Q1 weak, Q2 likely weaker
StrongPoint's Q1 was another soft quarter, with revenues of NOK 359m, -6% y-o-y (+7% vs ABGSCe). The market remains challenging as customers are still holding back investments. COGS came in higher than our estimate, giving a GM of 36.2% (ABGSCe 40.0%). Higher personnel expenses still weighs, especially in Sweden/the Baltics where most of its employees are located. This gave a clean EBITDA of NOK -6m (ABGSCe NOK -1m). The company will book NOK 10m in one-offs in Q2 as part of a new cost saving initiative (will save NOK 20m in H2). Q2 will likely be weaker than Q1, with improvements expected from H2.
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