– We saw a stable profit development in the third quarter due to a lower market activity during the year, which impacted our growth. Our profit levels where kept by disciplined cost improvements. We maintained our already strong market position despite challenges in our main markets where specifically Sweden was impacted by the uncertain governmental situation in the beginning of the year and the municipalities desire to reduce short-term cost. The number of public tenders where on historically low levels, says Philip Isell Lind af Hageby, President and CEO for Adapteo. During the quarter, Adapteo expanded its presence in Business Area Permanent Space to the Norwegian market and continued its expansion in Finland. In Business Area Rental Space, a new modular solution for the German market was introduced – Adapteo.Hybrid. Adapteos’ total portfolio of rentable square metres exceeded one million during the quarter, with a stable and close to optimal utilisation rate of 85%. Now the work to develop the company’s offering, brand and organisation as a standalone company continues, as well as the integration of the acquired Nordic Modular Group with annual synergies of EUR three to four million to be realised in 2020.
– The low market activity we have seen during the year are now being expressed in lower revenues during the third quarter, with impact on quarters ahead. However, the needs in the public sector remains and our long-term view of the market development stays unchanged. An old and ageing building stock with substantial renovation needs, urbanization, demographic changes, growing number of pupils and enrolled children in day-care centres, a growing elderly population as well modular buildings become increasingly more appreciated in the private sector, says Philip Isell Lind af Hageby, President and CEO for Adapteo.
Read Adapteos Q3 Business Review: https://www.adapteogroup.com/files/PDF_Doc/2019/Adapteo-Q3-2019-EN.pdf
Adapteo’s telephone conference:
On 15 November 2019 at 11.00 CET Adapteo presents the periods result via a telephone conference. To participate in the conference, please use following telephone numbers and links:
Link to webcast: https://tv.streamfabriken.com/adapteo-q3-2019
For additional information, please contact
CFO, Adapteo Group
Mobile: +358 50 3154320
SVP Marketing and Communication, Adapteo Group
Mobile: +46 76 256 10 62