Polygiene Group: Recovery is gaining momentum - ABG

2nd quarter in a row with q-o-q sales growth
Freshness unit is driving the recovery
Same story in the early part of Q1'24


Q4: Net sales -23% y-o-y (Freshness -12%, Protection -32%)

Polygiene reported Q4 net sales of SEK 30.9m (SEK 40m), down 23% y-o-y with a positive FX effect of roughly 3% in the quarter. After a challenging '23, Polygiene has now had sequential sales growth for two consecutive quarters as the recovery gains momentum. The improvement was driven by the Freshness business area, in which its customers have started to place orders again after a period of de-stocking. On the other hand, Addmaster improved q-o-q but still has some way to go to return to previous sales volumes. Polygiene has decided to re-launch Addmaster as a standalone unit on the request of key clients. Adj. EBIT was SEK -3.7m (-2.7m) in the quarter. Sales were 12% below ABGSCe and profitability slightly worse, mainly from lower gross margins.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/polygiene/Equity-research/2024/2/polygiene-group---recovery-is-gaining-momentum/