Innofactor - Figures as expected
Innofactor’s Q2 results were as expected. Net sales amounted to EUR 17.3m (Evli EUR 17.3m), while EBITDA amounted to EUR 2.1m (Evli EUR 2.2m). The order backlog continued to grow well, up 28% y/y to EUR 72.7m.
- Net sales in Q2 amounted to EUR 17.3m (EUR 16.8m in Q2/20), in line with our estimates (Evli EUR 17.3m). Net sales in Q2 grew 3.2% y/y and 7.6% organically. Revenue grew in all countries.
- EBITDA in Q2 was EUR 2.1m (EUR 2.0m in Q2/20), in line with our estimates (Evli EUR 2.2m), at a margin of 12.1%. EBITDA was positive in Finland, Norway and Denmark.
- Operating profit in Q2 amounted to EUR 1.3m (EUR 0.9m in Q2/20), in line with our estimates (Evli EUR 1.4m), at a margin of 7.4%.
- Order backlog at EUR 72.7m, up 28% y/y. Innofactor succeeded well in sales during the second quarter and received several significant orders.
- Innofactor expects that the COVID-19 pandemic will not cause significant harm to Innofactor’s business in 2021.
- Innofactor made an early repayment of loans for EUR 2.7m, improving the company’s equity ratio to 49.9% and net gearing to 30.5%.
- Guidance reiterated: Innofactor’s net sales and EBITDA in 2021 are estimated to increase compared to 2020 (net sales and EBITDA EUR 66.3m and EUR 7.2m respectively).