Setra sees negative margins in Q1

Net sales for the company totalled SEK1.41bn (2022 Q1: SEK1.83bn) for the period.

“The strong deliveries continued in the first quarter, but unfortunately with negative margins for Setra,” said Setra’s CEO Katarina Levin.

“This is mainly down to low prices and high raw material costs combined with higher electricity costs.”

Setra said prices picked up over the quarter, but not enough to compensate for the rising costs of raw materials, electricity and fuel. Activity in most markets was slightly better than expected, with the exception of the Swedish market, which was characterised by a marked decline in new housing construction. 

However, the construction of commercial and public buildings has shown better activity, relatively speaking.

In mid-February, it was announced that Setra has appointed Marcus Westdahl as the new CEO of the company. Marcus Westdahl is currently CEO of EFG European Furniture Group and has held several other senior positions in the wood and paper industries over the past 20 years. 

Setra’s current CEO Katarina Levin informed the Board in October 2022 that, for personal reasons, she would be leaving her position at the company’s Annual General Meeting on May 8.