After several years of losses, Swix managed to post a small profit in 2008 and a bigger one in 2009, thanks to a series of strategic moves intended to improve operational efficiencies and to improve the Norwegian company’s position in the international market, with a strong bent for innovation. After an operating loss of 43 million Norwegian kroner (€5.38m-$7.35m) in 2007, the company reported operating profits of 2.3 million NOK (€0.3m-$0.4m) for 2008 and 37 million NOK (€4.6m-$6.3m) for 2009. Pre-tax results evolved from a loss of 58 million NOK (€7.2m-$9.8m) in 2007 to profits of 9.9 million NOK (€1.2m-$1.7m) in 2008 and 26 million NOK (€3.2m-$4.4m) in 2009. Last year’s positive figures were partly boosted by an extraordinary gain of some 10 million NOK (€1.2m-$1.7m) from a change in the company’s pension model. They came in spite of a drop in total revenues to 410 million NOK (€51.2m-$69.5m) from 430 million NOK (€53.9m-$73.0m) in 2008, as Swix’ new management got rid of many low-margin non-core products (read more in the latest issue of Sporting Goods Intelligence Europe).
