Addtech soars to all-time high on profit beat and upbeat outlook

Addtech AB

12/07/2024 11:15

** Shares in Addtech  ADDTb.ST  jump around 13% to record
high after the Swedish technical solutions group reported Q1
earnings beat and said outlook for the next few quarters was
favourable
    ** "We believe that Addtech delivered a consistently strong
report that beat EBITA expectations by about 9%," DNB analyst
Johan Skoglund says
        ** Skoglund also points to CEO comments on orders;
Addtech CEO Niklas Stenberg said order books are "well-filled
and of high quality"
  
    ** The EBITA beat was partly driven by a 2% organic growth,
whereas consensus expected a negative growth of around 1.5%,
according to Skoglund
    ** The analyst adds that strong margins in most segments and
solid cash flow that leaves the balance sheet "in very good
shape for potential future acquisitions"
    ** If gains hold the stock will see its best day in five
months; it is at the top of Europe-wide STOXX 600  .STOXX  index

 (Reporting by Tilla Sjaavaag)
 ((tilla.sjaavaag@thomsonreuters.com; +48 58 7696600;))