Trading and New Business Update - Ayima Group AB

Further to our press release of 2 May, Ayima today provides a brief update as to the current trading situation.

New business remains slow, with extended negotiation periods and extreme budget restraint being shown by prospective clients. Ayima has signed new contracts to the value of approximately 4.3 MSEK in the period, however this is considerably lower than expectations. 

Expectations for the 2nd quarter have not changed, with expected results broadly in line with the previous quarter. In addition, the group has completed a round of cost-cutting measures to ensure a return to profitability in the 2nd half of 2023 in the absence of sufficient growth from new business. Savings of approximately 18.5 MSEK annually have been made through the abdication of office leases, consolidation of IT services and facilities and reduction in admin and overhead staff. The cuts will have an impact of approximately 8.5 MSEK in the remaining 6 months of the current year. 

Revenue growth remains a key issue for the group and the management team will continue to focus on strategies to increase client aquisition as well as growth through new services or market sectors. Further information will be made public when appropriate.