Seafire: Subsidiary Linguacom files for bankruptcy - ABG

Linguacom files for bankruptcy following recent embezzlement
Q2e results affected by SEK -23.6m, no effect on cash flow
'23e sales affected by -6%, adj. EBIT by -3.6%, minor impact


Linguacom files for bankruptcy, no effect on cash flow

Following the recent announcement that Linguacom's CEO is suspected of embezzling over SEK 20m by purchasing a large amount of phones on behalf of the company and then stealing them, Seafire announced today in a press release that Linguacom is filing for bankruptcy. For Seafire, this means Q2 results will be affected by SEK -23.6m, due to lost goodwill and other assets. There will however be no effect on cash flow.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/Seafire/Equity-research/2023/6/seafire---subsidiary-linguacom-files-for-bankruptcy/