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Interim report 1 January 2018 – 30 June 2018 for Jetpak Top Holding AB

Jetpak Top Holding publishes the half-year report for 1 January – 30 June 2018

Quarter 2: 1 April – 30 June 2018

· Net sales increased by 14,2% to 204,946 (179,490) KSEK

· Operating profit, EBITDA amounts to 19,284 (19,706) KSEK

· Profit/loss for the period amounts to 7,991 (10,096) KSEK

Half-year: 1 January – 30 June 2018

· Net sales increased by 9,4% to 396,376 (362,300) KSEK

· Operating profit, EBITDA amounts to 39,126 (34,540) KSEK

· Profit/loss for the period amounts to 16,292 (14,268) KSEK

· Cash flow from operating activities amounts to -5,926 (2,018) KSEK

CEO comments

In the second quarter, Jetpak saw a total net sales increase of 14.2 percent. An increase in the Express Ad-hoc segment of 11.2 percent and 17.5 percent in the Express Systemized segment. The company’s same day product, Jetpak Direct (within Express Ad-hoc segment), has a continued strong growth of 10.8 percent (with an average contribution of 58 percent).

EBITDA for the quarter amounted to 19,284 TSEK, a decrease of 422 TSEK compared with the same period last year. This is due to that the company has seen an increase in its personnel costs because of delayed recruitments in 2017, as well as effects from the acquisitions done last year.

In addition, the company has had costs linked to the Polaris Private Equity initiated various strategic options for continued growth and development of the company, where an IPO of Jetpak is still possible.

Demand for express logistic solutions continued at satisfactory level during second quarter and was supported by a continued favorable macro-economic climate. The competitive environment developed to the benefit of Jetpak, as major competitors introduced deferred linehaul services, which provided additional business opportunities for Jetpak.

Market activities continued at high level during second quarter, and especially digital marketing efforts initiated a positive development at long tail customer in Express Ad-hoc segment providing a strong development on revenue and contribution margin. Express systemized segment also realized a strong growth, as demand for Jetpak products increased due to network changes among competitors.

Strategic initiatives within commercial and production functions are developing in accordance with plan and support a continued positive development of the company.

A business development function has been established, which will further fuel organic growth by enhanced network and service offering.

During Q2 Jetpak has signed letter of intent (LOI) regarding acquisition of a European based express company, which is mainly focusing on Air express solutions. In addition, a LOI has been signed with a Scandinavian based local courier and distribution company, which also addresses a potential acquisition.

Kenneth Marx 

CEO