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CEO’s review

Sales growth picked up in the second quarter. Net sales amounted to EUR 7.7 million, a year-on-year increase of 35 percent. Net sales in the first half of the year increased by 19 percent compared to last year’s reference period, amounting to EUR 13.8 million.

Sales grew in almost all customer segments, with the exception of the security and defense segments. The largest growth in the first half of the year was generated by the automotive industry, but the second-quarter pick-up was boosted particularly by the increased demand for next-generation 5G telecommunications networks. The industrial electronics and semiconductor testing segments continued to enjoy good steady growth. The order book strengthened clearly and amounted to EUR 3.1 million.

The operating result for April-June grew to EUR 0.8 million. The operating profit margin rose to over 10 percent. The positive development of the operating result was mainly due to growth in net sales and the focus on more demanding PCBs in the product mix. Cumulatively, the operating result for the first half of the year amounted to EUR 1.1 million, representing nearly 8 percent of net sales. Cash flow from operations amounted to EUR 0.7 million, and it weakened by EUR 0.4 million compared to last year’s reference period because growth in net sales tied up more working capital.

The investment program announced in December 2017 is proceeding on schedule and the first equipment is already in production use. The program aims to improve the Oulu plant’s technological capabilities and capacity in order to bolster the company’s position as a partner to the world’s leading technology companies.


Espoo, August 9, 2018