Prevas publishes the interim report for the second quarter of 2024

Increased turnover, increased profit and regulatory approval, for strategic acquisition in Finland.

Prevas reports increased turnover and increased profit. The turnover during the second quarter increased by 4.8 percent to 395.6 MSEK (377.7). Organic growth during the quarter amounted to approximately 60 percent of total growth. We delivered an EBITA of 36.2 MSEK (35.7) and an EBITA margin of 9.2 percent (9.5). Turnover and profit were impacted by a lower utilization rate compared to the previous year, which was offset by price increases and the fact that the quarter included one more working day compared to the corresponding quarter previous year. The market remained challenging during the quarter with varying demand across different customer segments. To meet the market conditions, we continued to adjust recruitment to match demand, maintained active cost control, and focused on increasing customer value, which positively contributed to the quarter’s results.

 

Magnus Welén, CEO

To read the full CEO statement, see the interim report pages 4-5.

 

Quarter Apr–Jun 2024

• Net turnover amounted to 395.6 MSEK (377.7), an increase of 17.9 MSEK and 4.8 percent. Over 60 percent of the growth was organic and the remainder came from acquisitions made in 2023.
• Operating profit EBITA amounted to 36.2 MSEK (35.7), yielding an operating margin of 9.2 percent (9.5). The quarter was one working day longer than last year, which had a positive impact on EBITA of approximately 5 MSEK.
• Operating profit EBIT amounted to 31.8 MSEK (33.0), yielding an operating margin of 8.0 percent (8.7). EBIT was negatively affected by acquisition related items by 4.3 MSEK (2.7). EBIT adjusted for acquisition related costs was 36.1 MSEK (35.6), which gave an adjusted operating margin of 9.1 percent (9.4).
• Profit after tax amounted to 26.0 MSEK (25.0).
• Profit per share before dilution was 2.02 SEK (1.92) and after dilution 2.01 SEK (1.90).
• The cash flow from operating activities amounted to 63.1 MSEK (50.0).

 

Period Jan–Jun 2024
 

• Net turnover amounted to 802.7 MSEK (772.0), an increase of 30.7 MSEK and 4.0 percent. Over 50 percent of the growth was organic and the remainder came from acquisitions made in 2023.
• Operating profit EBITA amounted to 89.8 MSEK (95.4), yielding an operating margin of 11.2 percent (12.4). The period had the same number of working days as the previous year.
• Operating profit EBIT amounted to 76.0 MSEK (90.7), yielding an operating margin of 9.5 percent (11.8). EBIT was negatively affected by acquisition related items by 13.5 MSEK (4.4). EBIT adjusted for acquisition related costs was 89.5 MSEK (95.1), which gave an adjusted operating margin of 11.2 percent (12.3).
• Profit after tax amounted to 59.3 MSEK (66.9).
• Profit per share before dilution was 4.58 SEK (5.12) and after dilution 4.56 SEK (5.08).
• The cash flow from operating activities amounted to 90.2 MSEK (72.9).

Significant events during and after the quarter

• In April 2024, it was announced that Prevas had entered into an agreement to acquire approximately 92 percent of the Finnish company NMAC Group Oy, the parent company of the Enmac Group (“Enmac”). Regulatory approval was granted at the end of June, and the acquisition was completed on July 1, 2024. For more information about the acquisition, see the press release on the company’s website prevas.com.
• Change in the number of shares and votes in Prevas. Warrants in the Prevas warrant program 2021/2024 have been used during June 2024 to acquire 148,337 B-shares in the company. With this the number of shares in the company amounts to 12,885,230 shares, divided between 422,800 A-shares and 12,462,430 B-shares. As a result of the increase in the number of B shares, the number of votes in the company has increased from 16,542,093 votes to 16,690,430 votes.
• Prevas Annual General Meeting for 2024 took place on May 15th 2024. The Annual General Meeting resolved in accordance with all proposals put forward by the Board of Directors and the election committee. For more information, see https://www.prevas.com/IR/Annual-General-Meeting.
   

Prevas' interim report for the second quarter of 2024 will be available at https://www.prevas.com/Financial-Reporting and is attached to this press release.

Presentation of Prevas’ interim report for the second quarter of 2024

Friday, July 19 at 09.30 press and analyst presentation will be held which can be followed via webcast (https://www.finwire.tv/webcast/prevas/q2-2024/) and through tele conference (+46 8 5050 0828, Meeting ID: 825 3394 9294).

The presentation is conducted in English by Magnus Welén (CEO) and Helena Burström (CFO) from Prevas AB.

No pre-registration is required.

This information is information that Prevas AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out below, at 2024-07-19 08:30 CEST.