PE, the architectural consultancy, reported Q3 sales in line with our forecasts, implying an organic y/y sales decline of c. 4% (SEBe: -5%). Adjusting reported LBIT of SEK 22.5m for close to SEK 16m in non-recurring restructuring costs (relating to the ongoing real estate optimisation programme), underlying LBIT came in at SEK 7m (SEBs: LBIT of SEK 13m). Our estimates and our mid-point value of SEK 14 per share are under review.
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