Polygiene turned an operating profit of 2.6 million Swedish kronor (€222,800) against a loss of SEK 4.0 million (€342,700) in Q2 ended June 30, as cost-cutting measures and strategic changes made last year began to take effect. The Swedish group’s quarterly revenues rose by 43 percent to SEK 36.4 million (€3.12m) from SEK 25.4 million. Gross margin slipped by 900 basis points to 65.2 percent from 74.2 percent due to currency impacts and product mix in the Addmaster segment. Year-over-year-end inventory was down by 27 percent at SEK 27.3 million (€2.3m). Still, the company disclosed that some distributor orders had to be moved to Q3 due to longer lead times from its main supplier in China.
APAC paced the quarterly sales expansion, rising 107 percent to SEK 12.3 million (€1.1m), followed by 23 percent sales growth in the EMEA to SEK 21.7 million (€1.86m). Americas’ revenues, meanwhile, fell slightly at 1.2 percent to SEK 4.6 million. By segment, Q2 Polygiene sales rose by 68 percent to SEK 16.8 million (€1.4m), fueled by strong growth in APAC, where the H1 sales doubled year-over-year, and the region’s share of the brand’s Freshness protection stands at 43 percent. Addmaster Q2 revenues, meanwhile, climbed by 27 percent to SEK 19.5 million (€1.7m).
In the product development area, Polygiene said Shedguard, which addresses the issue of microfibers being released during washing, has progressed to extensive testing in Phase 2 that will continue through most of the fall. The company intends to commercialize the product in 2025.
