LINKÖPING, Sweden, May 28, 2019 /PRNewswire/ --
International medical imaging IT and cybersecurity
company Sectra (STO: SECT B) is
growing in the medical IT and cybersecurity markets. This success
is based on high customer satisfaction and the company's corporate
culture, innovation and long-term approach. Major long-term
customer contracts and a focus on the company's growth areas—which
are starting to gain momentum—contributed to record-high order
bookings. All of the financial goals have been achieved. Taking
into consideration this favorable performance and the company's
strong financial position, it is proposed that the Annual General
Meeting (AGM) resolve that SEK 4.50
per share be distributed to the shareholders through a share
redemption program.
Fiscal year in figures
- Order bookings increased 42.9% to SEK 2,132.8 million (1,492.5).
- Net sales rose 16.9% to SEK
1,413.5 million (1,209.2). Adjusted for currency
fluctuations, sales increased 12.0%.
- Operating profit rose 9.9% to SEK
235.5 million (214.3), corresponding to an operating margin
of 16.7% (17.7). Adjusted for currency fluctuations, operating
profit increased 0.7%.
- Under the previous accounting policy, operating profit
would have increased 8.3% to SEK 259.0
million (239.1) (refer to Note 3 on page 24 in the enclosed
Year-end report).
- Profit before tax rose 7.6% to SEK
248.8 million (231.2). Excluding nonrecurring items in the
preceding year, profit after net financial items rose
12.0%.
- Cash flow after changes in working capital increased to
SEK 250.7 million
(207.5).
- The Board and the President propose that the 2019 AGM
resolve to distribute SEK 4.50 per
share to the shareholders through a 2:1 share split in combination
with a mandatory redemption process. No ordinary dividend is
proposed.
Fourth quarter in figures
- Order bookings increased 120.9% to SEK 1,104.9 million (500.3). Of the order
bookings during the quarter, an estimated 13–23% pertains to
invoicing within 12 months after the end of the quarter.
- Net sales increased 32.8% to SEK
474.1 million (357.1). Adjusted for currency fluctuations,
sales increased 27.3%.
- Operating profit rose 15.4% to SEK
104.7 million (90.7), corresponding to an operating margin
of 22.1% (25.4). Adjusted for currency fluctuations, operating
profit increased 7.5%.
- Under the previous accounting policy, operating profit
would have increased 29.7% to SEK 108.6
million (83.7) (refer to Note 3 on page 24 in the enclosed
Year-end report).
- Profit before tax declined 9.3% to SEK 110.9 million (122.3). Excluding nonrecurring
items in the preceding year, profit after net financial items
decreased 1.4%.
- Cash flow after changes in working capital amounted to
SEK 103.8 million (114.7).
We are living in an age when accounting practices
are
Change in accounting policies and timing of transfer of
risk and restatement of consolidated financial statements and
segment reporting
In conjunction with the implementation of IFRS 15 Revenue
from Contracts with Customers and IFRS 16 Leases, the company
performed a new analysis of its customer contracts, which resulted
in a change to the view of the point in time when the transfer of
risk takes place for Group-financed managed-services agreements in
the UK. The consolidated financial statements and segment reporting
have been retroactively restated. Read more about the impact of the
change in assessment and the new accounting standards in the notes
on pages 22–28 standards in the attached Year-end report. These
changes will have no impact on cash flow for the year or future
cash flow.
Torbjörn Kronander, President and CEO of Sectra AB,
comments
"Every year, Sectra's products and services contribute to
improved care for millions of patients across the world. We also
help customers reduce the risk of eavesdropping on society's most
important secrets and of unauthorized data access and disruptions
to its most sensitive infrastructure."
"We are continuing to grow. Particular focus is being
devoted to North America, where we
have a very high level of customer satisfaction and major growth
potential. Our profit is also being reinvested in new geographic
markets and more in-depth product offerings. Our order bookings for
2018/2019 exceeded SEK 2 million.
Nearly half of these orders were from new customers. This
impressive growth was mainly attributable to major multiyear
customer contracts in the Imaging IT Solutions operating area. I'm
particularly pleased to report that our growth initiatives and new
markets in both medical imaging IT and cybersecurity are beginning
to gain momentum. Major long-term customer contracts provide us
with greater stability for the coming years, but also result in
significant fluctuations between quarters."
"Thanks to a combination of significant growth
opportunities in all of our operating areas, stable development,
positive underlying cash flows and profit in our core operations, I
have every reason to remain optimistic about the
future."
For further CEO comments and information, see the attached
interim report.
Presentation of the year-end report
A presentation will be held by Torbjörn Kronander, President and
CEO of Sectra AB, and Mats Franzén, CFO of Sectra AB. The
presentation will be held in English.
Time: May 28, 2019, at 12:00
noon
Location: Operaterrassen in Stockholm
To attend the presentation, register via:
financialhearings.com/event/11474/register/live_event
Follow live online:
investor.sectra.com/event/year-end-report-2018-2019/
A recorded version will be available on this website after the
presentation.
This information constitutes information that Sectra AB
(publ) is obliged to make public pursuant to the EU Market Abuse
Regulation and/or the Swedish Securities Markets Act. The
information was submitted for publication, through the agency of
the contact person set out below, at 08:15
a.m. (CET) on May 28,
2019.
About Sectra
Sectra assists hospitals throughout the world to enhance
the efficiency of care, and authorities and defense forces in
Europe to protect society's most
sensitive information. Thereby, Sectra contributes to a healthier
and safer society. The company was founded in 1978, has its head
office in Linköping, Sweden, with
direct sales in 19 countries, and operates through partners
worldwide. Sales in the 2018/2019 fiscal year totaled SEK 1,413 million. The Sectra share is quoted on
the Nasdaq Stockholm exchange. For more information, visit
https://sectra.com/.
For further information, please contact:
Dr. Torbjörn Kronander, CEO and President Sectra AB,
+46(0)705-23-52-27
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The following files are available for download:
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Sectra Year-end
report 2018/2019
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https://news.cision.com/sectra/i/sectra-digital-pathology,c2631815
|
Sectra Digital
Pathology
|
https://news.cision.com/sectra/i/sectra-communications,c2631841
|
Sectra
Communications
|
https://news.cision.com/sectra/i/torbjorn-kronander,c2631816
|
Torbjörn
Kronander
|
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SOURCE Sectra