OULU, FINLAND – Aspocomp posted first quarter net sales of €9 million (US$9.6 million), an increase of 45% year-over-year.

Profit was €800,000, growth of 268% compared to the same quarter last year. EBITDA was €1.3 million, up 2,262%.

The order book at the end of the review period was €20.5 million, an increase of 284% year-over-year. Orders received in the first quarter amounted to €13 million, up 63%.

“The year got off to a great start, although typically the first quarter is the most challenging of the year,” said CEO Mikko Montonen. “Net sales increased by 45% to €9 million, supported by a strong order book. New equipment installations in February caused a production shutdown that cut production capacity by a couple of weeks and thus reduced net sales.

“All customer segments were growing, but the semiconductor industry clearly developed the best, with net sales quadrupling to €2.8 million. The growth of the semiconductor industry customer segment was driven by ongoing global investments in significant increases in chip capacity.

“New orders totaled €13 million in the first quarter, and the order book rose to a new record of €20.5 million. The order book strengthened, especially due to strong demand in the semiconductor customer segment. Of the order book, €19.4 million is scheduled for delivery this year, and the remaining €1.1 million next year.

“The operating result increased to €800,000 from €-0.5 million in the comparison period, amounting to just under 9% of net sales. Operating result increased mainly due to higher net sales and improved product mix. On the other hand, the February shutdown caused additional costs, which weakened the result.

“The war in Ukraine and the sanctions imposed on Russia have not had a direct impact on Aspocomp’s business. As the geopolitical situation changes, Aspocomp’s strategy of manufacturing PCBs in Europe is working. Despite the significant risks, we are adopting the guidance for 2022.”

Demand is expected to improve in all customer segments in 2022. However, a global shortage of components may limit growth in customer demand. The company’s full-year guidance remains unchanged. Aspocomp estimates net sales for 2022 will increase, and operating result for 2022 will improve from 2021. In 2021, net sales amounted to €33.2 million, and the operating result was €2.2 million.

Ed.: €1 = US$1.07

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