The year 2015 was a disappointing year
Lappset Group’s performance in 2015 was weaker than expected. The Group’s turnover decreased from EUR 50.5 million (2014) to EUR 44.5 million. The Group’s performance cannot be considered satisfactory, although costs were successfully cut, gross profit increased and sales grew towards the end of the year. The first half of the 2015 financial year fell short of expectations and targets, but performance improved in the second half. The order book for the spring of 2016 looks solid.
The figures were particularly influenced by a dramatic drop in exports to Russia. In the Nordic countries, exports to Sweden and Norway increased, and exports to China also grew considerably.
The Group’s equity ratio was 59.8% in 2015 (62.4% in 2014). Operating profit decreased from the previous year, and the Group ended up making a loss of EUR 0.4 million (profit of EUR 2.1 million, or 4.2%, in 2014). The company’s cash flow and liquidity were extremely strong.