Old castle in Scotland

History

2022/23 (October – September)

The global political situation remained unsettled and the economies in our countries of operation were under pressure from rising interest rates and high inflation, which reduced consumer purchasing power. This lead to a more cautious approach to investments among our customers, most notably in the consumer durables sector. In general, our companies handled this well, which confirms the strength of our business model with far-reaching decentralization and great confidence in the management’s ability to adapt to changing market conditions.

Despite a tougher market, most of the Mindelon companies were thus able to maintain sales and profitability at fully acceptable levels through smooth adjustments to offerings and costs. In some companies, more significant cost reductions were needed to protect long-term healthy development.

During the year, Mindelon sold its entire 70 percent holding in the company SignMedia Europé.

2022/23 (October – September)

Ahead of the financial year 2021/22 all companies which offer products and solutions within Retail were transferred to Mindelon from the sister group Amplex. This marks the start of the Mindelon group in its current form.

The effects of the Covid pandemic abated but some negative impact remained in the form of component shortages and sluggish supply chains. At the same time, geopolitical unease increased as a result of Russia’s invasion of Ukraine which among other things caused severe disturbances in the international energy market. In addition, interest rates rose and inflation gained momentum.

Despite a turbulent environment, the business situation remained favourable for most of the Mindelon companies. Following a weak start to the year order intake gradually increased thanks in a large part to targeted and persistent sales efforts. During the second half of the year we saw strong volume growth in companies such as LTG Display, Optiscan Sverige, Frepart, and others.

During the financial year four company acquisitions and one divestment were made:

  • Acquisition of British Astley Signs which manufactures and supplies brand-strengthening signage and graphic solutions.
  • Acquisition of Swedish ML Display which offers customised display solutions made from climate-smart material for brands in a retail store environment.
  • Acquisition of 70% of the shares in Swedish SignMedia Europé which offers suppliers and retailers a powerful marketing channel using digital screens in and adjacent to stores.
  • Acquisition of 50% of the shares in Swedish Calinex which manufactures customised products for in-store product exposure. Mindelon previously owned 50% of the company and therefore Calinex is now a wholly owned subsidiary.
  • Divestment of Mindelon’s share of 55% in Swedish Postronic.