Key takes from the Q2’21 report
Swedencare’s Q2’21 report was strong, although the company continues to see supply chain issues. Sales grew 45% organically (ABGSCe: 45%) and 400% in total to SEK 160m, 2% below our expectations at SEK 163m. The growth within the group companies is stated to have varied from single digits to almost triple digits, with the companies seeing single-digit growth rates having the most supply troubles – one of the reasons the Vetio acquisition was made. On the margin, the company reported a 28% adj. EBIT margin, which was above our expectations and resulted in an adj. EBIT beat of 7%.
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