Consti - Another strong quarter
Consti's net sales in Q1 amounted to EUR 68.9m, above our and consensus estimates (EUR 62.5m/62.3m Evli/cons.), with impressive growth of 15.2% y/y. EBIT amounted to EUR 0.7m, also above our and consensus estimates (EUR 0.5m/0.5m Evli/cons.). Guidance for FY 2023 remains unchanged.
- Net sales in Q1 were EUR 68.9m (EUR 59.8m in Q1/22), above our and consensus estimates (EUR 62.5m/62.3m Evli/cons.). Sales growth was impressive at 15.2% y/y.
- Adj. operating profit in Q1 amounted to EUR 0.7m (EUR 0.4m in Q1/22), above our and consensus estimates (EUR 0.5m/0.5m Evli/cons.) at a margin of 1.0% (0.6%).
- EPS in Q1 amounted to EUR 0.04 (EUR 0.01 in Q1/22), above our and consensus estimates (EUR 0.02/0.02 Evli/cons.).
- The order backlog in Q1 was EUR 253.8m (EUR 205.1m in Q1/22), up by 23.7% y/y.
- Free cash flow amounted to EUR -1.0m (Q1/22: EUR -0.8m).
- The company’s order intake was impressive as the intake in Q1 was EUR 58.6m (Q1/22: EUR 37.6m), up by 56.1%. During the quarter, Consti agreed on a comprehensive renovation project of a housing company in Myllypuro owned by the city of Helsinki, the contract is worth EUR 26m or roughly 10% of the current total backlog.
- The profitability continues to be strong despite the cost inflation having a negative effect through higher construction and indirect costs.
- Guidance for 2023 (unchanged): Operating result for 2023 will be in the range of EUR 9.5–13.5 million