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Innofactor - Continued good profitability

Innofactor’s Q2 results were above our expectations and profitability remained at a good level. The net sales in Q2 amounted to EUR 16.8m (Evli EUR 16.6m), while EBITDA amounted to EUR 2.1m (Evli EUR 1.1m). Guidance remains intact. The impact of the coronavirus pandemic was limited but EBITDA in Sweden, Norway and Denmark fell in the red due to lowered sales.
  • Net sales in Q2 amounted to EUR 16.8m (EUR 16.7m in Q2/19), in line with our estimates (Evli EUR 16.6m). Net sales in Q2 grew 0.6% y/y.
  • EBITDA in Q2 was EUR 2.1m (EUR 1.1m in Q2/19), clearly above our estimates (Evli EUR 1.1m), at a margin of 12.3%. EBITDA was clearly positive in Finland but somewhat negative in the other countries due to smaller than expected net sales due to the coronavirus pandemic.
  • Operating profit in Q2 amounted to EUR 0.9m (EUR 0.2m in Q2/19), clearly above our estimates (Evli EUR 0.0m), at a margin of 5.3%.
  • Order backlog at EUR 56.9m, up 28.8% y/y. Innofactor received several significant orders during the quarter and the order backlog improved q/q.
  • Guidance intact: Innofactor’s net sales and EBITDA in 2020 are estimated to increase compared to 2019.
  • The impact of the coronavirus pandemic on the second quarter was smaller than the company had previously expected. The pandemic lowered sales in Sweden, Norway and Denmark in the second quarter. Impact of the pandemic on Group net sales and profitability expected to be small during the rest of 2020. The company estimates a possibility that it will not achieve comparable net sales growth in Q3 as in Q1 and Q2.
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