Innofactor - Solid profitability figures
Innofactor’s Q1 results were above our expectations and profitability was at solid levels. The net sales in Q1 amounted to EUR 17.2m (Evli EUR 16.8m), while EBITDA amounted to EUR 2.0m (Evli EUR 1.2m). Guidance remains intact. COVID-19 impact so far limited, minor impact on net sales and profitability expected for the end of the year.
- Net sales in Q1 were EUR 17.2m (EUR 16.1m in Q1/19), slightly above our estimates (Evli EUR 16.8m). Net sales in Q1 grew 6.2 % y/y. Net sales grew in all countries.
- EBITDA in Q1 was EUR 2.0m (EUR 0.9m in Q1/19), clearly above our estimates (Evli EUR 1.2m), at a margin of 11.4 %.
- Operating profit in Q1 amounted to EUR 0.8m (EUR -0.1m in Q1/19), clearly above our estimates (Evli EUR 0.1m), at a margin of 4.8 %.
- Order backlog at EUR 54.1m, up 32% 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 Coronavirus pandemic has so far not had a significant effect on the ability to provide services. Innofactor estimates that the pandemic will have a minor effect on the net sales and profitability of the rest of the year. Third and fourth quarter growth and profitability will depend on the schedule of removal of restrictions in the Nordics.
- EUR 3.0m additional funding received, organic growth opportunities possible