· Sales reached SEK 797.4 million (932.6)
· EBITDA margin of 7.3% (9.5), excluding one-off cost of SEK 18 million
· EBITDA margin of 5.1% (6.5)
· EBIT margin of 1.9% (-25.8)
· EPS of SEK -0.01 (-8.83)
· Total of 1,761 employees (1,911)
April – June
· Sales reached SEK 387.3 million (455.0)
· EBITDA margin of 4.8% (9.5)
· EBIT margin of 1.6% (7.2)
· EPS of SEK -0.12 (0.48)
· Office in Estonia closed
The cautious market prevails and affects results
Sales for H1 2010 reached SEK 797.4 million. The EBITDA margin was 7.3%, excluding the cost of staff cuts in southern Sweden implemented in Q1. Earnings were down in Q2 because April and May were weak, and the recovery that took place in June did not compensate for the entire period. The positive trend in increased inquiries has not yet resulted in income, but we estimate that there is a good chance that this will happen in H2.
As noted at the beginning of 2010, the level of activity remains high in all our business areas. We are devoting considerable time to procurements and have won many frame agreements – particularly in the public sector, in which we aim to grow. We are intensifying our recruitment efforts, especially in the Nordic capitals, to meet the demand that we believe will characterise the market in H2. I also think it is worth mentioning that we gained new international customers in Q2, such as Tawasul in Saudi Arabia and Pace in the UK, and that our operation in southern Sweden is recovering more rapidly than we anticipated. Despite the weak market, we are also continuing to pay off our interest-bearing liabilities at a brisk rate, and these are now down to SEK 248.2 million (490.3).
We will continue to focus on profitability in 2010. We are optimising our organisational structure and coordinating our Swedish subsidiaries more clearly. Our streamlining work is continuing, in that we have closed our project office in Estonia and transferred the remaining assignments to our Romanian operation, where we continue to grow. We are building an international Cybercom, with a geographic structure designed for long-term, profitable business.
Stockholm, 16 July 2010
President and CEO
For more information, please contact:
Patrik Boman, President and CEO +46 73 983 89 79
Odd Bolin, CFO +46 70 428 31 73
Kristina Cato, IR and communications director +46 70 864 47 02