May 28, 2019 / 8:52 AM / a year ago

Sweden's Dometic sets goal to grow sales to 30 bln SEK

STOCKHOLM, May 28 (Reuters) - Sweden’s Dometic, which makes accessories for motorhomes, caravans and boats, said on Tuesday it aimed to grow sales more than 60 percent to 30 billion Swedish crowns ($3.14 billion) as it looked to push on from years of rapid expansion.

Fast-growing Dometic said acquisitions would be a fundamental part of its strategy to achieve its new growth target and that it would seek to expand its outdoor, aftermarket and professionals businesses.

“We have grown our net sales, improved our margin and delivered strong cash flow over the last five years,” Chief Executive Juan Vargues said in a statement released in connection with investor presentations in the Swedish capital.

“We are now in a good position to open the door to an even greater future.”

Dometic has grown steadily in recent years, in part thanks to a string of acquisitions, and reached sales of 18.3 billion crowns in 2018, more than double the revenues of 8.8 billion crowns reported in 2014.

“This is going to take a while of course, but it is where we want to take the company,” Vargues told investors and analysts.

The company also set a target that 25 percent of sales should derive from products launched within the previous three years. “We are not near that today,” Vargues added.

Dometic shares were up 2.9 percent at 0851 GMT. ($1 = 9.5499 Swedish crowns) (Reporting by Johannes Hellstrom; editing by Niklas Pollard)

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