The third quarter of 2020 has seen trading conditions that none of us have experienced before resulting from a pandemic with a global impact. The quarter has seen a number of advances in collaborations with new partners on our technology platform and increased demand in all areas of our development services.
“Magle Chemoswed Holding capped off a third quarter defined by innovation in services and manufacturing in the face of adversity with a strong quarter performance, led by all-time records for revenues from CDMO services. In the quarter the Company transitioned to change its inventory valuation method from the weighted average cost method to a cost method. The cost method will improve accurate manufacturing costs. The net effect of the adjustment in the period is SEK -1,7 million and is largely off-set by the strong performance in the quarter,” said Justin Pierce, Magle Chemoswed Holding’s CEO.
“Despite the ongoing impacts of COVID-19, Magle Chemoswed Holding is in the midst of a strong 2020 performance, and our proactive measures protecting our critical materials, securing customer orders early and remaining operational to provide services has been positive. We are showing robustness and resilience in an unprecedented environment while also implementing innovative projects based on our technology platform to expand our product and manufacturing revenues according to our business model,” said Justin Pierce, Magle Chemoswed Holding’s CEO.
The financial report is published on the Company website and can be accessed via this link https://maglegroup.com/financial-information/.
The third quarter results are presented as unaudited accounts for the period and have not been audited by the Company auditors.
The next financial report is scheduled according to the Financial Calendar and will be the full-year and Q4 2020 results reported at 07:00 on February 25, 2021.