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Talenom - Minor earnings beat

Talenom’s first quarter results were quite in line with our expectations. Net sales amounted to EUR 14.8m (EUR 14.7m Evli) while the operating profit was slightly above our estimates, at EUR 3.4m (EUR 3.2m Evli). The guidance was revised already earlier during Q1 and Talenom expects net sales growth to be greater than in 2018 and the operating profit margin to improve compared to 2018.
  • Talenom’s net sales in Q1 amounted to EUR 14.8m (EUR 12.7m in Q1/18), in line with our estimates (Evli EUR 14.7m). Q1 revenue growth was at 16.1% y/y.
  • The operating profit in Q1 was EUR 3.4m (EUR 2.6m in Q1/18), above our estimates (Evli EUR 3.2m), at a margin of 23.3%.
  • Talenom revised its guidance after the acquisition of Wakers Consulting during Q1, now expecting the net sales growth rate to be greater than (prev. same rate) in 2018 and the operating profit margin to improve (prev. improve slightly) compared to 2018
  • Net investments during Q1 increased to EUR 10.5m due to adoption of IFRS 16, with the adjusted net investments (excl. IFRS 16) at EUR 2.3m compared to 3.3m in Q1/18.

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