Serneke Group AB: Interim report January-September 2022
Michael Berglin, CEO Serneke Group, comments:
"Our result for the quarter was clearly affected by the market situation, in which a decline in transactions is one example. Our overall business is dependent on sales from our project development operations, to generate earnings and free up capital. We need to increase the activities that build conditions for continuous transactions. We also seeing effects in the contracting operations associated with the global situation: material prices have been exerting pressure on everyone for a long time, causing a generally difficult situation in the industry. The earnings of our contracting operations were impacted negatively in the amount of SEK 25 million for the quarter by the bankruptcy of a subcontractor in our northern region."
"The changed situation in which we find ourselves requires us to act and demonstrate our resolve. During the autumn, we have begun to implement a program in which we are implementing strong measures on a number of points: we are reorganizing and reducing our costs while streamlining our mission and facilitating governance. We are also limiting our investments in projects developed in-house, where we currently judge our market share as weak, particularly with regard to housing projects."
Presentation of the Interim Report for January-September 2022
On October 27, 2022 at 10:00 a.m. (CET), Serneke Group will comment on this Interim Report in an online presentation for investors, analysts and the media. The presentation will be in Swedish and can be followed live via webcast at https://youtu.be/CGBfzVW5lLQ (https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fyoutu.be%2FCGBfzVW5lLQ&data=05%7C01%7CJorgen.Karlsson%40direkt.se%7Cda88c9ea98be48d4bb6b08dab124ed0a%7C233719938e9a4de597db90d3e293e863%7C0%7C0%7C638017069396013086%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=iI97NpE8HZPJDXchGCCVKhu3Tr9Yu9OVMFVu%2ByfNCA0%3D&reserved=0). Presentation materials for the presentation will be available on the website one hour before the webcast begins.
For more information, please contact:
Anders Düring, CFO
Tel: +46 70 888 7733
anders.during@serneke.se
This information is information that Serneke is obliged to disclose pursuant to the EU Market Abuse Regulation The information was submitted under the auspices of the contact person stated above, for publication on 27 October 2022 at 08.00 a.m. CET.
Serneke is a rapidly growing corporate group active in contracting and project development. The Group was founded in 2002 and today has income of nearly SEK 8.7 billion and approximately 1,200 employees, organized into three business areas: Serneke Sweden, Serneke Invest and Serneke International. Through novel thinking, the Company drives development and creates more effective and more innovative solutions for responsible construction. The Company builds and develops housing, commercial buildings, industrial facilities, public buildings, roads and civil engineering projects, and other infrastructure. The company's customers consist of both public and commercial clients. The Company's Swedish units operate nationwide and are organized into five regions: South, West, East, Central and North, and are headquartered in Gothenburg. The Company's Series B shares (SRNKE) have been listed on the Nasdaq Stockholm exchange since November 2016.
More information about Serneke Group AB can be found at www.serneke.se