1% sales beat and better margins
Formpipe's focus on restoring profitability continued to yield results in Q4. The EBIT margin expanded to 13%, up from 4% in Q4'22 amid sales +7% y-o-y and opex -3% y-o-y. This was above our expected 9%, driven by slightly higher sales, lower opex, and higher capitalised development costs. The recently deteriorating (margin-dilutive) delivery revenues with Landbrugsstyrelsen remained a drag on top-line growth (c. -3pp impact on the y-o-y growth), though we expect this to stabilise and gradually recover towards H2'24. Meanwhile, SaaS ACV of SEK 11m (ABGSC SEK 11m) saw more sequential progress - despite a still-elevated churn - after the dampened activity in H1'23. This bodes well for more SaaS sales growth in '24.
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