Ework Group AB (publ) publishes Interim Report, January – September 2021: Best Q3 results so far

“Ework is reporting its best quarter ever, on a really strong consultant market. The revenue and profitability trend remains positive, and with over 11,250 Ework consultants on assignment, we set a new record once again. EBIT was up by 25% to SEK 23.5 M, our best Q3 earnings to date. The share of transactions executed on our digital consulting platform Verama continued to grow, as did its user base of clients and consultants.”

Extract from CEO Zoran Covic’s commentary to the Interim Report

Third quarter 2021 compared to 2020

• Net sales increased by 14% to SEK 2,815 M (2,467). The increase is due to a significant increase in customer demand and successful sales to existing and new customers.
• EBIT increased by 25% to SEK 23.5 M (18.8) following an increase in sales, lower expenses and a larger share of high-margin business.
• Profit after financial items increased by 32% to SEK 23.3 M (17.7).
• Order intake increased by 28% to SEK 3,054 M (2,389).
• The number of consultants on assignment was the highest ever, 11,254.
• Earnings per share after tax before and after dilution were SEK 1.06 (0.87), an increase by 22%.
• Previously announced cost savings will to some extent be reduced during 2021 by more recent decisions to focus on growth and future profitability. In other respects, the previously communicated outlook remains unchanged.

First nine months 2021 compared to 2020

• Net sales increased by 4% to SEK 9,327 M (9,000).
• EBIT increased by 9% to SEK 84.5 M (77.2).
• Profit after financial items increased by 17% to SEK 83.0 M (70.7).
• Earnings per share after tax before and after dilution were SEK 3.76 (3.36), an increase by 12%.

The complete Interim Report is available via link below or at www.eworkgroup.com

For further information, please contact:

Zoran Covic, CEO, 46 (0) 706 65 65 17
Ola Maalsnes, CFO, 46 (0) 8 50 60 55 00, 46 (0) 738 68 22 90

The information disclosed in this Interim Report is mandatory for Ework Group AB (publ) to publish pursuant to the EU’s Market Abuse Regulation (MAR). This information was submitted for publication at 11:20 a.m. (CET) on 19 October 2021, through the agency of the CEO.

Ework Group is a market-leading and independent consultant provider operating in northern Europe, which focuses on IT, telecom, technology, and business development. Without having consultants employed, Ework can impartially match every assignment with the right competence from the whole market. Ework was founded in Sweden in 2000, and is now active in Sweden, Denmark, Norway, Finland and Poland. The company has framework agreements with over 170 leading corporations in most sectors, and approximately 11,000 consultants on assignment. Ework’s head office is in Stockholm. Its shares are listed on Nasdaq Stockholm.