The technology company Checkin.com decreased both sales and earnings during the second quarter. The company still has hopes for a strong second half of the year.

Turnover fell 2.9 percent to SEK 20.4 million (21.0). Organic sales growth was -3 percent (19). Net Revenue Retention LTM amounted to 103 percent (114).

Gross profit amounted to SEK 15.3 million (17.0), with a gross margin of 75.0 percent (81.0).

The Ebitda result was SEK 2.7 million (4.3), with an Ebitda margin of 13.2 percent (20.5).

The operating result was SEK -4.8 million (-0.7).

Profit after tax was SEK -5 million (-0.9).

Cash flow from operating activities amounted to SEK 2.2 million (-2.2).

Cash and cash equivalents amounted to SEK 35.3 million (33.2).

"We have previously expressed hopes for leverage in the business once the volumes come and although the travel vertical's volumes have continued to be weak even in Q2, we maintain that we are at a new level as a company compared to before and our hope for a strong second half of 2024 is thus also firm", says CEO Christian Karlsson in the report.

He continues.

"As the new acting CEO of the group, I can see that volumes have remained weak throughout the first half of 2024, which has led to revenues and earnings in the quarter largely developing sideways compared to last year. As in our Q1 report, this is mainly driven by lower volumes in our key travel segment."

The Checkin.com boss points out that in the first half of the year, the company had an ebitda margin of 18 percent, which is unchanged from the previous year.

"This is a sign that we are good at controlling our cost base and once the expected volumes come, we are in a strong position with high operational leverage where we expect the increased revenue to largely drive both gross and EBITDA margins upwards," Karlsson says.

Checkin.com, SEKm Q2-2024 Q2-2023 ChangeNet sales 20.4 21.0 -2.9%Organic sales growth, percent-3 19 Gross profit 15.3 17.0 -10.0%Gross margin 75.0% 81.0%Ebitda 2.7 4.3 -37.2%Ebitda margin 13.2% 20.5%Operating profit-4.8 -0.7 Net profit-5 -0.9 Cash flow from operating activities 2.2 -2.2 Cash and cash equivalents 35.3 33.2 6.3% Cash flow from operating activities 2.2 -2.2