2024-02-08 23:12:10 ET
Mips Ab (MPZAF)
Q4 2023 Earnings Conference Call
February 08, 2024, 04:00 AM ET
Company Participants
Max Strandwitz - CEO
Karin Rosenthal - CFO
Conference Call Participants
Adela Dashian - Jefferies
Daniel Thorsson - ABG Sundal Collier
Karl Oskar Vikstrom - Berenberg
Carl Deijenberg - Carnegie
Emanuel Jansson - Danske Bank
Karri Rinta - Handelsbanken
Presentation
Operator
Good day, and thank you for standing by. Welcome to the MIPS Year-End Report 2023 Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Max Strandwitz, CEO. Please go ahead.
Max Strandwitz
Thank you, operator, and good morning, everyone. My name is Max Strandwitz, and I am the CEO of MIPS. And with us today, we also have our CFO, Karin Rosenthal, and we will take you through the year-end presentation of Q4 2023.
And if we start with the highlights of the fourth quarter, it was a soft quarter with a decline of 15% in net sales. If we adjust for currency effect, we saw a decrease in organic growth of 13%. We did, however, see quite a trend change versus previous quarter with growth actually in the bike subcategory. However, that was mitigated or offset by restrained ordering in snow, and we also see that the challenging situation in Moto that we have seen in the last quarter remains.
We continue to see positive momentum in orders received and we see also a very high customer activity. And for you that are into the detail, you also saw that project revenue increased with 30% in the quarter, and that means that we're still having a very high customer activity and implementing more helmets with MIPS on the market, and we don't or haven't changed our assumption of a recovery in 2024.
There is still a short-term uncertainty, especially in the retail environment, when it comes to the e -tail. We are seeing a lot of impact from the Internet stores and also backfire in the industry. Of course, MIPS doesn't sell to them directly, but of course, things are happening in the industry and that creates some turmoil. So far, very little impact from the Red Sea crisis. We will, of course, follow that closely, how that will develop going forward....
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Mips Ab (MPZAF) Q4 2023 Earnings Call Transcript