Lukewarm growth, but solid profitability
After a solid start to the year, the Nordic consultancy market started to face challenges amid a worsening market landscape as Q2 unfolded. Although the telecom and public sectors have historically been relatively resilient to the economic cycle, both were weak in 2023, while automotive and life science performed well. Ework, with its broad market presence, has been impacted accordingly, with Q4 sales -1% y-o-y (of which prices/mix +2%, and volumes -4%) - the first y-o-y decline since Q1'21. While this was in line with our forecast, gross margins have recently started to recover. Together with solid cost control, this led to EBIT of SEK 58m, +6% y-o-y and +10% vs. ABGSCe. On the latter, Ework has recently initiated several profitability-enhancing measures that will bear fruit throughout H1e and thus support its EBIT margins.
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