Innofactor - In line with our expectations
Innofactor’s Q1 results were well in line with our expectations. Net sales were up ~5% y/y to EUR 21.2m (Evli EUR 21.0m) while EBITDA amounted to EUR 2.6m (Evli EUR 2.6m). Guidance for 2024 reiterated: Innofactor’s net sales and EBITDA are expected to increase compared with 2023.
- Net sales in Q1 amounted to EUR 21.2m (EUR 20.2m in Q1/23), in line with our estimates (Evli EUR 21.0m). Net sales in Q1 grew 4.8%.
- EBITDA in Q1 was EUR 2.6m (EUR 2.5m in Q1/23), in line with our estimates (Evli EUR 2.6m), at a margin of 12.3%.
- Operating profit in Q1 amounted to EUR 1.m (EUR 1.8m in Q1/23, slightly below our estimates (Evli EUR 1.8m), at a margin of 8.7%.
- EBITDA was positive in Finland and Norway in Q1 but negative in the other countries.
- Innofactor saw challenges in new sales during the quarter due to the challenging market situation but was successful in sales to existing customers. Billing rates fell below expected levels due to the demand situation. Innofactor is expected to reduce the amount of personnel in Sweden by around 20% during Q2 due to continued profitability challenges.
- Order backlog at EUR 68.8m, down 9.8% y/y.
- Guidance for 2024 (reiterated): Innofactor’s net sales is expected to increase from 2023 (EUR 80.3m) and EBITDA is expected to increase from 2023 (EUR 9.1m).