Profoto Holding reports first-quarter sales up 28%
Profoto Holding AB reported first-quarter sales increased 28.3 percent to SEK 196m (153); adjusted for currency effects, net sales increased by 20.2 percent. Profit for the period increased to SEK 40m (31).
| Performance measures Group |
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| Jan–Mar 2022 | Jan–Mar 2021 | Apr 2021–Mar 2022 | Full year 2021 |
|
| Net sales, SEKm | 196 | 153 | 776 | 732 |
| Net sales (Pro forma)*, SEKm | 220 | 173 | 868 | 820 |
| EBIT, SEKm | 55 | 40 | 227 | 212 |
| EBIT (pro forma)*, SEKm | 55 | 40 | 231 | 215 |
| EBIT margin, % | 27.9 | 25.9 | 29.3 | 28.9 |
| EBIT margin (Pro forma)*, % | 25.2 | 22.9 | 26.6 | 26.2 |
| Adjusted EBIT, SEKm | 65 | 48 | 254 | 237 |
| Adjusted EBIT margin, % | 33.1 | 31.1 | 32.8 | 32.3 |
| Profit/loss for the period, SEKm | 40 | 31 | 167 | 158 |
| Cash flow from operating activities, SEKm | 54 | 42 | 252 | 240 |
| Net debt, SEKm | -179 | -124 | -179 | -134 |
| Net debt (pro forma)*, SEKm | -2 | 49 | -2 | 37 |
| Net debt/EBITDA LTM | -0.63 | -1.23 | -0.63 | -0.50 |
| Earnings per share | 0.99 | 0.78 | 4.16 | 3.95 |
* Pro forma includes StyleShoots Holding B.V. as if the acquisition had taken place on January 1, 2021.
“Sales growth for the first quarter of 2022 was solid,” says Anders Hedebark, President and CEO of Profoto. “Our sales increased by 28 percent from the corresponding quarter in 2021, to SEK 196m, and adjusted EBIT totaled SEK 65m, an increase of no less than 37 percent. Adjusted for currency effects, sales and EBIT increased by 20 percent and 22 percent, respectively. The strong currency effect was due to a weakening of the Swedish krona compared to the same period in the previous year. The adjusted EBIT margin remains high and was 33 percent for the first quarter.
“Through to the end of February, growth was strong in both Europe and the US. Events such as trade fairs, travel and conferences got underway after the restrictions were lifted. The number of weddings have increased to some extent and are expected to increase in the summer. In China, activity has been lower following the intensification of contagion and restrictions since the middle of the quarter.”