Record quarter with continued improvement in operating margin
STOCKHOLM, Oct. 28, 2022 /PRNewswire/ — Loomis achieved all-time high revenues and operating profit in the third quarter. Revenues in Europe and Latin America have returned to pre-pandemic levels with the opening of societies and increased tourism and travel. The automated solutions with SafePoint in the USA have continued to be successful. Loomis Pay transaction volumes continued to grow and the pilot project in Spain developed according to plan.
The record high revenue has been supported by continued strong organic growth across all geographies, which amounted to 15.5 percent (5.7) in the third quarter, as well as changes in exchange rates. The Group’s operating margin (EBITA%) increased to 12.5 percent (11.3). The margin was positively impacted by increased volumes but slightly impacted by labor shortages as well as general supply chain issues. Excluding Loomis Pay, the operating margin reached 13.1 percent (12.0).
Comments on quarter 3
- Revenue for the quarter was SEK 6,739 million (5,135). Real growth was 15.9 percent (10.8) of which organic growth was 15.5 percent (5.7).
- Operating income (EBITA) 1) for the period was SEK 845 million (581) and operating margin (EBITA) was 12.5 percent (11.3). Excluding Loomis Pay, the operating margin amounted to 13.1 percent (12.0).
- Operating income (EBIT) before items affecting comparability for the period was SEK 808 million (540) and operating margin (EBIT) before items affecting comparability was 12.0 percent (10.5).
- Income before taxes was SEK 708 million (437) and net income was SEK 503 million (297).
- Earnings per share before dilution were SEK 6.92 (3.96) and after dilution 6.91 (3.95).
- Cash flow from operating activities 2) amounted to SEK 911 million (555), equivalent to 108 percent (96) of operating income (EBITA).
- Björn Züger took office as President and CEO of Loomis USA during the quarter
- Loomis AB repurchased 704,000 own shares during the third quarter and the Board of Directors has resolved to continue the repurchase of own shares that was initiated earlier this year.
1) Earnings Before Interest, Taxes, Amortization of acquisition-related intangible fixed assets, Acquisition-related costs and revenue and Items affecting comparability.
2) Cash flow from operating activities is exclusive of impact from IFRS 16.
This press release is also available on the company’s website, www.loomis.com
October 28, 2022
Head of Investor Relations
Mobile: +46 79 006 45 92
Email: [email protected]
The following files are available for download:
Loomis Interim Report January-September 2022
Loomis Interim Report January-September 2022 – press release
SOURCE Loomis AB