CEO Leif Bergvall Hansen comments on the first quarter
Stable development in a challenging environment
Scandi Standard reports another quarter of underlying growth and a satisfactory operating result provided the turbulence around us. Net sales was stable at SEK 2,469 (2.479) but increased by 3 percent in local currency. Adjusted operating income (Adj. EBIT) increased by 17 percent to MSEK 88 (75), implying a margin of 3.5 (3.0) percent. Adjusted operating income (Adj. EBIT) was negatively impacted by MSEK 27 (27) due to effects from covid-19 and bird flu.
Sustainability is at the core of what we are doing in Scandi Standard and we see a high degree of alignment between sustainability and financial performance. Our Nordic businesses already have a leading European position across many of the key dimensions. Although we are working continually to improve our position further, I am proud to say that poultry stand out in the protein industry and Scandi Standard stand out in the poultry industry. To increase transparency, we have decided to report quarterly performance for a number of KPIs and we look forward to hosting our first ESG day in 2021.
While Scandi Standard’s presence in five geographical markets provides a stable platform diversifying country-specific risk, an integral part of the strategy for continued growth and value creation is to share best practice, capitalize on product development and drive scale efficiencies across the group. In addition, Scandi Standard sees an opportunity to export best practice when adding new markets through potential strategic acquisitions and partnerships.
Leif Bergvall Hansen,
Managing Director and CEO Scandi Standard