Financial highlights 1 October -
- Total revenue decreased by -7,4 % to 297 121 (320 778) TSEK
- Organic growth amounted to -12,6 % (6,4 %)
- Gross margin amounted to 30,1 % (32,3 %)
- Adjusted EBITA amounted to 33 045 (29 979) TSEK
- Operating profit amounted to 31 432 (29 131) TSEK
- Net income amounted to 24 881 (21 570) TSEK
-
Earnings per share, before and after dilution, amounted to 2,04
(1,77) SEK - Cash flow from operations amounted to 40 915 (46 453) TSEK
- Cash and cash equivalents amounted to 227 239 (178 646) TSEK
- Net debt in relation to adjusted EBITDA R12: -0,1 (0,2)
-
The board proposes no dividend for the financial year 2023
Business highlights
BudAB was acquired in the beginning of the fourth quarter of 2023
Kvalitetstransport A/S was acquired in December with access from
Financial highlights 1 January -
- Total revenue decreased by -5,5 % to 1 183 714 (1 253 147) TSEK
- Organic growth amounted to -9,1 % (11,4 %)
- Gross margin amounted to 30,6 % (31,3 %)
- Adjusted EBITA amounted to 121 561 (125 602) TSEK
- Impairment loss amounted to -51 705 (-) TSEK
- Operating profit amounted to 64 193 (122 215) TSEK
- Net income amounted to 39 379 (86 922) TSEK
-
Earnings per share, before and after dilution, amounted to 3,23
(7,13) SEK - Cash flow from operations amounted to 133 795 (127 033) TSEK
The comparison figures within parentheses refer to the corresponding period last year.
CEO comments
During the fourth quarter our main markets were characterized by a continued lower demand and soft freight volumes, which remained a challenge for most players in our industry and facilitated a continued pricing pressure and some demand for lower cost deferred services.
Despite current market terms and pricing pressure Jetpak has achieved solid results during the quarter, as well as full year. This reflects strong cost control and a cost variable production model combined with continued high quality and well controlled overhead costs. Pricing has been aligned with the changing market conditions and cash conversion has been maintained on a high level.
Jetpak's total revenue for the quarter amounted to 297 121 (320 778) TSEK, corresponding to a negative growth of -7,4 % (16,5 %).
The operating profit amounted to 31 432 (29 131) TSEK, equal to an operating margin of 10,6 % (9,1 %). Jetpak's cash flow from operations amounted to 40 915 (46 453) TSEK.
The
-14,6 % (26,0 %), while the gross margin amounted to 36,6 % (38,6 %).
The largest revenue decline within the segment came from
In our Danish operations, the decreasing revenue was driven by reduced volumes and the fact that some customers chose more standardized solutions.
The performance improvement programs for both
Both countries are working hard on new commercial initiatives and on their pipeline extension,
despite that it takes longer to close new deals due to the continued economic uncertainty.
Jetpak's ESG strategy is based on our long-term commitment to the environment as well as commitment to our customers, employees, and other stakeholders. We have launched our ESG strategy to further integrate sustainability into all our business processes. Part of the ESG strategy is to move towards new and more efficient technology.
During the quarter, Jetpak has continued to investigate the extent to which drone technology can support Jetpak's future supply chain. We have continued cooperation around several possible distribution areas for drone deliveries within the Nordics. Commercial start date has not yet been defined but is awaiting regulatory approval as well as commercial commitment from customers.
Within our
We are currently investigating and analyzing AI-based solutions, which can result in improved route planning and improved vehicle utilization. An agreement has been reached with one of our larger customers where a number of electric vehicles will be introduced in the coming months. In addition, an in-depth analysis is carried out within our densest distribution areas, as an increased battery range and load capacity provide more opportunities in the future.
In 2023, we completed three company acquisitions, which was a record in Jetpak's history; first Budakuten in Malmö in May, then BudAB at Stockholm-Arlanda in October and just before Christmas the acquisition of Kvalitetstransport at
These acquisitions were important to strengthen Jetpak's market presence, not least at the Nordic region's most important hubs for air transport. Together with the CTS acquisition in 2022, we have now strengthened our market position at both Kastrup, Arlanda and Gardermoen and can combine these acquisitions with Jetpak's existing operations at these important airports and capital regions within our Nordic home markets.
Directly after the takeover of Kvalitetstransport in
We will continue to strategically participate in the consolidation of the Nordic market for fast and time-critical logistics, as the M&A multiples have come down to more attractive levels. However, we will reduce the number of acquisitions in the coming quarters in order to focus on ensuring a good integration of the businesses acquired this year.
We are doing our utmost to counter-act on the current demand volatility and decreasing volumes. Within our strategic focus areas, we have ramped up on activities focusing on organic growth. This includes introduction of a broader geographic coverage of selected services such as temperature controlled and special services. In addition, we are ramping up on sales channels as well as launch of digitalized marketing campaigns.
Direct and indirect cost optimization is being pursued in our cost efficiency projects, where we aim at further cost savings based on supplier model optimization as well as synergies from newly acquired businesses.
Based on current market conditions, we expect at least the first half of 2024 to continue to be challenging.
The negative growth is expected to continue in the coming quarters as well, but we expect a continued stable adjusted EBITA, thanks to our continued good cost control. A slow market recovery is expected from the end of the second quarter of 2024.
The board proposes to the annual general meeting in
Despite the macroeconomic challenges, we reiterate our long-term goals for organic growth, with a continuously improved adjusted EBITA.
Chief Executive Officer
Conference call
At
The presentation will be held in English.
Please use one of the dial-in numbers below to join the conference call:
Note that any toll free numbers can only be reached from within each county.
PIN code (same code for all the above dial-in numbers): 650 79 26 #
Please make sure you are connected to the phone conference by calling in a few minutes before the conference begins.
_______________________________________________________________________
The company's certified advisor is
This information was submitted for publication, through the contact person mentioned below,
on
This constitutes information that
The full report is attached to this press release and is also available at:
https://jetpakgroup.com/en/investors/financial-reports/
For further information
Håkan Mattisson, CFO
Phone: +46 8 5558 5220
e-mail: ir@jetpak.com
About Jetpak
Jetpak is a logistic group represented in more than 170 locations around the Nordic region and in
This can be further supplemented by a unique customized next-day service for systemized transports.
Segment wise, Jetpak has its business divided into one
The group's parent company,
The Jetpak share is traded under the short name JETPAK and with the ISIN code SE0012012508.
Please visit: https://jetpakgroup.com
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