Q4 report in brief
Svedbergs continued to show relative strength in a tough consumer market, with Q4'22 net sales of SEK 438m, -2% vs. ABGSCe. The +56% y-o-y sales growth benefited from the acquisition of Roper Rhodes (+63%) and FX tailwinds (+3%), but headwinds in the home improvement market led to an organic decline of 9% for the group. Across the Nordic region, demand was softer than in previous quarters, but Svedbergs Group continues to strengthen its UK position, with sales in Roper Rhodes holding up well. Through cost control and rolling out price increases throughout the year, gross and EBITA margins were protected at 41.3% and 12.4% respectively (+50bp and +70bp y-o-y). Including earn-outs related to the Roper Rhodes acquisition, the reported ND/EBITDA was a rather healthy 2.0x in Q4'22, well within the 1.5-2.5x target. The reinstated DPS of SEK 1.5 could be viewed as a clear positive signal when entering tougher times.
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