Despite challenging market conditions with uncertainties and geopolitical disturbance in some of our key markets, we had a good start to the year. Sales growth was 3.3% with organic growth of 5.4%. Western Europe and Asia delivered strong growth, US and Middle East was stable, while Africa and Latin America declined.

Gross margin was flat compared to last year 46.2% (46.2), with lower margins on continued deliveries to the strategic customer in India.

Operating expenses were in line with last year when including a one-time redundancy cost of SEK 3.7 million related to the CEO change. Excluding the one-time cost, the operating expenses decreased by 7%. 

Operating margin improved by 2 percentage points to 10.5% (8.5). Excluding the one-time cost the operating margin improved by 4.4 percentage points to 12.9% and operating profit increased with 58%. Cash flow from operating activities improved to SEK 12 million (-9). Liquidity strengthened in the quarter and cash and cash equivalents were SEK 41 million. Cash and available credit facilities amounted to SEK 100 million.