Q2 showed once again that the operating conditions for Niloerngruppen remain difficult. Org. growth was -18%, while FX contributed 3% and M&A 1%, for total y-o-y growth of -14%. The gross margin contracted 230bps y-o-y and 140bps q-o-q - something the company attributed to larger, relatively margin-dilutive orders. Order bookings continue to decline as clients are continuing their destocking efforts, but once clients are satisfied with their inventory levels, order bookings should accelerate rapidly back to normal levels.
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