Sales +22% y-o-y and +13% vs. ABGSCe
On the back of reopened societies, Doro reported a good quarter, with +22% sales growth y-o-y (+13% vs. ABGSCe). Both its two business areas performed well in terms of sales, with 9% organic growth for Care (+3% vs. ABGSCe) while Phones reported 26% growth y-o-y. As expected, the gross margin for Phones remained high, driven by FX and a favourable sales mix. We expect the latter to endure in H2, but estimate this to be offset by increased costs from the distressed supply chain. The gross margin for Care, however, remained muted, and we believe this will persist in H2e, but that it should increase in 2022e. Even so, the solid sales growth gave an adj. EBIT of SEK 31m (79% above ABGSCe SEK 17m). As in previous quarters, this was supported by Doro’s restructuring programme. It has now implemented SEK 105m of the planned SEK 130m cost savings.
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