Q4 2023 Mips AB Earnings Call Transcript
Good morning, everyone. My name is Max Strandwitz, and I am the CEO of Mips. And with us today, we also have our CFO, Karin Rosenthal, and we will take you through the year-end presentation of Q4 2023.
And if we start with the highlights of the fourth quarter, it was a soft quarter with a decline of 15% in net sales. If we adjust for currency effect, we saw a decrease in organic growth of 13%. We did, however, see quite a trend change versus previous quarter with growth actually in the bike subcategory. However, that was mitigated or offset by restrained ordering in snow, and we also see that the challenging situation in moto that we have seen in the last quarter remains.
We continue to see positive momentum in orders received and we see also a very high customer activity. And for you that are into the detail, you also saw that project revenue increased with 30% in the quarter, and that means that we're still having a very high customer activity and implementing more helmets with Mips on the market, and we haven't changed our assumption of a recovery in
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