Well on track to meet our ambitious targets

Polygon AB (publ) - Interim report 1 January - 30 September 2018

THIRD QUARTER 2018

  • Sales grew 25.3% to EUR 158.1 million. Adjusted organic growth remained strong at 11.9%, with Continental Europe reporting growth of 20.2%. Recent acquisitions, completed in late 2017 and early 2018, contributed EUR 17.6 million in sales, corresponding to growth of 13.9%. The stronger euro had a negative impact of 0.5%. Order intake in the quarter was up 17.2% on last year.
  • Adjusted EBITA amounted to EUR 10.3 million (8.6), up 19.3%. Continental Europe and Nordics & UK posted improved earnings while North America reported decreased earnings year on year due to very strong comparable figures last year in the US. Nordics & UK’s improvement in earnings to EUR 1.6 million (0.8) was mainly due to recent acquisitions.
  • EBITA amounted to EUR 9.7 million (8.2). Items affecting comparability were recognised in a net amount of EUR 0.5 million (0.4) during the quarter.
  • In the beginning of the quarter, Polygon Norway acquired the remaining 80% of the shares in their franchise partners in Drammen and Kongsberg (sales of EUR 3.5 million).

JANUARY - SEPTEMBER 2018

  • Sales growth for the period was 21.7% and amounted to EUR 453.4 million. Adjusted organic growth totalled 8.0% following a strong performance in the last two quarters and acquisitions contributed growth of 14.7%. Currency rates had a negative effect of 1.0%.
  • Adjusted EBITA amounted to EUR 29.0 million (23.5), up 23.6%. Earnings in Continental Europe and Nordics & UK improved while North America was down on the preceding year, when earnings were boosted by the occurrence of hurricanes in the US. Earnings for Nordics & UK continued to improve due to recent acquisitions.
  • EBITA amounted to EUR 26.5 million (22.1). Items affecting comparability were recognised in a net amount of EUR 2.5 million (1.3).
  • Cash flow from operating activities totalled EUR 9.7 million, compared with EUR 18.4 million last year due to increased working capital as a result of high growth. The liquidity buffer amounted to EUR 60.3 million (Dec 2017: 60.9).
  • During the first nine months of the year, Polygon completed four acquisitions with total yearly sales of EUR 36 million. After the closing date, Polygon UK signed a contract to acquire Neways Property Care Ltd with yearly sales of EUR 6 million and Polygon Sweden signed a contract to acquire Refix Skadesanering AB with yearly sales of EUR 3 million.
  • Axel Gränitz was appointed as CEO of Polygon Group effective from 15 October 2018.

Read the full report here

For further information, visit www.polygongroup.com or contact: 
Mats Norberg, CFO at Polygon 
Mail: mats.norberg@polygongroup.com 
Phone: +46 (0) 70 331 65 71

This information is information that Polygon AB (publ) 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 set out above, at 8.00 CET on 9th of November 2018.