Bulten Group has reported net sales amounted to SEK 1.41 billion (€118.4 million) for Q2 of 2023, an increase of 40.8% on the same period the previous year (Q2 of 2022: SEK 1.006 billion). Adjusted operating earnings totalled SEK 58 million, equating to an adjusted operating margin of 4%.
Bulten highlights that its operating earnings have been charged with transaction costs of SEK 8 million – attributable to the acquisition of Exim & Mfr Holdings Pte Ltd (for more read page 16). The corresponding quarter of the previous year was adjusted by approximately SEK 10 million, related to winding-up costs for Bulten’s operation in Russia.
“Demand has been strong over the past quarter. High sales volumes combined with the product mix, however, forced extraordinary measures that had a negative impact on operating profit. Shortly after the end of the quarter we signed an agreement to acquire Singapore-based Exim, which will provide a good platform for Bulten to grow in new sectors,” reported Anders Nyström, president and CEO at Bulten Group.
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