Q3: Sales up 17.5% y-o-y, EBIT-margin of 9.0% (8.2%)
Eurocon reported Q3 net sales of SEK 69.8m (59.4m), in line with ABGSCe. This amounts to 17.5% sales growth y-o-y, well above the financial target of 10%. Net recruitment was slightly lower than we expected but since sales were in line with our estimates price increases and utilisation were higher than expected. This resulted in lower personnel costs and an EBIT of SEK 6.2m (4.9m), beating ABGSCe by 20%, corresponding to an EBIT-margin of 9.0% (8.2%). Furthermore, the margin was positively affected by the continuing improvement in SiteBase, which really showcased its scalability this quarter with costs remaining almost flat while revenue kept increasing, resulting in a 20% EBIT-margin for the business area.
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