Construction company Peab (STO: PEAB B) had operative net sales of almost 9.9 billion Swedish kronor on (Q1 2011: 8.8), operating profit of 144 million (102) on the seasonally slow first quarter. Earnings per share came in at 0.27 SEK. The margin development was weaker than desired. On the plus side, the company landed several large contracts and orders received of 13.2 billion SEK were a whole 28% higher than last year. The company has a strong market position and is confident it will perform stable in weaker market conditions as well. The building construction start-ups are expected to be slow in Nordic countries this year while civil engineering market remains stable.
The group starts to present in four different business areas that are also operating segments, namely Construction, Civil Engineering, Industry and Property Development. The Annual General Meeting was also held on Tuesday. A dividend of 2.10 SEK per share was approved, and the share will be trading ex-dividend from Wednesday. Board members and committee members were all given double digit pay hikes and the Vice-Chair will be given a near 3 million extra special payment for being at group’s disposal. There is also an ongoing authorization to issue or buy back shares representing up to 10% of current share capital.
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