TCM Group A/S (OCSE:TCM)
kr 68.2 -0.4 (-0.58%) Market Cap: 712.05 Mil Enterprise Value: 997.05 Mil PE Ratio: 24.15 PB Ratio: 1.29 GF Score: 83/100

Q3 2022 TCM Group A/S Earnings Call Transcript

Nov 15, 2022 / 08:30AM GMT
Release Date Price: kr68.5 (-5.65%)
Torben Paulin;S;CEO
TCM Group A

/-

Good morning, ladies and gentlemen, and welcome to the presentation of the Q3 results for TGM Group. Presenters today are our CFO, Mogens Elbrønd Pedersen; and myself, CEO, Torben Paulin.

We will comment on the business and the financial results, after which, we will hand over to the operator for the Q&A session. Let us start the presentation and turn to Page 2 for the business update.

Underlying like-for-like growth in our core business, excluding third-party revenue in Q3 was 4%. Growth in our Norwegian business was strong, driven revenue in other countries up with 39%. In Q3, high mark in B2C sales declined which was offset by growth in B2B sales, primarily driven by lower margin project sales. This change in sales mix had a significant negative impact on gross margin and reduced earnings.

We have already undertaken a number of actions to address the development to adjust production capacity and increased efficiency in our production, we decided to close down the third shift, which was the night shift

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