High acquisition pace brought strong growth
Third quarter 2021
- Net revenue increased by 28% to SEK 577 million (450).
- Adjusted EBITA increased to SEK 82 million (76), corresponding to an adjusted EBITA margin of 14.2% (16.8).
- EBIT amounted to SEK 11 million (73).
- Adjusted EBIT amounted to SEK 69 million (73).
- Adjusted profit for the period amounted to SEK 4 million (27).
- Earnings per share, basic and diluted, totalled SEK -0.45 (0.24).
- Cash flow from operating activities amounted to SEK 43 million (38).
Costs affecting comparability amounted to SEK 58 million (0) in the third quarter of 2021 and related primarily to the stock exchange listing.
CEO Comments
In September, we reached an important milestone in our 73-year history with a successful listing on Nasdaq Stockholm. We are proud of the great interest in the company, both from institutional investors and from the general public, and we would like to extend a warm welcome to all new shareholders.
We are continuing our active acquisition strategy, which during the third quarter resulted in a net revenue growth of 28%. The acquisition of Ralarsa in Spain was completed during the quarter, representing another important step in our continued expansion in Europe. In its first two months, the company had a strong start within Cary Group, which further strengthens our conviction that the acquisition is a perfect fit both from a strategic and operational standpoint. We completed four acquisitions during the quarter, together representing annual revenue of just over SEK 300 million. During the year we have made 15 acquisitions in total, with annual revenue of just over SEK 500 million.
We are constantly working to increase profitability at Cary Group by reviewing and improving our business and the operational efficiency of our workshops as well as realising synergies from our acquisitions. We are now able to intensify this work as pandemic-related restrictions are relaxed. The growth of our Rest of Europe business area also gives us opportunities for further economies of scale.
We operate in a non-cyclical market with good underlying growth. As pandemic related restrictions are being eased, we are positive of organic growth prospects. Acquisitions caters our market position and enables synergies and economies of scale. We are optimistic about the opportunities in our markets and to achieve our financial goals.
Presentation of the report
A combined webcast and conference call for investors, analysts and financial media will be held at 11:00 AM CEST. The report will be presented by Anders Jensen, CEO, as well as by Joakim Rasiwala, CFO.
You can follow the video broadcast of the conference via https://tv.streamfabriken.com/cary-group-q3-2021.
A recording of the video broadcast will be available afterwards at www.carygroup.com.
Dial-in details for the conference call:
SE: +46 8 505 583 56
UK: +44 3333 009 273
US: +1 631 913 14 22 PIN US: 74641908#
This information is such that Cary Group Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person indicated above, on 12 November 2021 at 08:15 CET.
For more information, please contact:
Helene Gustafsson, Head of IR & Corporate Communication
Tel: +46 708 684 050
E-mail: helene.gustafsson@carygroup.com
About Cary Group
Cary Group provides sustainable damage repair and car care services and has business operations in Sweden, Denmark, Norway, the UK and Spain. It specialises in the repairing and changing of car glass, with complementary services such as the repairing of bodywork and paint damage. We provide services that help maintain the lifetime, value and safety features of motor vehicles by striving to always repair rather than replace. With good accessibility for customers, high quality products and smart solutions, we help our customers make simplified and sustainable choices. For more information, please visitwww.carygroup.com.
This information is information that Cary Group Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2021-11-12 08:15 CET.
