October–December 2023
- Revenue was
EUR 52.1 million (EUR 62.2 million in October–December 2022). Revenue decreased by 16%. - EBITDA was
EUR 3.6 million (4.6). - EBIT was
EUR -0.7 million (2.7) and was -1.3% of revenue (4.3%). EBIT includes an impairment ofEUR 2.3 million on trademarks and customer relationships related to acquisitions. - Earnings per share was
EUR -0.06 (0.08). - A profitability improvement program was implemented, and the strategy renewal project was started.
EUR 0.8 million in personnel expenses related to severance payments were recorded in the result.
January–December 2023
- Revenue was
EUR 219.0 million (EUR 247.6 million in January–December 2022). Revenue decreased by 12%. - EBITDA was
EUR 14.5 million (18.2). - EBIT was
EUR 4.0 million (10.0) and was 1.8% of revenue (4.0%). EBIT includes an impairment ofEUR 2.3 million on trademarks and customer relationships related to acquisitions. - Earnings per share was
EUR 0.03 (0.29). EUR 1.1 million in personnel expenses related to severance payments were recorded in the result.
Dividend proposal
Board of Directors proposes that no dividend will be distributed for year 2023.
Outlook for 2024
Eezy does not give guidance for 2024.
Key figures (IFRS)
EUR million, unless otherwise specified | 10–12/2023 | 10–12/2022 | 1–12/2023 | 1–12/2022 |
Revenue | 52.1 | 62.2 | 219.0 | 247.6 |
EBITDA | 3.6 | 4.6 | 14.5 | 18.2 |
EBITDA, % | 6.8% | 7.5% | 6.6% | 7.4% |
EBIT | -0.7 | 2.7 | 4.0 | 10.0 |
EBIT, % | -1.3% | 4.3% | 1.8% | 4.0% |
EPS, undiluted, EUR | -0.06 | 0.08 | 0.03 | 0.29 |
EPS, diluted, EUR | -0.06 | 0.08 | 0.03 | 0.28 |
Net debt / EBITDA | - | - | 4.0 x | 2.9 x |
Chain-wide revenue | 73.7 | 86.4 | 307.6 | 351.6 |
CEO
We focus on building a good working life with the renewed strategy
“Eezy's year 2023 is characterized by an economic downturn and a significant decrease in labor needs in the Staffing services business area. Despite the difficult economic conditions, we achieved growth in Professional services. Our revenue in 2023 was
Our revenue decreased in the last quarter to
The revenue of the Professional services business area grew in the last quarter to
Our operating profit for the last quarter was -
In 2023, we employed about 25,000 people and recruited 500 experts from abroad to
Year 2024 is a time of ensuring profitability and building foundations for growth
The year begins in a low economic cycle, and our customers' views on their own labor needs and investment capacity are uncertain. We want to ensure profitable operations even during times of quiet demand, and we will carefully monitor our fixed costs in relation to our revenue. Based on economic forecasts, the potentially starting interest rate cuts are expected to have a positive impact on economic development towards the end of the year. In economic cycle turnarounds, our industry has reacted quickly to the economic changes. Due to uncertain economic outlook, we do not provide guidance for 2024.
Our strategy aims for profitable growth
I began my tenure as CEO in June amidst a very difficult economic situation, and the economic climate continues to be challenging. We immediately took action and implemented a substantial profitability program during the fall, in which we, for example, reduced our number of office staff by about 60 and adjusted our other fixed costs to match the current level of our business. We have also made our operating models more agile, reshaped our organization, and now operate closer to our customers. We achieved the profitability program's goal of
During the fall and winter, we conducted a comprehensive market analysis-based strategy work. I strongly believe in the strategy's direction and consider a clear focus and concentration on our strengths as a guarantee for success.
We focus on where we are already strong: services related to our customers' personnel, leadership and corporate culture design. We are more than the sum of our parts: we have a broad nation-wide presence and a range of services for building a good working life with our customers.
For the strategic period extending to 2028, the goal is to grow faster than the market in the company's largest business area, Staffing services, and to double the revenue of the Professional services business area. We have identified significant growth potential both in our current businesses and in new staffing customer sectors, such as the health and social services and office work, which are less cyclical than the construction and industrial sectors that have traditionally been strong for us. Eezy aims for primarily organic growth during the strategic period, but growth can also be supported by acquisitions that complement our operations.
Our goal is to significantly improve our profitability by the end of the strategic period, aiming towards an 8% operating profit. In addition to the scale benefits brought by growth, we will widely harness technology and artificial intelligence in our various services. In particular, the phased introduction of the new AI-powered operating system for Staffing services during 2024 will bring us a significant productivity advantage. We are among the first companies in
Finally, I would like to thank all Eezy employees. The past few months have not been easy, but I am completely certain that we have all the necessary ingredients for success in our hands. When we focus on doing together what we are already good at, we will succeed and will achieve our goals for the strategic period. The great results from our reputation and customer surveys confirm that our customers trust us and value our professionalism.”
Result publication event:
A Finnish-language briefing for analysts and media will be held on
The briefing will be hosted by CEO
Attachment: Financial Statements Bulletin January–December 2023 in PDF format
Further information:
CEO
siina.saksi@eezy.fi
tel. +358 50 550 3912
CFO
hannu.nyman@eezy.fi
tel. +358 50 306 9913
Communications and Marketing Director
marleena.bask@eezy.fi
tel. +358 50 352 3643
Attachment
- Eezy_Plc_FinancialStatementsBulletin_Q4_2023_ENG
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