In News, Regulatory news

The start of 2022 has been strong, and we continue to have high growth in both revenue and earnings. Revenue in the rolling twelve months increased by 37 % to SEK 155 million at the same time as EBITA increased by 59 % to SEK 16.6 million. The order situation remains strong with full order books for the rest of the year and into 2023.

Important events in Q1 2022

  • A new issue of 155,728 shares was completed in January 2022 due to the exploitation of the over-allotment option. The new share issue provided the company with approximately SEK 3.9 million.
  • At the end of January, our customer FMV announced to cancel a contract regarding the development and production of the power units for helicopters due to time delay. The value of the contract was SEK 9.9 million.
  • In March, a letter of intent was signed to acquire MR Targets AB.

Important events in the quarter

  • On April 7, a final agreement was entered to acquire MR Targets; the acquisition was approved by the extraordinary general meeting on April 27. The company will be consolidated in the group’s figures from 1 May 2022.
  • At the beginning of May, a number of orders were received within the Training & Simulation business area, with a total order value of approximately SEK 39 million. Deliveries will begin during Q2 2022 and last until the summer of 2023.

Financial overview

2022 2021 apr 21-
mars 22
SEK million Q1 Q1 LTM Full year
Intäkter 34.3 22.9 154.8 143.5
EBITA 4.0 3.0 16.6 15.6
EBITA-margin, % 11.7 13.3 10.7 11.1
Profit for the period 3.1 2.3 14.1 13.4
Earnings per share, SEK 0.27 0.23 1.37 1.33
Cash flow from operating activities -14.1 2.3 1.2 17.6
Order intake 17 16 192 191
Order book 161 124 161 177

First-quarter 2022

  • Operating income for the quarter amounted to SEK 34.3 (22.9) million, corresponding to an increase of 50%.
  • Profit, EBITA, for the quarter amounted to SEK 4.0 (3.0) million, which corresponds to an increase of 33%.
  • Cash flow from operating activities amounted to SEK -14.1 (2.4) million.
  • Order intake for the period amounted to SEK 17 (16) million, with an order book at the end of the period of SEK 161 (124) million.

CEO’s comments

Strong start to the year

The start of 2022 has been strong, and we continue to have strong growth in both sales and profits. The order situation remains strong, with full order books throughout the year and well into 2023. The investments in the Swedish Armed Forces that the Government has announced are now beginning to be noticed via a number of inquiries and discussions about building up future capabilities. The big challenge now is to build an organization that can meet our customers’ increased needs.

Turnover and profit

We have continued strong sales growth. Calculated on a rolling twelve-month basis, compared to the corresponding period last year, sales growth is 37%. Profit growth is even stronger, and profits are growing by 59% on a rolling twelve-month basis.

Our EBITA margin amounts to 10.7% LTM, which is 1.5% better than the corresponding period last year. We still have some left to our EBITA target of 15%, but we still see significant opportunities to get there.


Since the first of May, MR Targets has been part of the W5 Group. A welcome addition that both significantly expands our production capacity and improves our availability in terms of service and maintenance, especially in northern Sweden.

Future expansion

Our future acquisition strategy remains firm, and our ambition and goal are to complete at least one more acquisition in 2022.

In addition to growth through acquisitions, we now see opportunities opening up in the export market. This is partly through our partners but also directly to export customers. We currently have inquiries from a number of countries in several of our business areas, and we have hopes that this will lead to orders in 2022.

Daniel Hopstadius, CEO

A Swedish version of the interim report can be downloaded on

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