Europe’s severe winter boosted sales in heating products but delayed building projects

Systemair, a global ventilation company, has reported a negligible drop in profit for the third quarter of a split fiscal year.

Net income dropped one per cent to $9.2 million (66.6 MSEK, or million Swedish kronors) between November and January while net turnover sank one per cent to $110.0 million (799 MSEK) for the same period.

”We are satisfied with achieving turnover and profit on level for the same quarter last year,” said the company’s president and CEO, Gerald Engström.

He added that while the biting winter throughout Europe had caused increased sales in heating products, it also delayed and stopped a series of building projects, causing a drop in sales in ventilation products.

Systemair said in a statement that it is “very satisfied” with its “good cash flow and strong balance sheet”. It stressed, “We estimate that our market share is increasing on a number of markets.”

The company’s largest production plant in Skinnskatteberg has returned to a five-day workweek from January 1.

“We are cautiously optimistic for the next quarters,” it said. “When the markets turn up, our production plants will be well-equipped for a substantial increase in volumes.”

Systemair posted a turnover of $454.6 million (3.3b Swedish kronors) last year. It has operations in 38 countries across Europe, the Middle East, Asia and Africa.