Strong increase in result for the forth quarter for Systemair
Systemairs President and CEO, Gerald Engström, commented:
"This is the first year we have not been able to grow our sales, though we have done so every other year since our founding in 1974. Despite that, we are satisfied with the sales and earnings. Achieving an operating margin of 8.5 percent and maintaining the gross margin in the midst of a financial crisis is a sign of strength.
Although sales retreated somewhat, we gained market share in several markets. Our aggressive initiatives continued, through company acquisitions and the decision to expand our production facility in Lithuania. In addition, we bolstered our sales organisation in several markets. We look forward to the coming year and estimate that growth will return, bringing further improvement in profitability."
The full Year-End Report are available from 08.30 a.m. (CET) today www.systemair.com. A presentation, including an interview with CEO Gerald Engström, will be published on the website in connection with the report.
A telephone conference will be held today at 09.00 a.m. (CET). To access the telephone conference, please call +46 (0)8 5052 0114 and use code 866889, a few minutes before the scheduled start.
For further information please contact:
Lars Hansson, styrelseordförande, +46 8 731 04 92, +46 70 895 90 02
Gerald Engström, CEO, + 46 222 44 001, + 46 70 519 00 01
Glen Nilsson, CFO, + 46 222 44003, + 46 70 654 40 03
Systemair AB, 739 30 Skinnskatteberg, 0222-440 00, www.systemair.com
Systemair in brief
Systemair is a leading ventilation company with operations in 38 countries in Europe, North America, the Middle East, Asia, Africa and Australia. The Company had sales of SEK 3.2 billion in financial 2009/10 and currently employs about 2,200 people. Systemair has reported an operating profit every year since 1974, when the Company was founded. During the past 15 years, the Company's growth rate has averaged about 15 percent.
Systemair has well-established operations in growth markets. The Group's products are marketed under the Systemair, Frico, VEAB and Fantech brands. Systemair shares have been quoted on the Mid Cap List of the OMX Nordic Exchange in Stockholm since October 2007. The Group comprises about 60 companies