Demand still muted but profitability improves q-o-q
Ogunsen reported Q3 sales of SEK 103m (111m), down 7% y-o-y and 7% behind ABGSCe. The y-o-y drop was caused by lower staffing revenues. Recruiting revenues, on the other hand grew 5% y-o-y, marking the first quarter with growth since Q3'22, which is a positive signal. The revenue mix helped improve profitability from the levels seen in Q2, as the recruiting business usually has higher profitability. EBIT was SEK 7.8m (8.7m) for an EBIT margin of 7.6% (7.9%); this was 10% above ABGSCe. FCF was negative in Q3 from a timing issue and a subsequent working capital build-up. We have no reason to believe this a long-term issue, and think it will revert in Q4.
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