CEO’s review

Demand for PCBs was weak as expected in the first quarter, which is typically the quietest quarter of the year. The net sales for January-March amounted to EUR 6.2 million, a year-on-year decrease of about 7 percent. The decline in net sales was steady in almost all customer segments, with only the Industrial Electronics segment swinging to growth of 22 percent. Customer prospects and purchases clearly picked up towards the end of the quarter, as companies began to prepare for growth in demand when COVID-19 pandemic restrictions will be eased. The growth expectations of the electronics industry are also reflected in the difficult availability of raw materials and semiconductor components and the significant increase in delivery times.

The operating result was EUR 0.5 million in the red, a year-on-year decrease of 16 percent. The weak operating result was affected by the low level of net sales at the beginning of the year, an unfavorable product mix and increased maintenance costs at the Oulu plant due to equipment breakdowns and preventive maintenance. Our earnings performance will recover in step with rising demand and the positive development of the order book.”

Espoo, April 27, 2021

Mikko Montonen, President and CEO