High growth for Coor Service Management
Coor Service Management is continuing to grow and again posted stable results of operations for 2010.
•Net sales for the full year 2010 rose to SEK 6,293 (5,906) m, which excluding currency effects is an increase by 8%. Growth is explained primarily by new agreements with new customers but also increased project volumes on existing accounts. Including currency effects, sales increased by 7%.
•EBITA (excluding other items) increased to SEK 384 (360) m. Operating margin was consistent with the previous year and was 6.1 (6.1%). Gross margins on contracts narrowed somewhat on 2009, mainly explained by the sharp increase in expenses for snow clearance on several contracts due to extremely high snow volumes in the first and fourth quarters.
•The employee headcount at year-end was 4,269 (4,279).
Several new accounts were secured in 2010 including Atlas Copco (Sweden), Danmarks Radio (Denmark), Kemira Kemi (Sweden), Linköping City Airport (Sweden), Nordea (Norway), SHP/Nya Karolinska Solna (Sweden) and Statoil (Sweden and Denmark).
“2010 was another good year for Coor despite the extraordinarily high expenses we incurred for snow clearance during the financial year. We secured a lot of new accounts in 2010, which is very pleasing. Even if the market is becoming more developed, our business prospects are positive, which we are trying to exploit by continuing to develop our business and our offering,” commented Mats Jönsson, CEO and President of Coor.