Improved margins in strong quarter
- Net sales amounted to
SEK 1,936 m (1,724), corresponding to a 12.3% increase in sales. At fixed exchange rates, this corresponds to a 5.6% increase. -
The gross profit amounted to
SEK 440 m (283), an increase of 55% in absolute terms compared with the same period last year. The gross margin increased by 6 percentage points. -
Operating income amounted to
SEK 170 m (91), corresponding to an increase of 87.1% compared with the same period last year. - The quarter showed a strong cash flow with a reduced net debt.
KEY FINANCIALS
SEK m | 3 months Apr-Jun 2023 | 3 months Apr-Jun 2022 | 6 months Jan-Jun 2023 | 6 months Jan-Jun 2022 | 12 months Jul-Jun 22/23 | 12 months Jan-Dec 2022 |
Net sales | 1,936 | 1,724 | 3,813 | 3,167 | 7,621 | 6,976 |
Organic growth | 5.9% | 47.2% | 14.0% | 48.1% | 16.6% | 30.9% |
Operating income 1) | 170 | 91 | 300 | 142 | 607 | 450 |
Operating margin 1) | 8.8% | 5.3% | 7.9% | 4.5% | 8.0% | 6.4% |
EBIT | 154 | 67 | 265 | 93 | 498 | 326 |
EBIT margin | 8.0% | 3.9% | 7.0% | 2.9% | 6.5% | 4.7% |
Income after financial items | 144 | 60 | 238 | 72 | 449 | 283 |
Net income | 120 | 49 | 211 | 55 | 357 | 201 |
Earnings per share attributable to equity holders of the Parent Company | 2.20 | 1.02 | 3.86 | 1.13 | 6.97 | 4.25 |
Return on capital employed, excluding goodwill | 22.2% | 16.7% | 22.2% | 16.7% | 22.2% | 16.6% |
1) For reconciliation of alternative key financials, definition of key financials and glossary, see pages 28-30.
CEO's comment
"During the second quarter, we saw an improved margin, which contributed to a historically strong result"
Continued good demand
During the second quarter of the year, we continued to see good growth in our underlying business. We saw a continued increase in the number of restaurant visits, while demand for take-away in
The Group's sales in the second quarter amounted to
Business area launches
The Duni business area, which focuses on solutions for the set table, grew its sales during the quarter by just under 18%, compared with the same period of the previous year. During the year, the product portfolio's sales followed the trend from recent years of increased net sales, primarily in napkins. The recently launched, fully compostable and fossil-free napkin, BioDunisoft®, helped the premium napkin segment develop positively.
The
Historically strong results
The operating margin was just under 9% and strengthened relative to the comparative period, in line with the pre-pandemic levels for the second quarter.
This stronger performance can be viewed in the light of ongoing efficiency improvements in the business areas, primarly within the conversion plants which are positive affected by the fact that the volumes have now normalized after the pandemic. This has resulted in a significant improvement in operating income, which amounted to
More big events
We also saw growth in the segment for big events, festivals and sporting events, and demand from festival organizers and artists to tour sustainably increased. The Group's products appeared during the quarter at festivals such as Sweden Rock and the international Lollapalooza festival.
With a focus on sustainability and circular solutions, we want to help restaurants and fast-food restaurants to be part of the circular economy. With our solution, restaurants will also comply with legislation in the area of reusable serving products. Idun, which is our fully circular solution for this, was launched as a pilot during the Almedalen political event in Visby. We are experiencing a high level of interest from relevant stakeholders in circular micro-solutions designed for single restaurants, that can also be scaled up in cities and countries.
Robert Dackeskog, President and CEO,
For more information, please contact:
Box 237
SE-201 22 Malmö
Phone: +46 (0)40 10 62 00
www.dunigroup.com
Company registration number: 556536-7488
https://news.cision.com/duni-group/r/interim-report-for-duni-ab--publ--january-1---june-30--2023,c3805204
https://mb.cision.com/Main/295/3805204/2190166.pdf
https://news.cision.com/duni-group/i/graph-1,c3200053
https://news.cision.com/duni-group/i/graph-2,c3200054
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