Ogunsen: Continued to grab market share in Q1 - ABG

Organic sales growth +17% y-o-y
EBIT margin of 11.7% (11.4%)
Industry survey points to improvements


Q1: Sales 4% above and EBIT 5% below AGBSCe

Ogunsen reported Q1 sales of SEK 144m (+17% y-o-y), which was 4% above ABGSCe. The company continued to grab market share as the overall Swedish staffing industry only grew 6% y-o-y in Q1. It also outgrew the niche economics/finance market that saw a sales increase of 15% y-o-y in Q1. In terms of business areas, consultancy/staffing revenues grew 20% y-o-y whereas recruitment revenues were down 1%, in line with the dynamics of the general market. EBIT was SEK 16.8m (SEK 14m), 5% below ABGSCe as the unusually high profitability from H2'22 decreased faster than we expected.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/ogunsen/Equity-research/2023/6/ogunsen---continued-to-grab-market-share-in-q1/