Eezy Plc's Financial Statements Bulletin 1-12/2021: Excellent profitability development
EEZY PLC -- FINANCIAL STATEMENTS BULLETIN -- 17 FEBRUARY 2022 AT 8:00
Eezy Plc's Financial Statements Bulletin 1-12/2021: Excellent profitability development
October-December 2021
- Revenue was EUR 60.5 million (EUR 43.4 million in October–December 2020).
- EBITDA was EUR 5.3 million (3.4).
- EBIT was EUR 3.2 million (1.5) and was 5.2% of revenue.
- Earnings per share was EUR 0.08 (0.02).
- Revenue grew by 39% and EBIT by 116%.
- Business continued to normalize from Corona conditions.
January-December 2021
- Revenue was EUR 203.3 million (EUR 190.6 million in January–December 2020).
- EBITDA was EUR 19.5 million (13.5).
- EBIT was EUR 11.8 million (5.6) and was 5.8% of revenue.
- Earnings per share was EUR 0.31 (0.11).
- EBIT doubled from previous year.
Dividend proposal
Board of Directors proposes a dividend of EUR 0.15 per share, of which EUR 0.10 will be paid in April and EUR 0.05 in October.
Outlook for 2022
Eezy expects revenue to grow and EBIT-% to increase during 2022. The guidance will be made more precise during the year.
Key figures (IFRS)
| EUR million, unless otherwise specified | 10–12/2021 | 10–12/2020 | 1–12/2021 | 1–12/2020 |
| Revenue | 60.5 | 43.4 | 203.3 | 190.6 |
| EBITDA | 5.3 | 3.4 | 19.5 | 13.5 |
| EBITDA, % | 8.7% | 7.8% | 9.6% | 7.1% |
| EBIT | 3.2 | 1.5 | 11.8 | 5.6 |
| EBIT, % | 5.2% | 3.4% | 5.8% | 2.9% |
| EPS, undiluted, EUR | 0.08 | 0.02 | 0.31 | 0.11 |
| EPS, diluted, EUR | 0.08 | 0.02 | 0.30 | 0.11 |
| Net debt / EBITDA | - | - | 2.4 x | 3.1 x |
| Chain-wide revenue | 89.7 | 67.9 | 305.5 | 282.6 |
CEO Sami Asikainen:
Our operating profit doubled
"We have learned to cope with Corona, and managed to double our operating profit in 2021, both for the last quarter and for the whole year. We have also progressed with our growth strategy by selected acquisitions. The year as a whole was a success.
Pace accelerated toward year-end
In the last quarter we enjoyed wide growth in our business areas, and grew more rapidly than the markets. The total revenue grew by 39% and our operating profit doubled. Greatest is that almost all growth was organic. The value of the quarter's performance increases further, when taking into account the Corona restrictions that burdened our Horeca business.
In the staffing services both the industrial sector and our franchise chain performed really strongly. In the professional services we achieved an outstanding 82% growth. In line with our strategy, the revenue share of high-margin services grew also in this quarter.
During the quarter we completed two acquisitions that help us in our future growth. In early October we boosted our foreign recruitment capabilities by acquiring Triton. In November we acquired Valmennuskeskus that widens our contact surface to the young people and significantly enlarges our employment training and coaching services to the public sector.
Great year 2021 despite restrictions
I am proud of our organization's ability to adapt to continuous external changes. Although we had a long lock-down in the early part and a shorter lock-down at the end of the year, practically almost all our businesses have still grown strongly and that showed up in our profit. Both the staffing services and the professional services have been top performers. In the third quarter we achieved the highest quarterly profit in Eezy's history, and doubling the full-year profit is a really great achievement.
Profit growth also helps to prove that the continuous improvement of our operations has continued. Even with a small 6% organic growth our fixed costs have scaled. We have used the Corona years to unify and develop our processes. I believe that once the volumes normalize, we can further increase our profitability thanks to the scale benefits.
Refining the strategy
We refined our strategy in December and set our targets for the next few years. We kept our ambitious long-term growth targets intact, but due to Corona we updated the timetable.
Our goal is to double our revenue in the next four years. Our growth expectations are based both on organic growth in the growing markets, and also on acquisitions that help us to accelerate our growth in selected business areas. We aim to expand our service offering to new services, and the success and well-being of an individual is at the center of our strategy.
The acquisitions done in late 2021 are examples of determined steps in our road forward. With the Triton acquisition we seek a substantial growth in international recruitment, and with Valmennuskeskus our significance in training young people and provider of employment related training and coaching services grew substantially. Both acquisitions help us to solve the acute labor shortage. We want to be the most significant reformer of the working life, so we will continue acquisitions that bring us knowledge, labor and customers and expand our service offering.
The Corona period has also created a digital leap in many of our businesses, and we will increase investments in developing digital services. We aim to further increase automation in the routine tasks, and increase the utilization of data and artificial intelligence for the benefit of our customers and employees.
Finally toward normal
We expect growth in revenue and operating profit from this year. We will provide more precise guidance once the Corona situation stabilizes.
Although the Corona restrictions have once again affected our Horeca business, we believe that the society will widely reopen during the spring. For the first time in the history of the new Eezy we will be able to operate in normal market conditions. Our organization has already shined in special circumstances, so I am really confident and really excited about the forthcoming year."
Result publication event:
A Finnish-language briefing for analysts and media will be held on 17 February 2022 at 13.00 Finnish time as a webcast at https://eezy.videosync.fi/2021-q4-tulos
The briefing will be hosted by CEO Sami Asikainen and CFO Hannu Nyman. During the presentation, there will be an opportunity to ask questions. The presentation material will be available at the company website at https://sijoittajat.eezy.fi/en/investors/reports-and-presentations/ before the conference. A recording of the audiocast will be available at the same website later.
Attachment: Financial Statements Bulletin January–December 2021 in PDF format
Further information:
Sami Asikainen
CEO
[email protected]
tel. +358 (0)40 700 9915
Hannu Nyman
CFO
Eezy Plc
[email protected]
tel. +358 (0)50 306 9913
Attachment
