ABGSC – Q1 2022 Interim Report
Highlights:
- Q1 revenues of NOK 487m (NOK 738m) in turbulent markets
- 2022 Q1 diluted EPS of NOK 0.17 (NOK 0.39)
- Pipeline remaining at solid levels
CEO comment:
I am very pleased to again report a solid quarter with revenues just shy of the NOK 500m mark. Although revenues are down compared to the outstanding Q1 last year, the first quarter is normally seasonally slow, and this year’s performance is particularly strong in a historical context.
The year got off to a good start, with market activity remaining high in the first half of the quarter, until we sadly again witnessed armed aggression in Europe. The Russian war against Ukraine has resulted in human suffering beyond comprehension, and has impacted the financial markets through increased uncertainty and volatility. The markets for new issuance of debt and equity felt the effects immediately, with several planned transactions being put on hold or rescheduled.
Despite this more challenging and turbulent macroeconomic and geopolitical sentiment, ABGSC executed on a strong pipeline of transactions in Q1. The slowdown in equity capital market activity, and especially IPOs, has been offset by the closing of several mergers and acquisitions during the quarter. Also, our brokerage operation has been less affected by the more volatile conditions.
ABGSC’s ability to keep up activities in a changing market shows that we have transformed from a highly specialized transaction advisor and brokerage firm into a full-service investment bank with a broader and diverse revenue base. As an independent financial advisor with a broad product range, we can help our clients through the different stages in a business cycle and always provide the best advice regardless of the state of the market.
Outlook
We entered 2022 with more mandated transactions than we did in 2021, and the pipeline remains at solid levels. Some projects have been postponed due to market circumstances, and despite a decent start to Q2, the current sentiment provides limited visibility.
Jonas Ström, CEO
For further information:
Jonas Ström, CEO +46 8 566 294 68
Geir B. Olsen, CFO +47 22 01 60 35
Please find attached the Q1 2022 Interim Report. A presentation will be held as a webcast at 09.00 CET and can be accessed through a weblink or call-in details presented on our corporate website www.abgsc.com.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was submitted for publication, through the agency of the contact persons set out above, at 08:00 CET on 26 April 2022