I.A.R. Systems Group Interim Report Third quarter 2023: Sequential growth of 7.5% with adjusted EBITDA of over 40%
” With adjusted operating profit of SEK 32.8m (22.1) in the third quarter,
we improved 48% year-on-year. Cash flow was a positive
SEK 33.9m. The US had a very strong third quarter with
growth of 18%.”
Richard Lind, CEO
Third quarter 2023
• Net sales growth of 9.7% and 6.0% in local currency.
• EBITDA of SEK 43.4m (34.2), corresponding to an EBITDA margin of 37.3% (32.2).
• Adjusted EBITDA of SEK 47.3m (34.2), corresponding to an
adjusted EBITDA margin of 40.7% (32.2).
• Operating profit of SEK 28.9m (22.1), corresponding to an operating margin of 24.8% (20.8).
• Adjusted operating profit of SEK 32.8m (22.1), corresponding to an adjusted operating margin of 28.2% (20.8).
• Capitalized work on own account amounted to SEK 7.2m (11.3).
• In a year-on-year comparison, currency translation had a positive impact of SEK 3.9m on
net sales and a positive impact of SEK 1.7m on operating profit for the period.
• Cash flow from operating activities amounted to SEK 51.8m (47.4).
Third quarter in brief
• Share buyback begins.
• Reorganization completed, cutting back 25 employees and consultants in Cambridge. This is expected to bring annual cost savings of approximately SEK 27m.
IAR provides world-leading software and services for embedded development, enabling companies worldwide to create secure and innovative products for today and tomorrow. Since 1983, IAR’s solutions have ensured quality, security, reliability, and efficiency in developing over one million embedded applications for companies across industries such as industrial automation, IoT, automotive and medical. IAR supports 15,000 devices from over 70 semiconductor partners. The company is headquartered in Uppsala, Sweden, and has sales and support offices worldwide. IAR is owned by I.A.R. Systems Group AB, listed on NASDAQ OMX Stockholm, Mid Cap (ticker symbol: IAR B). Learn more at www.iar.com.