Stockholm, Sweden, 2016-01-15 10:00 CET (GLOBE NEWSWIRE) -- MSAB has compiled the financial results for 2015. The Company believes that these results may deviate from market expectations and is therefore presenting preliminary figures for the fourth quarter of 2015 already now.
The preliminary figures for full-year 2015 indicate net sales in the range of MSEK 224-227 (181.0). Operating profit is estimated to be about MSEK 55-57 (14.1).
Net sales for the fourth quarter are estimated to be MSEK 63-66 (65.5) and operating profit is expected to be in the range of MSEK 17-19 (19.5).
As was previously announced, Metropolitan Police Services (MPS) in London awarded a major order to MSAB, with delivery during the fourth quarter. Since MPS will lease the products for 18 months, revenue will be recognised on a straight-line basis over the term of the agreement. This payment model has not previously been requested by any of MSAB’s customers. The postponement of a substantial portion of revenue has had a negative impact on both net sales and operating profit for the fourth quarter.
Joel Bollö, the Company’s CEO notes that “overall 2015 was a new record year for MSAB. Net sales grew by about 24 % and the operating margin is estimated to be between 24 and 25 %. It is normal for growth to vary from one quarter to the next in our market segment. We are particularly pleased by the breakthrough achieved by our new release of the product XRY Kiosk.”
Bollö continues: “The volume of XRY Kiosk increased several-fold compared with 2014. XRY Kiosk is an important component of our strategy to provide a complete platform of products, each of which fulfils a function in a forensic ecosystem. We can see how our products are properly positioned for the process through which operations at law enforcement institutions develop.”
As a whole, the Company demonstrates growth and profitability in 2015 that exceeds the internal expectations at the beginning of 2015.
The 2015 year-end report will be presented in its entirety on 29 January at 8:00 a.m. The financial statements will be audited prior to that time. Under Company policy, MSAB does not issue any detailed forecasts of market trends or performance estimates.
Stockholm 15 January 2016
The information in this press release is information that MSAB, company registration number 556244-3050, is required to disclose in accordance with the Swedish Securities Markets Act. The information was submitted for publication on 15 January 2016 at 10:00 a.m. CET.
Joel Bollö, +46 8 739 02 70, joel.bollo@msab.com
