Q2 recurring sales of SEK 325m, +22% y-o-y (9% organic)
Vitec reported net sales for Q2’21 of SEK 396m, +3.5% vs. ABGSCe; approximately 82.1% of the revenues were recurring, -4.8pp vs. ABGSCe. Recurring revenues grew by 22% y-oy, of which 9% were organic. At the group level, this corresponds to total y-o-y growth of 23.6%. Service and licence revenues were once again elevated due to recent acquisitions not having fully adjusted their business models according to Vitec’s strategy of favouring recurring revenues, which contributed to the profitability beat. Personnel costs were also lower than anticipated due to favourable seasonal effects in Norway. Group EBITA was SEK 121m, +30.9% vs. ABGSCe for a margin of 30.7%. Ultimately, Vitec reported EPS after dilution of SEK 1.82, +22.0% y-o-y and +34.7% vs. ABGSCe.
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