Q3 2022 TCM Group A/S Earnings Call Transcript
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Good morning, ladies and gentlemen, and welcome to the presentation of the Q3 results for TGM Group. Presenters today are our CFO, Mogens Elbrønd Pedersen; and myself, CEO, Torben Paulin.
We will comment on the business and the financial results, after which, we will hand over to the operator for the Q&A session. Let us start the presentation and turn to Page 2 for the business update.
Underlying like-for-like growth in our core business, excluding third-party revenue in Q3 was 4%. Growth in our Norwegian business was strong, driven revenue in other countries up with 39%. In Q3, high mark in B2C sales declined which was offset by growth in B2B sales, primarily driven by lower margin project sales. This change in sales mix had a significant negative impact on gross margin and reduced earnings.
We have already undertaken a number of actions to address the development to adjust production capacity and increased efficiency in our production, we decided to close down the third shift, which was the night shift
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