A great start to 2022 with integration ahead of plan

Financial summary for the first quarter                                                                                                                                                                                                                        

• Net sales increased by 139.3 percent to EUR 67.3m (28.1). Organic growth excluding currency effects was 27.8 percent (40.2)
• Gross profit amounted to EUR 41.3m (14.5) with a gross margin of 61.3 percent (51.5)
• Adjusted EBITDA amounted to EUR 8.1m (5.5) with an adjusted EBITDA margin of 12.1 percent (19.7). Adjusted EBITDA, excluding the FX effect from the revaluation of operating balance sheet items, amounted to EUR 8.2m (4.7) and the margin 12.2 percent (16.8)
• EPS, before dilution amounted to EUR -0.03 (-0.01)
• Adjusted EPS, before dilution amounted to EUR 0.02 (0.04)

Significant events during the first quarter                                                                                 

• On 19 January 2022, Cint announced changes to the executive committee with the additions of Andy Ellis (COO), Rick Pittenger (CTO) and Felicia Winberg (General Counsel).
• On 1 February 2022, Cint held an extraordinary general meeting which elected Patrick Comer as new chair of the board of directors and Carl Sparks as new member of the board of directors.

CEO Tom Buehlmann:
The year has started at a high pace with net sales increasing by 27.8 percent on organic basis excluding currency effects or by 139.3 percent to EUR 67.3m, including the acquired businesses in 2021, compared to 28.1m in the same period last year. The first quarter growth, on a pro forma basis, was 32.4 percent.

EBITDA, adjusted for items affecting comparability, amounted to EUR 8.1m in the quarter corresponding to a margin of 12.1 percent compared to 16.9 percent on a pro forma basis for the last year. The lower profitability compared to last year is in line with our expectations as we are consolidating Lucid, have been impacted by FX fluctuations and also start accounting for the cost for our new incentive program. A more comparable adjusted EBITDA margin for Q1 2021 would have been 13.2 percent. We expect to see a progressive improvement of the profitability during the year, in line with the underlying business seasonality and as scalability and synergies for the combined company come.

We feel confident about our financial targets of reaching, and then maintaining, annual organic sales growth of at least 25 percent in the medium term while delivering at least 25 percent EBITDA margin.

For more information, please contact:
Joakim Andersson, CFO
Tel: +46 760 448 330
Email: [email protected]

Patrik Linzenbold, Head of IR
Tel: +46 708 252 630
Email: [email protected]

This disclosure contains information that Cint Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 CET on 3 May 2022.