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Summary of the period
"A strong quarter under difficult to assess market conditions"
- Net turnover for the period amounted to kSEK 14 458 (13 525), corresponding to an increase in turnover of 7% (119%). Operating profit/loss amounted to kSEK 58 (-984).
January to
Chugoku Marine Paints expands their portfolio of Selektope®-containing antifouling coatings inJapan .I-Tech AB gives notice to Annual General Meeting.I-Tech AB publishes its Annual Report for 2020.
Important events after the period
I-Tech AB receives a frame order worth 53 MSEK fromChugoku Marine Paints .
Financial Summary
All amounts in TSEK | 2021Jan-Mar | 2020Jan-Mar | 2020Jan-Dec | 2019Jan-Dec |
Net sales | 14 458 | 13 525 | 52 819 | 45 574 |
Operating result | 58 | -984 | -5 167 | -7 019 |
EBITDA | 2 034 | 1 004 | 3 600 | 1 220 |
Net result | 415 | -532 | -4 806 | 8 427 |
Operating cash flowting cash flow | -302 | 296 | 5 388 | -4 763 |
Equity at end of period | 107 017 | 110 876 | 107 017 | 110 876 |
Cash and cash equivalents at end of period | 40 50 | 38 993 | 40 500 | 38 993 |
CEO comments
The first quarter 2021 was our strongest first quarter so far and was crowned with a positive operating result. I am pleased to report that long-term sales and development processes are now beginning to yield results with an increasing number of customers, as well as creating an increasingly strong impact on our sales numbers. Net turnover rose to
Earlier in the quarter, our largest customer,
Step-by-step, we are building a broader customer base that includes the majority of the world's leading marine coating manufacturers, albeit in early commercialisation stages and, thus, with significant quarterly volatility. The contribution to the company's sales in the first quarter comes from six of the world's nine leading marine coating manufacturers. Unnamed customers account for approximately 25% of sales during the quarter, while named customers account for 73%. The remaining part is derived from various development projects with commercial partners in both the leisure boat and shipping sectors.
Despite the positive broadening of our customer base, I see continued challenges in the industry during this year.
Regarding COVID, new risks re-emerge as
While respecting the fact that the year looks challenging based on what we see now, there are also important positive signals to note for our journey back to steadily increasing growth. The number of new construction orders for larger vessels increased markedly compared to the same period last year from the historically low levels then. This, together with planned and ongoing preparations for new product launches in both the new construction market and the maintenance market, creates confidence.
We reiterate the strong statement from the industry that emissions must be reduced, and that is where the hull plays a crucial role.
Finally, I focus on a quarter where the customer base has grown and matured to new levels and where our largest customer continues to broaden its range of products with Selektope®. Step by step the pieces fall in place for long-term growth even if various external factors continues to have a slowing effect.
M: +46 73 910 37 08
E: philip.chaabane@i-tech.se
This information is information that
About
About Selektope®
Selektope® introduces, for the first time, a pharmacological mode of action to combat barnacle settlement. By temporarily stimulating the octopamine receptor, the barnacle larvae's swimming behavior is activated and the organisms are deterred from the hull. These ground-breaking discoveries enable unrivalled power at very low concentrations, yet within the limits of rigorous risk assessments. Selektope® is an organic, non-metal compound with efficacy proven at 0.1% w/w. For more information visit our website www.selektope.com
https://news.cision.com/i-tech/r/i-tech-ab--publ--interim-report-q1-2021,c3351021
https://mb.cision.com/Main/17051/3351021/1420573.pdf
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