What to expect in Q1'25e
We expect sales of SEK 335m for Q1'25e, implying y-o-y growth of 19% (of which the organic decline is -5%), along with EBITA of ~SEK 17m, corresponding to an EBITA margin of 5.1%. YTD data for IT consultants showed demand improvement, coupled with expectations for worsened hourly prices and a continued negative net recruitment. It is likely that IT consulting businesses are waiting for improved margins prior to resuming a recruitment agenda in line with historical averages.