Q4 in brief
There were no major surprises given that the results were mostly pre-announced. Q4 was in line with our expectations with respect to sales but the company used slightly more cash than we had expected. When adjusting for discontinued clients, which Urb-it deemed unprofitable or non-strategic, volumes grew by 87% y-o-y. Both France and the UK were key to achieving a positive contribution margin (i.e. net sales less direct delivery costs) on a group level for the first time.
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