Little can be done to combat a weak market
Q4 was a tough quarter for IT consulting businesses. B3's sales declined by nearly 12%, whereas EBIT declined y-o-y by 57%, again due to low utilisation. Compared to FactSet consensus, B3 generated an adj. EBIT that was ~10% below expectations. On a positive note, the cost optimisation program appears to be progressing ahead of plan, and we view the more strict yet proactive stance on stopping underperforming subsidiaries as positive from a longer-term perspective.
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