The company pre-announced sales and EBIT last week. B3 achieved Q2'23 net sales of SEK 299m (-1% vs. ABGSCe 301m) and EBIT SEK 22m (-7% vs. ABGSCe 23.6m). Compared to FactSet consensus, the reported figures imply deviations of -2% on sales and -24% on EBIT. The slight miss on sales and earnings is mostly explained by a normalisation of the utilisation rate (SEK -21m impact), which was at an exceptionally high level one year ago. This was offset by additional FTEs that contributed to SEK +27m, price increases of SEK +11m and increased sales of product & license sales of SEK +4m. Moreover, a lower use of subcontractors and a negative calendar effect impacted sales by SEK -7m and SEK -4m, respectively. Had B3 Poland been consolidated into the group, Q2'23 net sales would amount to SEK 336m and EBIT to SEK ~27m, implying a margin accretion of ~50bps.
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