QLEANAIR AB "We had a stable financial performance in the first quarter, with currency-adjusted growth of almost 3%. The weakening of the Japanese yen affected our revenue negatively by 6 MSEK. Sequentially, we improved the operating margin to 9.7% compared to 7.8% in the fourth quarter 2023. We have not reached our goal yet, but we are on the right track. We continue to see strong momentum for Air Cleaners, growing by 29% in the quarter. Cleanrooms grew by 51% and we have a stronger than ever pipeline in the US as a result of investments in additional sales resources in the region. Cabin Solutions is down 15%, a direct consequence of the weaker Japanese yen,” CEO
STABLE REVENUE AND OPERATING MARGIN
MSEK 119 Net revenue, -2%
MSEK 75 Recurring revenue, +1%
9.7% EBIT margin (15.9%)
January –
- Net revenue MSEK 119.1 (121.0), currency-adjusted net revenue amounted to MSEK 124.4
- Recurring revenue MSEK 75.2 (74.5)
- EBITDA MSEK 19.9 (24.8)
- EBITDA margin 16.7% (20.5%)
- Operating profit (EBIT) MSEK 11.6 (16.6)
- Operating margin 9.7% (13.7%)
- Operating profit (EBIT), adjusted MSEK 11.6 (19.2)
- Operating margin, adjusted 9.7% (15.9%)
- Earnings per share
SEK 0.53 (0.68) - Cash flow from current operations MSEK 0.2 (11.0)
Significant events during the first quarter
QleanAir delivered 7.21 billion cubic meters of cleaned air per month at the end of the fourth quarter 2023- Year-end report 2023
Significant events after the end of the period
- Notice of Annual General Meeting 2024 in
QleanAir AB , including proposal for dividend ofSEK 0.60 (0) per share - Publication of the QleanAir Annual Report for 2023
A WORD FROM THE CEO
We had a stable financial performance in the first quarter, with currency-adjusted growth of almost 3%. The weakening of the Japanese yen affected our revenue negatively by 6 MSEK. Sequentially, we improved the operating margin to 9.7% compared to 7.8% in the fourth quarter 2023. We have not reached our goal yet, but we are on the right track.
We continue to see strong momentum for Air Cleaners, growing by 29% in the quarter. Cleanrooms grew by 51% and we have a stronger than ever pipeline in the US as a result of investments in additional sales resources in the region. Cabin Solutions is down 15%, a direct consequence of the weaker Japanese yen.
CONTINUED INVESTMENTS IN EMEA
In
CONTINUED FOCUS ON GROWTH IN APAC
FOCUS ON GROWTH AND PROFITABILITY IN THE
In the US, we have initiated a number of actions that we expect to pay off in 2024 and beyond and we can see in the first quarter that the level of activity was high and that we are doing the right things. We are starting to see the effects of our cost reduction measures initiated in the fall of 2023. The numbers are starting to move in the right direction.
BUSINESS MODEL
The
As a company, we know where we are heading. We have great opportunities to create value. Our business model is circular, our products have a long life with our customers through our strong service model and at the end of the contract we recondition the product to give it a new lease of life with the next customer.
We clean indoor air by reducing harmful particles. The working environment for people is improved. Furthermore, the quality of customers' products and the efficiency of their processes is improved. We work systematically to achieve growth combined with profitability.
OUTLOOK
We need to further strengthen our profitability and continue our focus on our three priorities; Customer focus, Sales efficiency and Cost control. In parallel, we have started the more strategic work on developing our product range.
A number of measures have been initiated that we expect to yield results in 2024 and beyond, and we can see in the first quarter that the figures are starting to move in the right direction.
In conclusion, I would like to thank all our dedicated employees, our customers and partners for the good cooperation.
Solna,
Sebastian Lindström, CEO
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