Advenica: Weaker Q2 despite record service revenues - VH Corp
* Investing in doubling the office space * Higher sales but lower EBIT than Q1 * We keep our fair value of SEK 23 per share
ANNONS
Advenica's second quarter came in below our expectations, with total revenues of MSEK 47.3 against our estimated MSEK 56.4 and last year's record MSEK 60.8. EBIT slipped to a negative MSEK 6.3 as product sales remained low, though service revenues reached a new all-time high of MSEK 41.5. The company also announced a doubling of its office space in Malmö to support continued growth. We see the current volatility as short-term noise and maintain our fair value of SEK 23 per share.
