Ework Group AB (publ) publishes Interim Report, July – September 2022: Strengthened position, continued high rate of growth and improved operating margin
“We are summing up the best third quarter in our history with a highly favorable performance for Ework. We continued to grow and reported robust order intake. Operating profit nearly doubled and the operating margin improved. This trend is in pace with our ambition and expectations, which bodes well for the future.”
Extract from CEO Karin Schreil’s commentary to the Interim Report
Third quarter 2022 compared to 2021
- Net sales rose 24 percent to SEK 3,492 M (2,815). The increase is due to continued strong demand and higher fees for consulting services.
- Operating profit rose 97.5 percent to SEK 46.4 M (23.5). The earnings improvement is due to sales growth, a positive trend in the profitability of our services Consulting Services and Managed Services, as well as continued growth and increased contributions from our add-on services PayExpress and Ework Services.
- The operating margin (EBIT) increased to 132 (83) bps as a result of a lower cost level and thus a lower cost increase rate. Adjusted for seasonal variations and accrual effects, the cost level was also lower compared to the second quarter and the rate of increase was lower than both sales growth and volume increase, compared to 2021.
- Profit after financial items increased 88 percent to SEK 43.7 M (23.3).
- Order intake rose 18 percent to SEK 3,606 M (3,054).
- The number of consultants on assignment reached a record-high 13,297 (11,280).
- Earnings after tax per share before dilution amounted to SEK 2.04 (1.06), an increase of 92 per cent.
First nine month of 2022 compared to 2021
- Net sales rose 22 percent to SEK 11,383 M (9,327).
- Operating profit increased 52 percent to SEK 128.3 M (84.5).
- Profit after financial items increased 47 percent to SEK 122.1 M (83.0).
- Earnings after tax per share before dilution amounted to SEK 5.58 (3.76), an increase of 48 percent.
The complete Interim Report is available via link below or at www.eworkgroup.com
