Solwers Plc Half-Year Financial Report for January-
Good performance in a challenging environment in H1 2023
January -
The figures for the first half of the year (1 January-
The figures in brackets refer to the corresponding period in the preceding year and are of the same unit, unless otherwise noted.
- Revenue was
EUR 33,194 (32,562) thousand, growth of 1.9 % vs previous year. -
EBITA was
EUR 3,536 (3,801) thousand, 10.7 (11.7) % of the revenue. -
EBIT was
EUR 2,483 (2,808) thousand, 7.5 (8.6) % of the revenue. -
The company continued the implementation of its growth strategy by acquiring Transport Consultancy Group Nordic in
Sweden . -
The Annual General Meeting decided to distribute dividends of
EUR 0.073 (0.040) per share for the financial year 2022. -
The company's operating cash flow of
EUR +708 (+1,846) thousand declined mainly due to changes in net working capital. Group financial position continued to be good. - The number of employees at the end of the reporting period was 611 (601).
The relatively good order backlog of the year supports the positive development of revenue. The M&A market has remained active, and acquisitions are planned to continue further. Weak Swedish krona will have a negative impact on reported revenue.
The diverse service portfolio, operations in the two countries, as well as the large number of small projects balance and support the achievement of the set mid-term targets. Demand for engineering and project management work related to energy production, energy efficiency and circular economy projects is also expected to grow. Revenue is expected to grow and profitability to remain at a good level.
Key figures
EUR thousand | H1/2023 | H1/2022 | 2022 | ||
Revenue | 33 194 | 32 562 | 62 796 | ||
EBITDA | 4 008 | 4 245 | 8 156 | ||
EBITDA-% | 12,1 % | 13,0 % | 13,0 % | ||
EBITA | 3 536 | 3 801 | 7 218 | ||
EBITA-% | 10,7 % | 11,7 % | 11,5 % | ||
EBIT | 2 483 | 2 808 | 5 091 | ||
EBIT-% | 7,5 % | 8,6 % | 8,1 % | ||
Net Profit | 1 476 | 1 919 | 3 574 | ||
Net Profit-% | 4,4 % | 5,9 % | 5,7 % | ||
Earnings per Share (EPS) non-diluted, EUR | 0,15 | 0,21 | 0,38 | ||
Earnings per Share (EPS) diluted, EUR | 0,15 | 0,21 | 0,38 | ||
Revenue per employee | 55 | 56 | 105 | ||
Revenue growth, % | 1,9 % | 48,3 % | 40,6 % | ||
Billing rate, % | 81,7 % | 81,8 % | 80,0 % | ||
Adjusted equity | 37 903 | 32 895 | 38 158 | ||
Net debt | 17 261 | 17 184 | 13 366 | ||
Equity Ratio, % | 46,0 % | 43,9 % | 46,7 % | ||
Adjusted Equity Ratio, % | 46,0 % | 43,9 % | 46,7 % | ||
Total Assets | 82 347 | 74 949 | 81 682 | ||
Headcount, average during period | 601 | 586 | 600 | ||
Headcount, at end of period | 611 | 601 | 582 | ||
CEO's review
Overall market uncertainty continued, yet we delivered a solid result in the first half of the year. Our revenue grew by 1.9% to
Of the new projects, particularly interesting ones include
Another major project is the new area planned in Keilaniemi, which is to have offices, a hotel, a congress centre and apartments. The infill site is planned as a block formed by three separate sections, including a wooden office building, a hotel tower and a lower part serving both buildings. Architects Davidsson Tarkela have designed a tall hotel tower in the centre of the block, which, when completed, will form part of the future skyline of Keilaniemi.
Of the projects by the Swedish companies', Licab helped the mining company
We also had the pleasure of welcoming a new company to the group. In February we acquired the entire share capital of Transport Consultancy Group Nordic in
New acquisitions in our home markets in
Looking ahead, the general uncertainty in the market has affected customers' willingness to invest. A positive message for our business, however, is that the new government in
The expansion of our service portfolio, together with the business and geographical spread of our companies, balances and reduces the risk of labor shortages, but if the market situation changes suddenly, we are ready to adjust capacity if necessary. We have a large client base across two countries. In addition to large projects, we carry out thousands of small projects every year, with services ranging from design services to project management, financial management and other professional services.
Espoo,
Board of Directors
For further information, please contact:
Certified Adviser:
Distribution:
Nasdaq
Key media
www.solwers.fi
https://news.cision.com/solwers-oyj/r/good-performance-in-a-challenging-environment-in-h1-2023,c3826601
https://mb.cision.com/Public/20584/3826601/931bf82390a6f990.pdf
(c) 2023 Cision. All rights reserved., source