Strong quarter with growth
January - March 2021
A word from the CEO
Strong first quarter with growth
The first quarter of 2020 was a record quarter for Prevas. The first quarter of 2021 in turn, is much better. It is also the first quarter with Evotech. And what a flying start. Integration of three additional brands (Deva Mecaneyes, Tritech and FiloProcess), several companies and operations all at once. We have received very positive response from customers and employees alike and we are summing up a strong start to the year.
Sales reached SEK 301 M (216), EBITA at SEK 31.6 M (22.2), which corresponds to a margin of 10.5% (10.2) for the first quarter. Earnings per share increased to SEK 1.75 (1.65).
Financial results were affected both positively and negatively for various reasons. We had slightly lower costs than normal for travel, activities and the like, for example, due to the prevailing situation. The integration of Evotech has temporarily led to increased costs where some members of the management team's focus has been partially on integration work. The first quarter of the year is one day shorter than the previous year's quarter, which can be good to keep in mind when making comparisons.
Overall, the market is perceived as strong with a few exceptions, such as in the steel industry. Many customers are positioning themselves for an expansive future and there is major demand for help with advanced projects. The labor market is also strong where competition for the talents of the future is intensifying. We have an increased focus on recruitment to keep up with customer needs and are experiencing a positive response to our brand.
Successful customer collaborations
During the quarter, we also increased investments in life science. Prevas already held a strong position with major attractiveness and several competitive advantages in the field. We continue to invest in our strengths, our breadth and our cutting-edge expertise to further increase our success. Customers from different parts of the world have been in touch and there is demand for both specialist skills and projects. Some of the projects can take several years to complete and one such example is the assignment for Gradientech. Collaboration began in 2017, with Prevas having served as a partner and taken overall responsibility for an advanced medical technology instrument, QuickMIC, the key component in an ultra-fast diagnostics system. The project is now nearing completion and the solution has already won two internationally prestigious awards. It is very rewarding to succeed together with our customers and to have employees who win and conduct exciting and meaningful assignments.
During the quarter, work was also carried out to harvest useful energy from ocean waves, reduce energy consumption in steel mills, improve self-driving vehicles, improve performance in Covid test instruments and a lot of other interesting and advanced assignments. There is a lot to do in complex product development and in automating and digitalizing industry.
The world is a place full of obstacles and challenges, with a continuing pandemic and major environmental challenges. But it is also a place where creativity and engineering can contribute to progress and solutions. We choose to see the possibilities – Hello Possibility. With all the combined experience of Prevas employees, with reusable frameworks and components, with over 8,000 product launches behind us and at least as many production solutions, we are looking forward to a year of commitment and good collaboration. Thank you customers, owners, partners and colleagues for a brilliant start!
This information is such that Prevas AB (publ) is required to make public in accordance with EU regulations to prevent market abuse and the Securities Market Act. The information was submitted by the below contact person for publication on May 6th, 2021, at 08.30.
This is a translation of an original document in Swedish. In case of dispute, the original document should be taken as authoritative (Delårsrapport jan-mars 2021 at www. prevas.se). Or contact the company direct.
In about a week, the interim report will also be available in English.
Prevas: interim report January - Mars 2021 (in Swedish). Pdf, 1.8 MB.
In about a week, the interim report will also be available in English