AVTECH publishes key figures for the fourth quarter of 2022

AVTECH Sweden AB (publ) ("AVTECH") today publishes a few preliminary key figures for the fourth quarter of 2022. Net sales amounted to MSEK 5.7 (3.6), compared to the corresponding quarter in 2021 and resulted in an EBITDA for the period of MSEK +2.8 (+3.1) and a net profit of MSEK +1.8 (+2.2). Cash flow for the period amounted to MSEK +2.2 (+0.4).

Key figures for the quarter

  2022 2022 2021
MSEK Quarter 4 Quarter 3 Quarter 4
Net sales 5.7 5.7 3.6
Operating profit before depreciation +2.8 +3.1 +0.9
Net profit +1.8 +2.2 +0.1
Net profit per share, SEK +0.032 +0.039 +0.001
Cash flow +2.2 +1.7 +0.4
Cash and cash equivalents 14.6 12.5 10.2
Equity 31.2 29.4 25.1
Equity per share, SEK 0.55 0.52 0.44
Equity ratio, % 92.7% 92.2% 89.8%

For the full year 2022 this amounted to a net sales of MSEK 21.4 (11.8), a net income of MSEK +6.1 (-1.4), and a cash flow of MSEK +4.5 (-2.0) as compared with the full year 2021.

"AVTECH is today in an exceptionally positive position for growth with a low cost profile, profitability and a positive cash flow. In addition, we have an attractive service offering that increases our customers' efficiency. In an impending recession, the combination of increased environmental awareness in aviation and a high fuel price means that our Aventus and ClearPath services will be extra interesting.

We currently have about 1300 aircraft that commercially use our services and in the beginning of the new year 2023, we have a market situation that enables growth in the coming year. Five airlines comprising a total of about 300 aircraft are currently conducting tests with our services. In addition, we have five more airlines comprising a total of about 1150 aircraft that signed up for tests during the year.

Every new contract is almost always prompted by a successful test and although our services are easy to get started with, it often takes a certain amount of time to prepare and fit this activity into the airlines' planning. In parallel with these tests, we also expect additional airlines that decide on tests during the spring and that many of these tests result in continued contracts." said David Rytter, CEO.

"We note that the net result for the full year 2022 is our best to date and the trend points in a continued positive direction for AVTECH. A continued positive earnings trend opens opportunities for expansion of the product portfolio and possible dividends to our shareholders.", said Bo Redeborn, Chairman of the Board.

The full report for the fourth quarter will be published as planned in the year-end report on February 17th, 2023.