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Comments by CEO - Karl Kristian Bergman Jensen
We had a good 3 quarter with record revenue and record earnings. In the first 9 months of the year we achieved organic growth of 14.2%. In local currencies, growth was 9.5%. In the third quarter, the increase was 4.8% in Swedish kronor and 1.6% in local currencies. The third quarter of last year, 2018, was a really good quarter which we were aware would be difficult to match in 2019, but we succeeded. Growth is driven by increased marketing efforts, product innovation and increased geographical distribution. In the first nine months we have seen growth in all geographical areas with particularly high growth in Europe. In the third quarter we saw a slight decline in North America. This is due to structural changes in ownership and procurement among some of our largest customers in Canada as well as periodical shifts in purchase from our major US customers. We are confident that growth will continue in North America. With a favorable product mix and focus on savings in raw material purchases and cheaper freight, we achieved a satisfactory gross profit of 70.4% in the first 9 months of the year. We have a good cost control even though during the year we have strengthened our organization in line with increased activity level. EBITDA increased by 20% in the first nine months and 5% in the third quarter. Earnings per share after tax in- creased by 21% in the first nine months of the year. We have some markets that are new to us and where we are working to establish ourselves and create good profitability. Establishment in Hong Kong and China is progressing well, but they still do not contribute to positive earnings. The same is true of the situation in Switzerland, Slovakia, Romania and Kazakhstan. We have just re-established our sales company in Sydney, Australia, and hired a country manager there. We expect to start sales in Australia in the second quarter of 2020.
New Nordic Healthbrands AB
Södra Förstadsgatan 3 C
SE-211 43 Malmö