STOCKHOLM – NCAB Group reported net sales of SEK878.6 million ($84.3 million) for the fourth quarter, a year-over-year decrease of 14%.

For the full year, the company's sales of SEK4.09 billion ($392.6 million) represented an 8% decrease from 2022's total.

"After a few years of highly robust growth during the pandemic, the global PCB market took a downward turn in 2022 and declined further in 2023 in line with the weaker economy," said CEO Peter Kruk. "The decrease in 2023 was significant and is expected to be on par with the downturn in 2009. During the pandemic years, inventory was accumulated at several levels due to such factors as component shortages. The weaker economy, combined with inventory adjustments and lower prices in the market, led to reduced net sales for NCAB.

"NCAB brings unique values to customers and the manufacturers of PCBs and we are satisfied that in 2023 we were able to see healthy growth in new part numbers, which is the driving force for future revenue, and that more than 200 new customers were added. In line with our earlier communication, we see signs of the decline bottoming out. Net sales for the quarter, when adjusted for currency effects and the customary inventory optimisation by customers at year-end, were in line with the order intake we recorded in quarters two and three."

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