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Volvo Group posts encouraging Q1 results

During the first quarter of 2010, the Volvo Group’s sales amounted to £5.3bn (SEK 58.6 billion) which, when adjusted for currency, was a 12% increase compared with Q1 2009.

Operating income improved considerably to £254m (SEK 2.8 billion) compared with a loss of £409m (SEK 4.5 billion) in the same quarter last year.

All of the Group’s business segments were profitable.

In the first quarter, net sales increased by 4%.

”With a gradually improved global economy, demand is once again increasing for the Group’s products. At the same time, the measures we have implemented to cut costs have generated good results throughout the Group," said Leif Johansson, Volvo Group president and CEO.

"Looking ahead, we will focus on utilising the rising sales volume to increase productivity in all of the Group’s operations while maintaining a strict focus on cost.

"Sales and administration costs will be kept down and we are resolute about further enhancing the efficiency in product development."

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