Niloerngruppen (Niloern) brought forward its Q4 report from February 11 to February 9. The Q4 report reveals sales of SEK 234m (28% vs ABGSC 183m), gross profit SEK 106m (28% vs ABGSC 83m), EBIT SEK 40m (97% vs ABGSC 20m), net profit SEK 30m (101% vs ABGSC 15m), EPS SEK 2.66 (101% vs ABGSC 1.32). For FY’21 Niloern grew its sales by 28% to SEK 788m. Adjusted for currency effects sales amounted to SEK 824m, including organic growth of 33%. Full-year EBIT came in at SEK 119.5m, yielding a margin of 15.2%
Tailwinds in sports and e-commerce, upswing in retail
In line with our expectations, the core drivers behind the sales growth were sports and e-commerce customers, while retail customers saw an upswing on the back of eased pandemic restrictions. In all, the group grew its sales with 35% y-o-y to SEK 234m. Niloern continued facing challenges related to input material cost inflation and increased freight costs. However, the group seem to have benefited from its in-house production, ensuring availability and quality, which is reflected in a stable gross margin of 45.4% (+1.3pp y-o-y, -0.1pp vs ABGSCe). In terms of EBIT, it came in at SEK 40m, with a margin of 17.1%, which is an expansion of 4.9pp y-o-y, and 6pp above our expectations of 11.1%. The impressive operating margin is primarily attributable to the higher sales, but also a high utilization rate in the in-house production. Furthermore, as in Q3, Sweden, England, Portugal and Germany saw a particular positive underlying trends in Q4, supporting the impressive sales growth and margin expansion.
We expect high single-digit to double-digit cons. revisions
In all, Niloern is finishing off the year on a high note, and we expect consensus to make high single-digit and double-digit estimate revisions on sales and EBIT, respectively. Lastly, we again highlight that the custome
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