Bildkälla: Stockfoto

Christian Berner Tech Trade: Slight miss but nothing to worry about - ABG

Orders -5%, sales +1%, adj. EBITA -7% vs. ABGSCe
Some negative one-offs in quarter: system changes, strikes
Management positive on outlook, M&A market opening up


Q1 results

Order intake came in at SEK 222m (-4.6% vs. ABGSCe 233m), -6.5% y-o-y. Sales came in at SEK 243m (+0.6% vs. ABGSCe 242m), +2.0% y-o-y (+2.8% org.). EBITA was SEK 15m (-14% vs. ABGSCe 17m), for a margin of +6.0% (ABGSCe +7.0%). EBITA adj. was SEK 16m (-6.9% vs. ABGSCe 17m), for a margin of +6.5% (ABGSCe +7.0%). Non-recurring costs for outsourced support services of SEK 1.2m. Unspecified negative effect from strikes in Finland. EPS adj. came in at SEK 0.53 (-12% vs. ABGSCe 0.61), +4.1% y-o-y. FCF lease adj. came in at SEK 43m (+793% vs. ABGSCe 4.9m), +612% y-o-y. Strong cash flow boosted by NWC release, mainly related to trade payables.
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