Q1'24 report
Q1 was a tough quarter as utilisation was low and net recruitment was negative. B3 generated Q1'24 net sales of SEK 281m (-6% vs. FactSet cons, -4% vs. ABGSCe) and adj. EBIT SEK ~11m (-18% vs. cons, -37% vs. ABGSCe). In the context of both macroeconomic data and large scale surveys for IT consultants indicating persistent adverse conditions, a weak set of numbers is partly expected. That said, the numbers still constitute a miss compared to both ABGSC and consensus expectations, and suggest that the operating leverage in B3 is more significant than previously expected.