Revenue growth in the first quarter of 2024
Key figures
Solwers Consolidated EUR thousand | Q1/2024 | Q1/2023 | |||
Revenue | 19,221 | 16,210 | |||
Revenue growth-% | 18.6% | 4.3% | |||
EBITDA | 1,785 | 2,171 | |||
EBITDA-% | 9.3% | 13.4% | |||
EBITA | 1,531 | 1,937 | |||
EBITA-% | 8.0% | 12.0% | |||
EBIT | 906 | 1,418 | |||
EBIT-% | 4.7% | 8.7% | |||
Headcount, average | 704 | 589 | |||
Headcount, at the end of Q1 | 698 | 595 | |||
Equity Ratio, % | 44.8% | 47.5% | |||
Q1 Highlights (January-March)
- Acquisitions
9.1.2024 -WiseGate AB :WiseGate Consulting AB andDEMAB AB 23.1.2024 -Kari & Pantsar Oy , minority shareholding 33.3%29.1.2024 -Relitor Engineering AB 28.3.2024 -Finexplo Oy , subsidiary of Kalliotekniikka Consulting Engineering Oy
- The Company strengthened its ownership by redeeming DREEM AB's minority stake
Arkman Arkkitehtuuri Oy merged intoLukkaroinen Arkkitehdit Oy - Preparations for CSRD reporting initiated with dual materiality analyses
Events after Q1
- Performance Share Plan for key employees
-
Ongoing investigation on the possibility of moving to the Main Market of
Nasdaq Helsinki Ltd -
Annual General Meeting held on
April 25, 2024 in Helsinki
Outlook 2024
In the ongoing year 2024 the acquisitions continue to support our existing business. We focus on areas where new production and investments are booming such as energy, automation, and power transmission.
CEO
The beginning of the year is typically a quieter period in our operations, and the year 2024 was no exception. The billing rate and the number of new projects were low, although there was an evident improvement noticeable during March already.
The acquisitions in the beginning of the year raised the revenue to a new level. With the acquisitions of
The profitability, on the other hand, appears low in relation to the comparison period of the previous year. This was influenced by postponed projects for the larger group companies and partly by Easter falling in March, which reduced the number of working days relative to the comparison period. The impact of working days is significant as our revenue is largely based on hourly based billing. Measures are underway to improve profitability. We have continued to adjust capacity when it has been justified: layoffs and staff reductions have been made in some subsidiaries.
Market sentiments are expectant. Operating in at least two countries is part of our risk management, and it can be stated that the business environment is currently more favourable in
The entrepreneurial spirit including perseverance, agility, and locality lives strong in daily operations of
As announced in Company Release on
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This is not an interim report under IAS 34. The company complies with the half-yearly reporting requirements of the Securities Markets Act and publishes business reviews for the first three and nine months of the year, which present key information on the company's financial performance. The financial information presented in this business review is unaudited.
CERTIFIED ADVISOR:
DISTRIBUTION:
Nasdaq Helsinki Ltd - Key Media
- www.solwers.com
Enquiries:
https://news.cision.com/solwers-oyj/r/business-review--1-january---31-march-2024,c3992396
https://mb.cision.com/Main/20584/3992396/2836049.pdf
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