Record result for Combitech’s first quarter
The Nordic solution and consultancy partner Combitech is issuing its quarterly report for January-March 2021. The report shows greatly increased profit in the first quarter compared with the corresponding period last year. Incoming orders and the operating margin are also displaying an increase. This means Combitech continues to have a great need for recruitment.
"We have another strong quarter behind us. The operating profit has increased by 53%, and we have again received confirmation that our unique combination of digitalisation and cybersecurity is fully in line with market requirements. With this positive development we can see a continued great need for recruitment at all our sites," says Combitech's CEO Hans Torin.
A continued high level of demand from industrial companies wishing to take the next step within Industry 4.0, together with the major societal focus on security issues and the restoration of Total Defence, has contributed to the increased number of incoming orders and the strong result. Reduced costs as a result of the coronavirus pandemic in the form of reduced travel and fewer physical meetings are also having a positive impact on the result.
During the quarter it was announced that Hans Torin will be stepping down as CEO as of 1st July. The new CEO will be Jessica Öberg, the current chair of the board of Combitech and head of Saab’s IPS business area.
“I've been wanting to scale down for some time now. With Combitech taking on a new and more independent role within the Saab Group, it seemed a good opportunity to pass on the baton. I’ve had six fantastic years in my role as CEO, having been part of Combitech during a major developmental journey accompanied by a steadily increasing result and a turnover that has grown to over 1 billion," says Hans Torin.
IMPORTANT EVENTS JANUARY-MARCH 2021
- March saw the presentation of a reorganisation within the Saab Group, to which Combitech belongs. For Combitech this means a more independent role within the group, and that Jessica Öberg, the current chair of Combitech’s board and head of the IPS business area at Saab, will be taking over as Combitech’s CEO on 1st July 2021.
- During the quarter Combitech was commissioned by the Swedish Forest Agency to develop the AI solution that had previously been developed to facilitate detection of attacks by the European spruce bark beetle. The solution makes the Swedish Forest Agency’s work easier, and means bark-beetle attacks can be detected more quickly.
- Combitech has won important assignments within the finance industry linked to the European TIBER framework. The assignments entail using thorough threat-intelligence work to develop threat situations and realistic scenarios that are used as a starting point for advanced security tests.
- Combitech has signed a number of new agreements within the public sector, above all in the field of IT services and information security.
- The year has seen an increase in Combitech’s undertakings in the realm of both civilian and military total defence. Combitech already supports a large number of authorities in the work of restoring Total Defence.
- Combitech has signed a framework agreement with Avinor Air Navigation Services, which is responsible for the majority of Norwegian airports, regarding use of Combitech's AWOS solution for automatic weather monitoring. The solution is already in use by a large majority of Swedish airports, as well as a number of regional airports across the globe.
- In March Combitech joined the newly formed digitalisation consultancy association Digitaliseringskonsulterna, with the aim of accelerating its strategic work on a smart and fossil-free society after the coronavirus crisis.
Key ratios January-March 2021
Incoming orders in the first quarter were SEK 759 million, representing an increase of 20% on the figure for the first quarter of 2020 (SEK 633 million).
Sales revenue was SEK 696 million, representing growth of 6% (SEK 659 million).
Profit/loss and margin
Operating profit (EBIT) was SEK 72 million, representing an increase of 53% on the figure for the same period in 2020 (SEK 47 million). The operating margin was 10.4%, compared with 7.2% in 2020.
Operating cash flow
The operating cash flow was SEK 66 million, compared with SEK 193 million in the first quarter of 2020.
For further information
Åsa Scherling, Head of Communication, Combitech
Tel.: +46 734-18 77 98, email: email@example.com
Merton Kaplan, IR manager, Saab AB
Tel.: +46 (0)73 418 2071, email: firstname.lastname@example.org
Combitech is a Nordic solution and consulting partner with services in areas such as digital transformation, cybersecurity and national defence. We have 1900 employees, who help companies, industries and the public sector to benefit from technology and digitalisation for a sustainable and secure society. In short: technology with a purpose! Read more at www.combitech.se
Combitech is an independent company within the defence and security group Saab.