Solar tech co Midsummer lifts 9-mo profits, sales

DUO Solar Cell Manufacturing Equipment. Source: Midsummer AB

Swedish solar technology company Midsummer AB (STO:MIDS) today reported a profit after tax of SEK 32.2 million (USD 3.5m/EUR 3.1m) for the first nine months of 2018 on net sales of SEK 165.1 million.

The company did not report interim results in 2017, but it does now after listing on Nasdaq First North Stockholm in June 2018. Its nine-month results for 2018 have surpassed revenues and profits for the whole of 2017 as can be seen in the table below.

Results in SEK million	Q3 2018	9-mo 2018	Full year 2017
Net sales	61.9	165.1	115
Operating profit	11.3	30.7	25
Profit after tax	11	32.2	23.1
Operating cash flow	32.9	37.05	22.7

Total order intake for the nine months arrived at SEK 191.7 million and Midsummer’s order book at the end of September stood at SEK 45.1 million.

“Midsummers succeeded in producing a strong result for the third quarter, despite our continued rapid growth,” said CEO Sven Lindstroem. He explained that the expansion of the organisation continues but at a slower pace. In the third quarter the firm focused on strengthening its subcontractor network in order to increase its production capacity without having to increase the number of employees proportionally.

(SEK 10 = USD 1.1/EUR 0.97)

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