Q4 results
Sales were SEK 401m (+2% vs. ABGSCe 394m, +5% vs. Bloomberg cons. 381m), up 94% y-o-y (5% org, 86% M&A, 3% FX) The gross margin improved sequentially to 25.3% (ABGSCe 24.0%, cons 24.3%), a result of moving on higher input costs to customers. This, in combination with an offsetting effect from increased overhead, resulted in an adj. EBIT of SEK 24.7m (+8% vs. ABGSCe 22.8m, +9% vs cons. 22.7m), for a margin of 6.2% (ABGSCe 5.8%, cons. 6.0%). This included positive NRIs of SEK 0.8m (-0.8m from realised FX effects, +1.6m from previously set aside contingent consideration in Belgium). The NWC acquisition in UK continued its strong tred in the quarter (sales +6% vs. ABGSCe), largely thanks to growth in data centres. Germany saw notable sales ramp-up to SEK 18m (ABGSCe 16m), while Norway and Denmark came in below expectations.
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