Cary Group, a leading European vehicle glass repair and replacement service provider, today presents selected information on the company's financial and operational development for the second quarter of 2021.

Anders Jensen, CEO of Cary Group, comments:
”In the second quarter, demand picked up again in our key markets, following an easing of Covid-19 related lock-down measures, and Cary Group was able to deliver strong growth of 40%. Our M&A journey continued with the acquisition of Quick Car Fix in Norway, specialising in SMART repair (Small to Medium Area Repair Techniques). In total, we closed seven acquisitions in the quarter.

Profitability amounted to 17.8% (21.9) and was affected by increased marketing spend as markets continue to reopen and costs for rebranding in Norway, lower cost base in the second quarter of 2020 in connection with the Covid-19 outbreak and a negative mix effect through relatively higher sales in Rest of Europe.

The number of workshops including mobile units increased by 12% to 601 in the second quarter, compared with 536 in the second quarter of 2020. A strong geographical presence plays an important role in our aim to offer our services as close to our customers as possible.

After the end of the period, we completed the acquisition of Ralarsa, Spain's second largest player in within automotive glass repair and replacement. The acquisition represents a further important step in our continued expansion in Europe, where Spain is the second country, after UK, outside of the Nordics. Spain is one of the leading markets in Europe and Ralarsa fits well into Cary Group’s business.”

Second quarter 2021

• Net sales increased by 40% to SEK 575m (412).
• Adjusted EBITA increased to SEK 102m (90), corresponding to an adjusted EBITA margin of 17.8% (21.9).
• Operating profit (EBIT) rose to SEK 85m (76).

First six months of 2021

• Net sales increased by 21% to SEK 1,032m (852).
• Adjusted EBITA increased to SEK 175m (151), corresponding to an adjusted EBITA margin of 17.0% (17.7).
• Operating profit (EBIT) amounted to SEK 146m (127).

Significant events during the second quarter

• In April, Cary Group acquired 80% of the Norwegian company Quick Car Fix which specialises in SMART Repair – Small to Medium Area Repair Techniques. Quick Car Fix reported total revenue of approximately NOK 57m in 2020, corresponding to approximately SEK 55m.

Significant events after the end of the period

• In early July, Cary Group acquired Autoklinik in Malmö, which specialises in auto body repair. Autoklinik i Malmö had total revenue of approximately SEK 38m in 2020.
• In late July, Cary Group also acquired Auto Cristal Ralarsa ("Ralarsa"), Spain's second largest automotive glass repair and replacement company. In 2020, Ralarsa operated more than 235 workshops, of which 155 are franchise-owned, and 85 mobile units. Total sales, including sales from franchise businesses, amounted to EUR 51m and net sales attributable to the company totalled EUR 25m. The company has approximately 375 employees. Ralarsa's profitability is in line with that of Cary Group.

Financial summary

SEKm	2021 Q2	2020 Q2	Δ%	2021 Q1-2	2020 Q1-2	Δ%	2020 Full year
Net sales	575	412	39.7%	1,032	852	21.1%	1,651
EBITA*	94	88	7.1%	164	146	12.3%	239
EBITA-margin, %*	16.3%	21.3%	–	15.9%	17.1%	–	14.5%
Adjusted EBITA**	102	90	13.5%	175	151	16.2%	247
Adjusted EBITA-margin, %**	17.8%	21.9%	–	17.0%	17.7%	–	15.0%
Operating result (EBIT)	85	76	11.4%	146	127	15.0%	211

* EBITA is Operating profit before amortisation of intangible assets. EBITA margin is calculated as EBITA as a percentage of the Company's net sales.
** Adjusted EBITA is Operating profit before amortisation of intangible non-current assets, adjusted for items affecting comparability. Adjusted EBITA margin is calculated as Adjusted EBITA as a percentage of the Company's net sales.

For more information, please contact:

Anders Jensen, CEO of Cary Group
anders.jensen@carygroup.comor+46 10 102 98 74
 
Helene Gustafsson, Head of IR & Corporate Communication at Cary Group
helene.gustafsson@carygroup.comor +46 70 868 40 50

About Cary Group

Cary Group offers sustainable car care solutions with business in Sweden, Denmark, Norway, UK and Spain, specialising in vehicle glass repair and replacement with a complementary offering in auto body repair. Ryds bilglas, Svenska Bussglas, Mobile Windscreens, Crashpoint, Danglas, Cary, Quick Car Fix, Autoklinik and Auto Cristal Ralarsa are our well known and successful brands with a total of 524 workshops and 397 mobile units. We provide car care services that sustain the life, value and safety feature of motorized vehicles by always aiming to repair instead of replace. With convenient locations, high-quality products and smart solutions, we help our customers make simplified and sustainable choices. For more information, visitwww.carygroup.com.

Cary Group has acquired 90 percent of Autoklinik i Malmö AB, “Autoklinik”, an auto service and body repair workshop in Malmö. Autoklinik was founded in 1983 by the Radomski family and has been in the family’s ownership since. Autoklinik specialises in auto service, body repair and paint for several car brands. They are an authorized service and repair workshop for Hyundai, Honda, Fiat, Subaru and Isuzu and specialized damage repair partner for Bentley and McLaren, which are advanced cars that require great knowledge and skills from the technician. Autoklinik is also an approved body shop for Tesla cars.

“We are very happy to welcome Autoklinik to the Cary Group family. This is our first workshop in Sweden specialised in auto body repair and service and will serve as a great compliment to our vehicle glass replacement and repair business. The broadening of our service offering is part of our growth agenda in the Nordic Region. We are very happy that Robert Radomski, from the founder family, keeps a 10% share of the company and we are looking forward to continuing to develop Autoklinik together with him”,says Mats Green, Regional Head of Nordics at Cary Group.

Autoklinik has 30 employees, primarily body repair technicians and paint workers. In 2020 Autoklinik’s net sales attained approximately 38 MSEK.

With the acquisition, Cary Group is expanding its offering in Sweden. In March 2021 Cary Group acquired the Danish company Crashpoint A/S, which specializes in body repair and paint and is an approved body shop for Tesla, as a complement to Cary Group’s existing Danish business.

For more information, please contact:

Mats Green, Regional Head of Nordics at Cary Group
mats.green@carygroup.comor +46 10 121 96 00
 
Helene Gustafsson, Head of IR & Corporate Communication at Cary Group
helene.gustafsson@carygroup.comor +46 70 868 40 50

About Cary Group

Cary Group offers sustainable car care solutions with business in Sweden, Denmark, Norway and the UK, specialising in vehicle glass repair and replacement with a complementary offering in auto body repair. Rydsbilglas, Svenska Bussglas, Mobile Windscreens, Crashpoint, Cary and Quick Car Fix are our well known and successful brands with a total of 289 workshops, 314 mobile units, 1,000 employees and SEK 1,650m in turnover. We provide car care services that sustain the life, value and safety feature of motorized vehicles by always aiming to repair instead of replace. With convenient locations, high-quality products and smart solutions, we help our customers make simplified and sustainable choices. For more information, visit www.carygroup.com.