Redeye is only making very small adjustments to our forecasts on the back of Systemair’s Q1 report. Highlights include 6% organic growth, the highest number in two years, and firm gross margins. However, top-line was negatively impacted by Fx effects and a couple of non-recurring costs weighed on margins. Systemair’s outlook remains optimistic and with a strong balance sheet, more M&A activity is expected.

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