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Concentric Interim Report January - June 2021

SKA?NES FAGERHULT, Sweden, July 21, 2021 /PRNewswire/ -- SECOND QUARTER

Net sales: MSEK 473 (342) a?? reported sales were up +38% year-on-year. After adjusting for the impact of currency (a??14%) and Allied Enterprises (+7%), sales in constant currency year-on-year were up +45%.



Operating income: MSEK 107 (28), generating an operating margin of 22.7% (8.3), operating margin before items affecting comparability was 22.7% (14.2).



Net income for the period: MSEK 85 (17); basic EPS of SEK 2.25 (0.44).



Cash flow from operating activities: MSEK 76 (87); cash generation has been affected by increases in working capital to support increased sales.

FIRST SIX MONTHS

Net sales: MSEK 905 (798) a?? reported sales were up +13% year-on-year. After adjusting for the impact of currency (a??13%) and Allied Enterprises (+6%), sales in constant currency were up +20%.



Operating income: Operating income was MSEK 202 (115), generating an operating margin of 22.3% (14.5), operating margin before items affecting comparability was 22.3% (17.0).



Net income for the period: MSEK 157 (77); basic EPS of SEK 4.15 (2.04).



Cash flow from operating activities: MSEK 148 (168); cash generation has been affected by increases in working capital to support increased sales.



Group's net debt: MSEK a??22 (a??67); gearing ratio of a??2% (a??6). A reduction in pension liabilities compared to December 2020 continues to drive the negative net debt.

President and CEO, David Woolley, comments on the Q2 2021 Interim Report.Market and sales developmentGroup sales in constant currency and excluding our recent acquisition were up +45% year-on-year for the second quarter and +20% for the first six months of the year. Reported sales continue to be affected by the strength of the Swedish Krona against most of the major currencies, in particular the US Dollar, therefore reported sales for the second quarter and the first six months of the year were up year-on-year +38% and +13% respectively. Published market indices blended to Concentric's mix of end-market applications and locations suggests all geographical markets continue to recover from the global pandemic with Europe and rest of world performing stronger than the Americas. Market indices suggest market growth of 79% for the first half of 2021, which was higher than the growth in Concentric's sales. However, it should be noted that the comparative 2020 period was heavily impacted by the pandemic. In the first half of 2020 market indices suggested a decline of a??45% which compared to a decline of only a??30% in Concentric's sales, contributing to the indices larger rebound in 2021. There also appears to be some volatility in the published market indices data, far greater than would normally be expected.
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