What to expect in Q4'24e
We expect sales of SEK 354m for Q4'24e, implying y-o-y growth of 21% (org. -5%, M&A +25%, FX +0.4%), along with EBITA of ~SEK 23m, corresponding to an EBITA margin of 6.4%. January data showed a stabilisation of demand, hourly prices, and net recruitment for IT consultants, albeit from a low base. We therefore expect positive momentum to start in H2'25, as positive net recruitment is likely to commence once utilisation rates recover.