First quarter 2022
- Net revenue increased by 65% to SEK 756 million (457). Organic growth was 7%.
- Adjusted EBITA increased to SEK 88 million (73), corresponding to a margin of 11.6% (15.9).
- Profit for the period totalled SEK 33 million (32) and earnings per share, basic and diluted, amounted to SEK 0.24 (1.29).
- Adjusted earnings per share, basic and diluted, totalled SEK 0.32 (1.40).
- Cash flow from operating activities amounted to SEK 76 million (111).
- On 1 January, the acquisitions were completed of German company Zentrale Autoglas GmbH, which operates a bus glass repair and replacement business, and Norwegian company MPS Bilskade AS, which operates within SMART repair.
Significant events during the first quarter
- At the end of the first quarter, Cary Group signed an agreement to acquire 100% of the shares in UK company Charles Pugh (Holdings) Ltd. The company is one of the UK’s market leaders in vehicle glass repair and replacement, along with related wholesale business. This acquisition strengthens Cary Group’s market position in the United Kingdom and enables synergies with Cary Group’s existing UK operations. The acquisition was completed on 4 May 2022.
- Cary Group has entered into an agreement with the company’s banks on extending the current credit facility by a further SEK 1,050 million, making the total credit facility available SEK 3,100 million. This financing secures access to capital for the company’s continued expansion.
Significant events after the first quarter
- On 1 April, the acquisition was completed of GlassCo S.A., owner of “ExpressGlass”, which operates a vehicle glass repair and replacement business in Portugal.
Presentation of the report
A conference call for investors, analysts and financial media will be held at 10:00 AM CET. The report will be presented by Anders Jensen, CEO, as well as by Joakim Rasiwala, CFO.
You can follow the conference via https://tv.streamfabriken.com/cary-group-q1-2022.
A recording of the conference call will be available afterwards at www.carygroup.com.
Dial-in details for the conference call:
SE: +46 8 566 42 705
UK: +44 333 300 92 67
US: +1 6 319 131 422 PIN US: 91572095#
Anders Jensen, CEO, Cary Group
Stockholm, 10 May 2022
For more information, please contact:
Helene Gustafsson, Head of IR & Corporate Communication
Tel: +46 708 684 050
About Cary Group
Cary Group provides sustainable damage repair and car care services and has business operations in Sweden, Denmark, Norway, the UK, Spain and Germany. It specialises in the repair and replacement of automotive glass, with a complementary range of services in auto body repair and SMART repair. With good accessibility for customers, high-quality products and smart solutions, we help our customers make simplified and sustainable choices. For more information, please visit www.carygroup.com.