As a result of the global financial crisis, AQ is now revising its forecasts for Q4 2011 and now predicts a turnover of 450 MSEK for the quarter, which means an annual turnover of slightly more than 2 100 MSEK. Earnings during the period are expected to be almost zero, resulting in a net margin of approximately 5.5 % for the full year.
"The global financial crisis has now even struck AQ. Many of the company's customers are postponing their projects and not calling for products to the same extent as previously. The reduction in the volume of invoices has led to us having to reduce both the workforce and fixed costs in order to reach acceptable profit margins. Due to the insecurity on the financial market and the reduction in the demand for our products, we will not be making a forecast for the beginning of 2012", says CEO Claes Mellgren.
For further information, contact:
CEO: Claes Mellgren, 070 592 8338
Chairman of the Board: P-O Andersson 070 526 9077
General facts about AQ
AQ is one of Sweden's leading suppliers of Components and Systems for industrial customers with high demands.
The company shares are quoted on Aktietorget.
The group consists of profit-driven enterprises, which each develop their special skills and expertise and, in collaboration with other companies in the group, strive to offer cost-effective solutions for the customer.
The group has two business segments: Components, which produces punched metal, transformers, cables, plastic injection moulding and mechanical components, and Systems, which develops and produces power and automation solutions and complete machines in close collaboration with the customer.
AQ has slightly more than 2 700 employees in Sweden, Bulgaria, China, Poland, Estonia, India and Italy.
In 2010, AQ had a turnover of approximately 1.9 billion SEK.
AQ has a AAA credit rating.