Q1: Sales +5% and EBITA +32% vs ABGSCe
Prevas reported a rock solid Q1 report, with net sales of SEK 394m (+25% y-o-y, of which roughly half organic), 5% above ABGSCe. Compared to Q4, we think the organic growth was more driven by price increases,as net recruitment at the end of period was only up by 5 employees from Q4; however, it could also be an effect of less sick leave, for example, but nonetheless, prices seem to have increased. The overall market was described as normal with some hesitation from certain customers causing a lower utilisation rate in the quarter. Some end-markets, such as defence and energy, are booming and offset this effect overall. EBITA was SEK 59.6m (44.4m) for a margin of 15.1% (14.1%), it was 32% above ABGSCe, as we thought the strong Q1'22 profitability was a one-off, which turned out to be wrong. The y-o-y margin improvement was mainly driven by calendar effects in Q1.
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