Q1 details
Better sales, margins and cash flow, as winter conditions benefited group operations. Sales came in at SEK 1,383m (+11% vs. ABGSCe, +11% vs. FactSet cons), up 11% y-o-y of which +8% organically (ABGSCe/cons -4%, -6% Q4'23), mainly due to strong performance in Sweden and Norway, supported by good activity in its snow and ice removal businesses. Adj. EBITA grew 7% y-o-y to SEK 92m (+17% vs. ABGSCe, +16% vs. cons 79m), of which +9% organically (ABGSCe -22%), for a margin of 6.7% (ABGSCe/cons 6.3%, 6.9% Q1'23), due to higher margins in both Sweden and Norway. FCF was strong at ~140% of adj. EBITA (~40% in Q4) while pf gearing came down q-o-q to 2.4x (2.5x), and was down q-o-q to 2.6x (2.9x) on a R12m basis. On outlook, the CEO states that underlying demand is favourable.
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