Bulten have released figures for the first quarter of 2024 with net sales up on the previous year, while order bookings are down. The group’s Q1 report also detailed other changes from the period.
Net sales for the group amounted to SEK 1,533 (1,387) million, an increase of 10.5% on 2023 figures. Order bookings amounted to SEK 1,299 (1,356) million, a decrease of -4.2% on the same period the previous year.
On January 22 Anders Nyström, Bulten’s President and CEO of five years, announced that he would be leaving the company. On February 9, Board member Christina Hallin stepped in as Interim President and CEO until someone permanent has been appointed.
To achieve the strategic ambitions on the markets where Bulten operates and further increase innovative power, the organisation was restructured at the beginning of the quarter. The new interdisciplinary regional structure is divided into three regions – Europe, Asia, and North America – which were given responsibility for sales, manufacturing and financial results. There were also adaptations to the company’s engineering resources, in order to enhance product development and innovation.
On March 15, Michael Richards was appointed President Region Asia. He took up his post on April 1, and is a member of Bulten’s Executive Management Team.
“The year began with good sales and a sequentially improved operating margin. It is clear that efforts following the capacity challenges in Europe and the launch of a new regional organisational structure, combined with closer cost control, are starting to have an effect on financial result,” says Christina Hallin, Interim CEO and President.
