SWEDEN: Acquisitions have driven wholesaler Beijer Ref’s Q3 net sales to SEK8,491m (€727m), an increase of 42% on the same period last year.
While organic sales fell by 4.4%, CEO Christopher Norbye reported that EBITA was SEK959m (€82m), up 54% on 2022. EBITA margin was 11.3%.
Cash flow was SEK1,084m (€93m), the highest ever in a quarter, driven primarily by stock reductions.
During the quarter, Beijer Ref signed an agreement to acquire the assets of North American HVAC distributor AMSCO Supply and signed an agreement to acquire the business of South Korean company DS Maref.
Net sales for the first nine months of the year increased by a total of 45.8% to SEK24,522m (€2,100m). Organic sales increased by 3.2%. The group’s EBITA totalled SEK2,677m (€229m), an increase of 62.6 %, while EBITA margin was 10.9%.