Q1 details
Better on orders, sales and earnings. The order backlog grew 20% y-o-y and 2% q-o-q to EUR 150m (+2% vs. ABGSCe 147m). Revenues grew 45% y-o-y organically (ABGSCe 42%) to EUR 39.5m (+5% vs. ABGSCe 37.8m) as Ports & Maritime grew 91% y-o-y organically (ABGSCe 71%) while Industry delivered stable growth (+7% organically). EBIT reached EUR 0.3m (ABGSCe -2.7m), for a margin of 0.8% (ABGSCe neg.). Net debt decreased from EUR 30m to 19m, supported by the SEK 165m rights issue, while lease adj. FCF amounted to EUR -3m. Looking ahead, the CEO believes that efficiency improvements, higher volumes and raised prices should lead to a "steady improvement in profitability during the year" (we have 2% margins in Q2, when then rise to 6-10% in H2'23).
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