“In the quarter, profitability was hampered by lower sales, a negative segment and geography mix, and a stronger Swedish krona“, says Fredrik Meuller, President and CEO of Inwido and continues: “Market activity varied considerably across Inwido's different geographies. In Sweden and Ireland, Consumer activity was higher, and both markets developed positively. Markets in the UK and Finland remain challenging, while the markets in Denmark and Norway were unchanged”.

Expectations of seasonal recovery during the summer months, above all in Finland and the UK, resulted in under-absorbed costs before adjustments took effect later in the quarter.

To balance lower organic growth, M&A activity has been ramped up. In the quarter, RM Snickerier in Vimmerby, Sweden, was acquired, as well as Fast Frame in the UK after the end of the quarter. Both are small but highly profi­table companies with a good fit to our current offering and with potential for synergies in sales and purchasing.

“Recovery is slow as a result of geopolitical turmoil and volatile markets, but long-term industry drivers remain fundamentally attractive for Inwido, and our leading position, financial strength and solid order book offer comfort”, concludes Fredrik Meuller.