Redeye concludes that Q4 was weaker than expected. Revenue was 5% below expectations, where recurring revenues was on the weaker side and ad hoc revenues in line with expectations. On the positive side, marketing optimization (the company's focus area) grew decently. Adjusted EBIT (excl. one-off costs for cost-cutting program) was weaker than expected, as an effect of lower revenues. Q1 sales has started with a small revenue decline y/y. A big positive is that the company's cost-savings program will save 31m annually, compared to Redeye's previous assessment of 24m. Redeye will reduce its valuation range by c10%.
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