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Interim report January – March 2023



  • Order intake in the quarter decreased by 6 percent compared with the same period last year and amounted to 69,6 (74,5) MEUR. Adjusted for currency and acquisitions the decrease was 7 percent.
  • Sales in the quarter decreased by 3 percent compared with the same period last year and amounted to 67,8 (69,6) MEUR. Adjusted for currency and acquisitions sales decreased by 4 percent.
  • Operating profit before amortizations (EBITA) decreased to 12,7 (12,8) MEUR.
  • Operating margin before amortizations (EBITA margin) increased to 18,7 (18,4) percent.
  • Financial net was -0,6 (-0,2) MEUR.
  • Profit after tax decreased to 8,9 (9,3) MEUR.
  • Earnings per share after dilution amounted to 0,15 (0,16) EUR.


Troax's order intake decreased slightly during the first quarter. This was expected, as demand from international customers within Automated warehouses has largely lost ground since the second half of 2022. This trend is expected to continue throughout 2023. However, we have noted a certain increase in demand within this segment among small and medium-sized customers, which is a signal that the long-term trend is still positive. It is also positive that we have not noted any significant decline in other customer segments, but inquiries and orders have continued at a reasonably even level during the quarter. No reduction due to a general drop in demand has been noticeable.

Automotive demand has been higher than in previous quarters. For the last few quarters, we have noticed increased requests for quotations from automotive customers, and this has now been manifested in the first quarter in a higher order intake. The weak demand from customers within the Automated warehouse segment is most noticeable in Natom Logistic (part of Continental Europe) and United Kingdom, where order intake has been low in the period. In terms of invoicing, however, we have been able to keep the numbers up in general by our loyal small and medium-sized customers continuing to buy at an undiminished rate. In total for the first quarter, order intake is 7% lower than in 2022, when we exclude acquisitions.

Invoicing has been good, even if we show a slightly lower level than the previous year for comparable companies. If we subtract price increases, the volume reduction will be in the order of 10%, entirely attributable to customers within Automated warehouses. This can be seen in the figures for United Kingdom and Continental Europe. Other regions have had a good development.

The gross margin has gradually improved and is beginning to approach the group's target of 39-40%. Behind this is the fact that purchase prices have been relatively stable during the period, while our previously made price increases have taken full effect. However, the margin is negatively affected by lower volumes, especially in our Polish factory during the first quarter. We have reduced our fixed costs in the first quarter of 2023 in our units in Chicago and Poland. We have also continued to reduce our stock levels during the quarter, which of course also negatively affects the capacity situation.

In the quarter, we have continued to invest long-term for continued capacity growth and for increased productivity, primarily in Natom Logistic in Poland, where additional production equipment has been taken into the operation. We are also partially moving production from an old rented factory to our own new facility in Sroda, Poland. Operation in Hillerstorp is being expanded further in 2023 and ground work is largely complete. The company in Spain acquired in 2022, Claitec, had a good development during the quarter. The same can be said about the smaller company Svenska Cykelrum, which was acquired at the end of 2022 and which is being integrated into our Nordic operations.

The improved gross margin can also be seen in an improved EBITA margin, where, despite volume reductions in our factories, we exceed the margin for the same period last year. In absolute terms, EBITA is almost at the same level as in 2022, despite the volume reduction.

Cash flow has been good during the first quarter and positively affected by reductions in inventory levels. This means that Troax has a continued stable financial situation and sees good opportunities to continue looking for interesting complementary companies to acquire. 

Thomas Widstrand, President and CEO


Invitation to presentation of the first quarter result:
Thomas Widstrand, CEO presents the result on a phone conference on the 26th of April 2023 at 16:30 CET. The conference will be held in English. For more information, please refer to

For additional information, please contact:

Thomas Widstrand
President and CEO
Troax Group AB
Box 89
SE-335 04 Hillerstorp
Tel +46 (0)370-828 31

This information is information that Troax Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact person set out above, at 12:30 CET on the 26th of April 2023.