Innofactor - Well in line with expectations
Innofactor’s Q1 results were in line with our expectations. Net sales amounted to EUR 17.8m (Evli EUR 17.9m), while EBITDA amounted to EUR 4.7m (Evli EUR 4.8m). EBITDA included a one-off of approx. EUR 2.6m related to the Prime business divestment.
- Net sales in Q1 amounted to EUR 17.8m (EUR 17.2m in Q1/20), in line with our estimates (Evli EUR 17.9m). Net sales in Q1 grew 3.8% y/y. The growth was fully attributable to Finland but Innofactor expects to achieve growth also outside Finland from Q2 onwards.
- EBITDA in Q1 was EUR 4.7m (EUR 2.0m in Q1/20), in line with our estimates (Evli EUR 4.8m), at a margin of 26.2%. EBITDA included a one-off of approx. EUR 2.6m relating to the Prime business divestment. EBITDA excl. NRI’s would have been EUR 2.1m, 7.3% higher y/y.
- Operating profit in Q1 amounted to EUR 3.8m (EUR 0.8m in Q1/20), in line with our estimates (Evli EUR 3.6m), at a margin of 21.4%. EBIT excl. NRI’s would have been EUR 1.3m, 53% higher y/y.
- Order backlog at EUR 68.9m, up 27.4% y/y. Innofactor succeeded well in sales during the first quarter and also received its largest order in history from the Finnish Tax Administration.
- Innofactor expects that the COVID-19 pandemic will not cause significant harm to Innofactor’s business in 2021.
- Guidance reiterated: Innofactor’s net sales and EBITDA in 2021 are estimated to increase compared to 2020 (net sales and EBITDA EUR 66.3m and EUR 7.2m respectively).