Solteq - Stellar start to the year
Solteq’s Q1 was clearly above expectations, with revenue at EUR 17.4m (Evli EUR 16.5m) and comp. EBIT at EUR 2.2m (Evli EUR 0.9m). Solteq raised its guidance ahead of Q1, expecting that Group revenue in 2021 will grow clearly and that the operating profit will improve clearly.
- Net sales in Q1 were EUR 17.4m (EUR 15.7m in Q1/20), slightly above our estimates (Evli EUR 16.5m). Growth in Q1 amounted to 10.9% y/y. 21.6% of sales came from outside of Finland.
- The operating profit and adj. operating profit in Q1 amounted to EUR 2.2m and 2.3m (EUR 0.7m/0.9m in Q1/20), clearly above our estimates (Evli EUR 0.9/0.9m).
- Solteq Digital: revenue in Q1 amounted to EUR 11.2m (Q1/20: EUR 11.3m) vs. EUR Evli 11.1m. The comp. EBIT was EUR 1.3m (Q1/20: EUR 0.7m) vs. Evli EUR 0.5m. The segment is expected to develop steadily during the current quarter.
- Solteq Software: Revenue in Q1 amounted to EUR 6.2m (Q1/20: EUR 4.3m) vs. Evli EUR 5.4m. The comp. EBIT was EUR 0.9m (Q1/20: EUR 0.2m) vs. Evli EUR 0.5m. Growth was 43.1% and mainly organic. Recurring revenue 29.1% of the segment’s revenue. The Partiture Oy acquisition has a slight positive impact on growth. The business outlook for the segment is expected to remain positive
- Guidance for 2021 (updated 27.4.): group revenue is expected to grow clearly and operating profit to improve clearly (added).