Q4: Impressive profitability, EBIT margin of 13.1% (10.1%)
Eurocon reported a solid Q4 with sales of SEK 95.2m (+8% y-o-y) and EBIT of SEK 12.5m (8.8m) for an EBIT margin of 13.1%, which was 1% and 9% above ABGSCe. The deviation to our EBIT forecast was from higher revenue per employee and a higher utilisation rate, whereas net recruitment was slightly below our estimate. The company also continued to strengthen its order book, and we note that the product company Sitebase continues its turnaround, now growing 34% y-o-y with an EBIT margin of 17.6% (0.3%). The board also proposed a dividend of SEK 0.60 (0.40).
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