installations. Both sales and installations are similar to Sweden's development in 2019. We see a continued stable Sweden with an increase in installations by 23 %, which is expected to increase with the launch of new product categories, as the current "puck series" has been on the market for over 5 years. Finland and the Netherlands are also starting the year strong. These are two markets both waiting for product customizations that are important to be able to increase the growth rate.
On the development front, we focus on the system's functions to handle both more extensive system and commercial installations. With a range of features and products targeting at the commercial market in the next few years, we also expect strong growth in that segment in the future. In 2022, we also aim to show one of our new product categories.
The team delivered a great first quarter, with strong growth and growing profitability, according to our defined path.
Babak Esfahani
CEO of Plejd AB (publ)
Market development
The market for connected smart lighting has grown strongly in recent years and is expected to continue to grow strongly for many years to come. The market growth is affected by several underlying factors where the overall transition to connected electronics, also known as the Internet of Things, is the strongest driver. Other driving factors are cost savings and greater flexibility in installations with wireless control instead of drawing cables. Energy savings can be made through simple scheduling and proximity-sensor control, which is both cost-effective and good for the climate. Increased mobile phone use is also a factor that is driving the transition to connected lighting, where the mobile phone as a tool is paving the way for simple and powerful configuration, at the same time that the acceptance of using an "app" for configuration and control is growing. Plejd is active in the professional market for lighting control, which put simply means fixed lighting that is installed by electricians for both private and commercial use.
As a B2B supplier, Plejd primarily has direct customer relationships with electrical wholesalers in every market the company is active in. Our indirect main customer is the electrician who in turn installs our products at the end user, which may be either a private or commercial installation.
Examples of installations are apartments, single-family homes, stores, restaurants and offices.
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Disclaimer
Plejd AB published this content on 03 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2022 03:42:08 UTC.