Muted off-season quarter with limited impact on full year
DistIT delivered relatively soft results with an adj. EBIT margin no higher than that achieved in a very challenging Q2’20. However, the accretive acquisition of EFUEL overshadows this. Sales in the quarter came in at SEK 545m, up 8% y-o-y and 1% better than ABGSCe. Septon drove the positive deviation, as volumes for the segment were 29% better than we expected and up 40% y-o-y driven by strong consumer demand. Own brands grew 8% and are still at 26% of group sales. The gross margin fell to 21% (22% in Q2’20 and Q1’21) driven primarily by a worse product mix. This, combined with a slight ramp-up of opex to manage the European expansion, led to adj. EBIT of SEK 5m, up 16% y-o-y and 8% better than ABGSCe.
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