Q1: 22% organic sales growth y-o-y, +6% vs ABGSCe
Dedicare reported net sales of SEK 503m (+28% y-o-y, of which 22% organic). It was driven by continued strong execution in Norway where Dedicare grabs more market share and accelerating growth in Denmark where the company has positioned itself well in both the doctors and the nurses segments of the market. In Sweden, sales were flat y-o-y and organic growth negative after some regions decided to decrease staffing volumes for nurses in the quarter. Dedicare expects this to have a negative effect on Q2, but overall the headwind was more than offset by higher growth in Norway, and especially Denmark versus our estimates. In total, net sales was 6% was better than ABGSCe in Q1. EBIT was SEK 38m (26.2m) driven by sales growth in Norway and Denmark, and margin improvement in Sweden and Denmark. It was also 13% above ABGSCe where Denmark explains most of the deviation.
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