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Strong start to 2021 ■ ■ January March 2021 Net revenue increased by 20 % to SEK 369 ( 308 ) million . The increase in local currencies was 25 % . Growth was good within both Offroad and Onroad . COURSE SEKm ( unless stated otherwise ) Net revenue Cash flow for the period was SEK 345 ( -33 ) million , with this improvement primarily explained by the new share issue proceeds received in conjunction with the stock exchange listing in March . Growth ( % ) ¹ Growth in local currencies ( % ) ¹ EBITDA was SEK 19 ( 10 ) million . Adjusted EBITDA was SEK 29 ( 10 ) million , equivalent to a margin of 7.9 % ( 3.4 % ) . Operating profit ( EBIT ) totaled SEK 8 ( 1 ) million . Adjusted operating profit amounted to SEK 18 ( 2 ) million and the adjusted operating margin was 4.9 % ( 0.6 % ) . Gross profit Profit after variable costs ¹ 2 24MX Earnings per share before dilution was SEK 0.01 ( -0.39 ) and SEK 0.01 ( -0.39 ) after dilution . Profit / loss for the period amounted to SEK 0 ( -13 ) million . Overhead costs¹ Adjusted EBITDA¹ Adjusted operating profit ( EBIT ) ¹ ³ 13 Items affecting comparability¹ EBITDA¹ Operating profit ( EBIT ) ³ Profit / loss for the period Gross margin ( % ) ¹ Profit after variable costs ( % ) ¹ H ZAM PROWORKS Adjusted EBITDA ( % ) ¹ Adjusted operating margin ( EBIT ) ( % ) ¹ Ma Piorco Group A3 ( publ ) | Corp. ID numoor 556967-4392 MX Significant events during the quarter Pierce Group AB ( publ ) was listed on Nasdaq Stockholm Mid Cap on 26 March 2021 . ■ During the quarter , the Company entered into a new financing agreement with one of the major Swedish banks amounting to SEK 300 million , which , after the end of the period , replaced the previous financing structure . Financial development during the second quarter 2021 During April and May 2020 , the Company had very strong growth in net sales , almost 50 % in local currencies . The growth was clearly positively impacted by Covid - 19 related effects . So far , around halfway into the second quarter , profit after variable costs is aligned with previous year while net revenue in local currencies are marginally lower . Jan - Mar 1 ( 24 ) 2021 369 20 % 25 % 176 88 -58 29 18 -10 19 8 O Interim report January March 2021 PIERCE 47.8 % 23.7 % 7.9 % 4.9 % 345 2020 308 15 % 13 % 138 65 -55 10 2 -1 10 1 -13 44.9 % 21.1 % 3.4 % 0.6 % Cash flow for the period ¹ Alternative performance measures ( APM ) , see pages 20- 24 for definitions and purpose of these measurements . ² Variable costs refers , in addition to cost of goods sold , to variable sales and distribution costs . These include direct marketing costs and other direct costs . Other direct costs mainly consist of freight , invoicing and packaging . 3 Operating profit ( EBIT ) includes depreciation and amortisation . Amortisation attributable to business acquisitions¹ were SEK 1,5 million during the last twelve months and financial year . Apr 2020 Mar 2021 1,584 23 % 27 % -33 749 380 -224 156 113 -26 130 87 13 47.3 % 24.0 % 9.9 % 7.2 % 359 Jan - Dec 2020 1,523 23 % 24 % 711 358 -221 137 97 -17 121 81 -1 46.7 % 23.5 % 9.0 % 6.4 % CEO's comments on the financial development " After several years of successfully building a customer base and a strong position in the European market through significant growth in sales , the strategy since the end of 2019 has been to focus on increased profitability together with more controlled growth and improved operative cash flow . Developments in the financial year 2020 and first quarter 2021 have shown very positive results from this change in strategic focus . During the first quarter , net revenue grew by 25 percent in local currencies . Adjusted EBIT grew significantly from SEK 2 million to SEK 18 million , equivalent to a margin of 4.9 percent . The result improvement was driven by good sales development within both Offroad and Onroad , an improved gross margin , and continued scalability effects on overhead costs . " -19