Brand company New Wave reported increased revenue for the fourth quarter compared to the same period last year, but saw a decline in operating profit. The board is proposing a reduced ordinary dividend.
Revenue rose by 11.2 percent to SEK 3,145 million (2,827). In local currencies, sales increased by 17.7 percent, with 6 percent attributed to organic growth. The remaining growth came from acquisitions.
Gross profit amounted to SEK 1,525 million (1,412), with a gross margin of 48.5 percent (49.9).
Operating profit was SEK 435 million (463), corresponding to an operating margin of 13.8 percent (16.4).
Net profit after tax was SEK 306 million (344), or SEK 2.31 per share (2.60).
The proposed ordinary dividend is SEK 3.00 per share (3.50), to be paid semi-annually at SEK 1.50 per share on each occasion.
Cash flow from operating activities amounted to SEK 534 million (546).
"I am very optimistic about the future. We are stronger than ever and have managed to maintain profitability despite extremely turbulent times, a tough market, and a high rate of investment. For several years, we have consistently gained market share – and we still have significant growth ahead of us," says CEO Torsten Jansson.
New Wave Group AB is a Sweden-based company engaged in the houseware and appeal sector. The Company’s activities are divided into three business areas: Corporate Promo, Sports & Leisure and Gifts & Home Furnishings. The Corporate Promo area is divided into three subdivisions: Promowear, offering clothes adapted for printing and embroidery; Promotional Gifts, which promotes and markets a brand through pens, bags, and towels, among others; and Workwear, providing clothing for processionals, such as construction and installation workers, waiters and carriers. The Sports & Leisure area operates a range of sport brands, named AHEAD, ANNIKA, Craft, and Skona Marie, among others. The Gifts & Home Furnishings area includes glass and metal home decorations, cutlery, as well as textile goods. Furthermore, the Company operates worldwide through a number of subsidiaries, such as DJ Frantextile AB, GC Sportswear Oy, Jobman Workwear AB, New Wave France SAS and Texet AB.
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