Q2e: Sales up 17% y-o-y, EBIT margin 11.3%
SJR preannounced on 12 July that the result for Q2 exceeded the market’s expectations. With the full Q2 report due next month, sales are expected to be SEK 104.6m (89.3m) with an EBIT of SEK 11.8m (1.7m). That is 3% and 70% ahead of our previous forecast where especially the EBIT margin of 11.3% vs. our assumption of 6.8% stands out. Since the EBIT deviation is substantially larger than the sales deviation, we think the recruiting business has been performing well in the quarter because it has a higher drop-through to EBIT. No further information was given and the Q2 report is due on 20 August at 08:30 CET.
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