Swedish powder manufacturer Höganäs AB reported net sales up 65% year on year in its January to June 2010 interim report.
CEO, Alrik Danielsson, stated that, “The market continued to improve across most of our regions in the second quarter. But the demand conditions for the remainder of 2010 remain uncertain, especially in Europe. Höganäs has retained its sharp cost focus over the sales recovery of the past 12 months, which has resulted in gradual income gains, giving us strength for our future.”
During this period initiatives to develop applications based on metal powder technology have resulted in Höganäs launching a new generation of highly efficient and very compact electric motors, developed especially for electric bicycles and light vehicles.
Höganäs believe that while the market is strong in Asia and South America, a gradual recovery at an uncertain rate is expected in North America. They predict that underlying demand in Europe will remain weak.
Net sales between January and June 2010 were SEK 3.331 million (SEK 2.014 million in 2009) up 65% year on year with sales volumes 72% higher. Operating income was SEK 615 million (SEK 57 million in 2009) and income after tax was SEK 453 million (SEK 53 million in 2009).