Update: Q1 shows good order wins
Kongsberg Automotive’s (KA) Q1 results demonstrated that the group continues to make progress in new order wins, with annualised contract wins of €53m in Q1 equating to a 12-month rolling run rate of €293m, which supports management’s target of 3-5% organic growth within three years. Revenues were c 6% ahead of Q114 due to currency effects and the R&D costs were in line with expectations. We therefore maintain our forecasts and anticipate progressively improving margins over the course of the year to achieve the 6% level required to hit the 13% ROCE target.Kongsberg Automotive develops, manufactures and sells products to the automotive industry worldwide. The product portfolio includes seat comfort systems, driveline related systems, fluid assemblies, and industrial driver-interface products developed for vehicle manufacturers. Co.'s business area focus on interior, which provides safety and comfort related products; driveline, which provides gear shift systems for light duty vehicles; fluid transfer, which provides fluid handling systems for commercial vehicles and passenger cars; and driver control, which provides driver control systems and chassis related products to commercial vehicles, outdoor power equipment and recreational products.
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