Welcome to the presentation of Momentum Group's Q1 Report for 2024. I'm Ulf Lilius, CEO of Momentum Group, and I'm here with my colleague, Andreas Cajbrandt, our Group Accounting Manager. Niklas have taken the liberty to go on holiday, so today, me and Andreas will guide you through our report. Our agenda today is to give you some information about the highlights from the Q1 and the development during the quarter, as well as financial information. We will round off with some information about us going forward. Now to the highlights of our report. Our businesses continue to perform well and display their ability to adapt to current market situations. The business climate in our main markets in the Nordic region remained robust during the first quarter of the year, although economic uncertainty has affected the market for some time, causing some customers to become more cautious.
In the industry, which is our primary customer group, has continued to show stable demand. In general, our companies displayed a strong delivery capacity during the quarter and delivered solid sales growth. Due to the continuing uncertainty in the market, some customers and customer segments are adopting a wait-and-see approach, especially when it comes to larger projects and system sales. While our aftermarket business, which accounts for approximately 90% of sales, is showing greater resilience. A challenging international security situation, historically high interest rate, and customer caution are expected to continue to affect the market. Our companies are continuously taking measures to adapt to the current market climate, and are confirming the strength of our decentralized structure with decision making taking place close to the customers and suppliers.
The group's operations delivered favorable sales growth, with an organic revenue growth of 5% in the quarter. Recently, acquired business further strengthened this growth, resulting in a total YoY increase in revenue of 32%. Revenue growth, combined with our effective cost control, led to a 25% increase in EBITA, compared with the same quarter last year, which included one trading day more than this year. Although some product segments and export-oriented customers, especially in pulp and paper, displayed a low level of activity, this was offset by more positive development in other sectors. Our companies work closely with the customers to be able to adapt quickly to changes in demand patterns and are very restrictive when it comes to costs. Now I will hand over to Andreas, who will guide you through our Q1 report.
Thank you, Ulf. During the first quarter, revenue increased by 32% compared to the corresponding period previous year and amounted to SEK 661 million. Growth in comparable units was 5%, and contribution from acquisition amounted to SEK 144 million, corresponding to a 29% revenue increase. The quarter included 1 trading day less than the previous year. As Ulf mentioned, we saw stable demand for products and services across most customer segments during the quarter. However, it is still noted that within certain product segments, and mainly within paper and pulp, that some companies are facing a weaker demand. To a great extent, that was offset by a more positive development in other sectors. Some customers are also slightly more cautious, which is seen especially in companies with a higher portion of project and system sales.
The aftermarket business, which accounts for approximately 90% of group revenue, has shown greater resilience to a somewhat weakened economy. The Easter effect had, of course, a negative impact on revenue in March. However, adjusted for the number of trading days in the month, we saw stable growth for comparable units and a strong ending to the quarter. As we also have stated before, we see fewer and lower price increases in the market from our suppliers, pointing to a more stable market. It is also worth noting that companies have upheld a generally good delivery capacity, and the overall ability to consistently deliver products and services remained strong throughout the quarter. For some companies within the Infrastructure Business Area, there is a seasonally weaker demand during the first quarter, and which is highly related to maintenance activities for customers within the power generation segment. Turning to group earnings.
Our EBITA increased by 25% to SEK 75 million, compared to the same quarter previous year, and corresponding to an EBITA margin of 11.3%. The increase in EBITA is derived from positive development in comparable units, both volume growth with good cost control, as well as contribution from acquisitions. The slight decrease in EBITA margin compared to the same period previous year is explained predominantly by acquisitions within the Infrastructure Business Area, where we also have the added effect of a first quarter that is seasonally weaker. Operating profit rose with 18% to SEK 65 million and corresponding to an operating margin of 9.8%. Operating profit was charged with amortization of intangible assets arising from acquisitions by SEK 10 million, and with depreciation related to right- of- use assets and tangible non-current assets by SEK 22 million.
Net profit amounted to SEK 43 million and resulted in earnings per share of SEK 0.85 and was unchanged compared to the same period last year. This, in turn, is explained by increased financial costs due to the acquisition and higher amortization of intangible non-current assets. For the rolling 12 months period, the revenue increased by 33% to SEK 2.5 billion, and EBITA rose by 27% to SEK 280 million compared to the corresponding period previous year. The EBITA margin was 11.4%. Earnings per share was 3.45 SEK, an increase by 15%. As previously announced, the board of directors have proposed a dividend of SEK 1.1 per share to the annual meeting in May, a dividend increase of 10% compared to last year.
So some comments per business area, and firstly, the Industry Business Area. Revenue rose by 11% to SEK 441 million, and the growth in comparable units was 5% for the quarter. EBITA increased with 11% to SEK 59 million, and corresponding to an EBITA margin of 13.4%. The return on working capital was 69% for the rolling twelve months period. Looking at each business unit, Power Transmission, comprising Momentum Industrial, reported stable growth in sales and mainly within the automotive segment, but also with good development within the metal and mining sectors. As pointed out earlier, we saw a weaker demand for the paper and pulp industry. And looking at the product side, increases were noted primarily in mechanical seals, where also last year's acquisitions contributed positively to the development.
In the Specialist Business Unit, we saw strong development during the quarter, with growth in both sales and earnings for comparable units. Besides that, acquired businesses contributed with a turnover of SEK 33 million with good margins. Generally, we saw stable demand, and exposure to various customer segments is also strength. During the quarter, the acquisition of PW Kullagerteknik was completed. Turning to the Infrastructure Business Area, revenue increased by 102% to SEK 224 million, and the growth in comparable units was 5% for the quarter. EBITA rose by 85% to SEK 24 million, and corresponding to an EBITA margin of 10.7%. The return on working capital was 55% for the rolling twelve months period.
Within the business unit, Flow Technology, we saw a stable start to the year, but as pointed out earlier, for some businesses, the first quarter is seasonally weaker, and especially for businesses such as Askalon and Conclean. A significant part of the business unit were acquired during the previous year, and acquisitions contributed SEK 111 million to the revenue in the quarter. In March, we signed an agreement to acquire Sikama, and its closing is scheduled to take place in early to mid-May. The companies within business unit Technical Solutions, generally showed stable development during the first quarter. Rörick's larger workshops in Köping and Örebro demonstrated good capacity utilization and with growth in both revenue and earnings.
For Mekano, revenue decreased slightly in the quarter, but improved margins and efficient cost control led to an increase in EBITA, also in line with the initiatives implemented in the business during 2023. The positive trend for the operations within Measurement Technology continued during the quarter, with gradually improving customer activity and demand. Following the end of the quarter, KmK Instrument and ZRS Testing Systems was acquired, which we believe will further strengthen in this area. To highlight some key financial metrics for the group. For the rolling twelve months period, the group's profitability, measured as return on working capital, amounted to 59%. For the same period, the return on equity was 29%. Looking at the cash flow, the cash flow from operations before changes in working capital increased to SEK 65 million.
In that also included a high level of tax payment, where SEK 8 million was related to the 2022 financial year. The changes in working capital amounted to SEK 4 million, resulting in the cash flow from operating activities amounting to SEK 61 million. Other items affecting the cash flow were cash flow in our investing activities. SEK 6 million related to acquisitions, SEK 10 million related to the settlement of deferred payments arising from acquisitions, and SEK 3 million related to the net investment in non-current assets. All in all, the cash flow from investing activities amounted to SEK 19 million. Cash flow from financing activities amounted to SEK 46 million, all related to the net change in interest-bearing liabilities.
IFRS 16 effects is in total a zero effect, but with a positive effect in cash flow from operating activities of SEK 19 million, and with the same negative effect in cash flow from financing activities. Turning to the financial position, the group net loan liability amounted to SEK 293 million, compared to SEK 326 million in the beginning of the year. The change is primarily driven by the cash flow from operating activities and acquisitions during the quarter. The total cash and cash equivalents, including unutilized approved credit facilities, amounted to SEK 713 million at the end of the quarter. In that amount, it is not included the increase in the group credit facility by SEK 100 million to SEK 300 million, which took place in April.
All in all, meaning that we have plenty room for continued growth and with a solid financial position. Now I hand over to Ulf, who will give you some words on the final part of the presentation.
Thank you, Andreas. Now I'll give you some input about going forward. We have introduced a new group structure for continued growth, profitability, and development.
...The change strengthens the conditions for organic and acquired growth in each business area by making better use of the breadth and expertise that has been built up in the group since the listing. Since the spin-off in March 2022, we have increased our revenue with SEK 1 billion and completed 19 acquisitions, and 4 so far this year. In order to create the best conditions for continued growth and to be more clearly reflect our strategic focus, we have made an adjustment of the group structure based on the market sectors in which our companies operate. We want to utilize the expertise accumulated within the group, especially on the acquisition side, and encourage knowledge sharing between companies with similar market conditions. The companies in Momentum Group offer components and related services, primarily to the aftermarket customers.
Our companies are mainly resellers, but with certain own products and system construction, as well as service companies, which deliver solution with the focus on secure operation, longer service life, and increased efficiency. As of last year figures, the MRO market stands for 90% of our sales, and of our total sales, 15% are service, repair, and maintenance. Local manufacturing, assembly, and own brand stands for 10% of the total sales. Regarding the product verticals, we have had a change that valves is today our second largest vertical, with, for example, the joining of BPS and Askalon to our group. Acquisitions are part of our DNA, and the acquisition of PW Kullagerteknik, a specialist in ball and roller bearing, was completed during the quarter.
After the end of the period, we announced 2 acquisitions within Measurement Technology, KmK Instrument and ZRS Testing Systems, and the acquisition of Sikama, which is a specialist in gas and fluid handling. With 4 acquisitions announced so far this year, we have completed 19 acquisition, as I mentioned before, since our IPO. These have contributed significantly to the group's favorable revenue and EBITA growth, but have also resulted in increased cost in form of depreciation and interest expenses. Our stated ambition is to grow with financial stability, focus on our loan to value ratio, and acquisition-related cost to create good growth in earnings per share for shareholders over time.
Our strong financial position enables continued acquisition expansion and organization and structural capital, combined with stable companies and efficient cash flow generation, give us excellent condition to maintain a good acquisition rate in 2024 as well. In summary, we are continuing on our established path on developing and acquiring successful, sustainable companies in the Nordic region. Thank you for your time and interest listening to our Q1 presentation, which are available with the report on our website. If you have any questions or specific requests, do not hesitate to contact us through our IR mail or by phone. Thank you once again.