Rapid sales growth on an expanding market
Second quarter 2022
- Net revenue increased by 81% to SEK 1,050 million (575). Organic growth was 5%.
- Adjusted EBITA increased to SEK 168 million (103), corresponding to a margin of 16.1% (18.0).
- Profit for the period totalled SEK 100 million (26) and earnings per share, basic and diluted, amounted to SEK 0.75 (1.15). Adjusted earnings per share, basic and diluted, totalled SEK 0.76 (1.50).
- Cash flow from operating activities increased to SEK 199 million (53).
First half 2022
- Net revenue increased by 74% to SEK 1,805 million (1,032). Organic growth was 6%.
- Adjusted EBITA increased to SEK 255 million (176), corresponding to a margin of 14.2% (17.1).
- Profit for the period increased to SEK 133 million (58) and earnings per share, basic and diluted, amounted to SEK 0.99 (2.48). Adjusted earnings per share, basic and diluted, totalled SEK 1.07 (2.94).
- Cash flow from operating activities increased to SEK 276 million (164).
Significant events during the second quarter
- On 1 April, the acquisition was completed of GlassCo S.A., owner of “ExpressGlass”, which operates a vehicle glass repair and replacement business in Portugal.
- On 4 May, the acquisition was completed of Charles Pugh Holdings Ltd, which operates a vehicle glass repair and replacement business in the UK.
- On 29 June, CVC Fonder and Nordic Capital, through Teniralc BidCo AB (“Teniralc”), announced a public cash offer to the shareholders of Cary Group Holding AB (publ) to transfer all of the shares in Cary Group to Teniralc for a cash sum of SEK 65 per share. The independent members of Cary Group’s Board of Directors have been appointed the bid committee, which will publish its opinion on the offer no later than 8 August, i.e. two weeks before the closing date of the acceptance period for the bid. The independent bid committee has appointed financial and legal advisers and will also obtain an independent fairness opinion.
“The second quarter, which is seasonally Cary Group’s strongest, developed very well, with high levels of business activity and good underlying growth. Demand was particularly strong at our newly acquired companies in Spain and Germany, but the Swedish market also experienced very high levels of demand and it is pleasing to see our market position continue to strengthen. Sales during the quarter increased by a total of 81% and amounted to SEK 1,050 million (575). Acquired companies accounted for 74% of the increased sales and organic growth amounted to 5%. Organic sales were affected by there being fewer workdays this year compared with the same period last year and this was particularly noticeable in our UK operations. Adjusted for the number of workdays, organic growth for the quarter was 7%. In an increasingly uncertain world, it is good to see that the underlying market trends remain positive, as evidenced by the continued strong organic growth”
Anders Jensen, CEO Cary Group
Presentation of the report
A conference call for investors, analysts and financial media will be held at 10:00 AM CET. The report will be presented by Anders Jensen, CEO, as well as by Joakim Rasiwala, CFO.
You can follow the conference via https://tv.streamfabriken.com/cary-group-q2-2022.
A recording of the conference call will be available afterwards at www.carygroup.com.
Dial-in details for the conference call:
SE: +46 8 566 427 05
UK: +44 333 300 92 64
US: +1 646 722 49 03
Anders Jensen, CEO, Cary Group
Stockholm, 5 August 2022
This information is such that Cary Group Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the contact persons indicated above, on 5 August at 08.00 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, Spain and Germany. It specialises in the repair and replacement of automotive glass, with a complementary range of services in auto body repair and SMART repair. With good accessibility for customers, high-quality products and smart solutions, we help our customers make simplified and sustainable choices. For more information, please visit www.carygroup.com.
This information is information that Cary Group Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2022-08-05 08:00 CEST.
