Q2 results entailed visible cost synergies
Bredband2’s Q2 results were solid. Although the customer intake suffered from the migration of A3’s customers into BRE2 (our best assessment is a negative customer intake of 1,000-5,000 q-o-q), sales grew 1% q-o-q. The gross margin remained stable at 34.3% (vs. 34.2% in Q1), which was encouraging. Costs synergies with A3 are starting to materialise, with a sequential decline in costs of 6%. In H1, the company has, for example, exploited synergies relating to personnel, offices (two offices have recently been closed), purchasing agreements with suppliers, and A3’s consulting division has been divested.
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