• Net revenue increased to MSEK 1,693 (1,460)
• Adjusted operating profit, EBIT, increased to MSEK 243 (237), corresponding to an operating margin of 14.3 percent (16.3)
• Profit after net financial items was MSEK 192 (206)
• Earnings per share was SEK 2.41 (2.97)
• Order bookings increased to MSEK 1,808 (1,440)
• Cash flow from operating activities amounted to MSEK 44 (-84)
• Tollman Spring was acquired on April 14
• The Annual General Meeting approved a dividend of SEK 3.75 (3.50) per share

Group
Demand in the quarter was overall stable, but with variations in the Group’s diversified customer base. We saw an improvement compared with the preceding quarter, but slightly lower volumes year on year. The Nordic region and North America remained the strongest regions, while demand in the rest of Europe and Asia was weaker, partly as a result of customers reducing their inventory levels. As supply chains have stabilized, we have taken action and reduced inventory levels.

Subsidiaries
Lesjöfors noted mixed demand, with variations between geographic regions and customer segments. Within the Chassis Springs business area, the start of the year was characterized by inventory reductions by our customers, but demand increased gradually during the quarter as the spring peak season approaches. Within Industrial Springs, the Nordics and the US were the strongest regions. In Asia and Central Europe, demand was generally weaker and varied more between customer segments and countries. Last year’s acquisition of John Evans’ Sons contributed profitable growth.

For Beijer Tech, which operates in the Nordic market, demand was favorable. Order bookings increased sharply, partly as a result of important new projects but also underpinned by broad demand in Norway and Sweden. Price increases contributed to profitable organic growth, and our most recent acquisition, Botek, got off to a good start with favorable earnings.

Strategy and acquisitions
During the quarter, Beijer Alma renewed and secured robust financing to support the Group’s growth strategy.

Two additional acquisitions were carried out in January. Lesjöfors acquired Amatec, a successful spring distributor in the Netherlands. Beijer Tech acquired Botek, a manufacturer of scales and RFID systems for waste management vehicles. Botek offers highly technical proprietary products, commands a strong position in the Nordic region and is exposed to an interesting and growing international market.

After the end of the quarter, the acquisition of Tollman Spring Company in the US was also completed. Tollman strengthens Lesjöfors’s position in industrial springs with a focus on smaller dimensions. The company has long-standing customer relationships in attractive segments, such as industry, electricity, defense and automative industry. With this acquisition, Lesjöfors has advanced its position as a major spring group in the US market.