Bufab Group reported net sales, operating profit and profit after tax were all records in 2016, Fastener + Fixing Magazine reports.

Sales increased 16% to SEK 2.85 billion (US$322.6 million), which included organic sales growth of 4%.

The acquisition of Montrose Holdings Ltd. in December was Bufab’s fourth in two years.

“Our acquisition strategy is continuing to generate results,” stated CEO Jörgen Rosengren. “The acquired companies are developing well, work well with the other subsidiaries and made a strong contribution to Bufab’s earnings trend and cash flow during the year.”

Bufab operating expenses were high during the fourth quarter, owing to non-recurring acquisition-related expenses of SEK 6 million, according to Fastener + Fixing.

Full year operating profit rose 38% to SEK 272 million. The operating margin increased to 9.5% from 8%, and adjusted profit after tax climbed 50% to SEK 187 million.

The report follows news that longtime Bufab CFO Thomas Ekström will leave the company on July 31, 2017.

Founded in 1977, Sweden-based Bufab supplies industrial fasteners, with operations in 24 countries and 940 employees. Web: bufab.com