Main points from the Q2’21 report
Nilörngruppen continued its strong 2021 performance on profitability in its Q2 report on Friday. Sales were SEK 175m, or 7% below our expectations. However, EBIT was roughly in line, at SEK 23.1m (-3% vs. ABGSCe at 23.7m). This was due to a continued strong gross margin, where the company has seen a rather large effect of 1) mix 2) good leverage on the Bangladeshi production and 3) positive FX effects in the EUR/HKD. This resulted in a gross margin of 46.7%, 1.7pp. above our expectations. On opex, we note that the cost base has started to normalise, with personnel costs now being at levels without any voluntary temporary pay cuts, which was the case last year.
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