Solteq - Well in line with expectations
Solteq’s Q1 was in line with our expectations, with revenue at EUR 19.2m (Evli EUR 18.9m) and adj. EBIT at EUR 1.6m (Evli EUR 1.5m). Guidance for 2022 reiterated: group revenue is expected to grow clearly and the operating profit to improve.
- Net sales in Q1 were EUR 19.2m (EUR 17.4m in Q1/21), in line with our estimates (Evli EUR 18.9m). Growth in Q1 amounted to 10.7% y/y, of which approximately a third was organic growth.
- The operating profit and adj. operating profit in Q1 amounted to EUR 1.4m and 1.6m respectively (EUR 2.2m/2.3m in Q1/21), in line with our estimates (Evli EUR 1.5m/1.5m).
- Solteq Digital: revenue in Q1 amounted to EUR 11.8m (Q1/21: EUR 11.2m) vs. Evli EUR 12.0m. Growth amounted to 5.6%. The adj. EBIT was EUR 1.5m (Q1/21: EUR 1.4m) vs. Evli EUR 1.5m. Demand in key areas, such as digital business and commerce solutions, is expected to remain good during the on-going quarter.
- Solteq Software: Revenue in Q1 amounted to EUR 7.4m (Q1/21: EUR 6.2m) vs. Evli EUR 6.9m. The adj. EBIT was EUR 0.1m (Q1/21: EUR 0.9m) vs. Evli EUR 0.0m. Growth was 19.7%. The business outlook is expected to remain positive.
- Guidance for 2022 (reiterated): group revenue is expected to grow clearly and operating profit to improve.