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Actic: Q4, strong on cost management and cash flow in a difficult period - SEB

Actic reported Q4 sales slightly ahead of our forecasts, burdened by 18% y/y declines in ARPM and memberships. EBIT are rather in line with our forecasts adjusted for government subsidies relating to its closed gym facilities in Germany and Norway in the period. These results imply strong cost and cash flow management amid difficult trading. Net debt continues to decrease to 3.2x trailing EBITDA (IAS-17). Q1 guidance is for lower costs to offset decreasing sales.

Actic reported Q4 sales slightly ahead of our forecasts, burdened by 18% y/y declines in ARPM and memberships. EBIT are rather in line with our forecasts adjusted for government subsidies relating to its closed gym facilities in Germany and Norway in the period. These results imply strong cost and cash flow management amid difficult trading. Net debt continues to decrease to 3.2x trailing EBITDA (IAS-17). Q1 guidance is for lower costs to offset decreasing sales.
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