EEZY OYJ April–June 2021
- Revenue was
EUR 48.0 million (EUR 39.0 million in April–June 2020). - EBITDA was
EUR 5.0 million (1.8). - EBIT was
EUR 3.1 million (-0.5). - Earnings per share was
EUR 0.08 (-0.03). - Revenue grew by 23 % despite the continuing corona pandemic.
- Business volume clearly increased toward the end of the quarter.
January–June 2021
- Revenue was
EUR 84.6 million (EUR 94.1 million in January–June 2020). - EBITDA was
EUR 7.7 million (4.6). - EBIT was
EUR 4.0 million (0.4). - Earnings per share was
EUR 0.09 (-0.02). - Despite the difficult conditions, profit has significantly improved along the continued efficiency improvements.
Outlook for 2021
Key figures (IFRS)
| EUR million, unless otherwise specified | 4–6/2021 | 4–6/2020 | 1–6/2021 | 1–6/2020 | 1–12/2020 |
| Revenue | 48.0 | 39.0 | 84.6 | 94.1 | 190.6 |
| EBITDA | 5.0 | 1.8 | 7.7 | 4.6 | 13.5 |
| EBITDA, % | 10.4% | 4.6% | 9.1% | 4.9% | 7.1% |
| EBIT | 3.1 | -0.5 | 4.0 | 0.4 | 5.6 |
| EBIT, % | 6.4% | -1.4% | 4.7% | 0.5% | 2.9% |
| EPS, undiluted, EUR | 0.08 | -0.03 | 0.09 | -0.02 | 0.11 |
| EPS, diluted, EUR | 0.08 | -0.03 | 0.09 | -0.02 | 0.11 |
| Net debt / EBITDA | - | - | 2.9 x | 2.7 x | 3.1 x |
| Chain-wide revenue | 73.3 | 59.4 | 129.7 | 137.4 | 282.6 |
CEO
Good growth in business and profit
"The second quarter brought us a clear turning point. I am especially delighted that we are growing with a wide front in all our units. The good development shows that we have succeeded to implement our growth strategy and that our efficiency is still intact. In addition, the improving economic conditions shows up in all our business operations and the good vaccination pace normalizes the society and our markets. I am really satisfied with the quarterly profit that we achieved eventhough April was still rather weak due to the restrictions. Luckily June was clearly stronger and growth in the whole quarter was brisk (23%). Thanks to the whole organization that we were able to grow our profit tenfold compared to the last year.
The revenue and profit of Staffing services in brisk growth despite shortages in labour
We estimate that the staffing services market has grown 20-30% compared to the gloomy corona spring of 2020. Our own growth clearly accelerated during the quarter: in April the growth in staffing was below 10%, while in June it was over 20% compared to the last June. The recovery from the corona slump has only began, compared to the revenue in times before corona. The markets are still 15-20% behind the respective times in 2019. We estimate that our own revenue took a direct hit of over
Growth in the staffing services has been wide, and the results of all our teams grew nicely. I am grateful and proud of our organizations' performance after the difficult year. We have succeeding in implementing our strategy of creating a winning organization that succeeds in producing organic growth. Growth has been achieved with increased activities toward customers, acquisition of new customers and by strengthening the organization. In addition to our own units, the franchise entrepreneurs have done a great job. The entrepreneurs operating in 35 locations have clearly outperformed the market and are locally important partners to hundreds of Finnish companies. Nationwide, we have in 1-6/2021 served over 2 000 companies, and approx. 17 000 persons have received salary from
In June the horeca revenue doubled compared to the last year but is still clearly below year 2019. Growth was also limited by the significant labour shortage. Long-lasting restrictions and uncertain future have caused many employees to move to other sectors. The situation is challenging both to us and to our horeca customers, but also a great opportunity to the staffing sector to help the industry to fulfill the workforce needs. We will do quick actions to train new employees. The whole industry needs support in work-based immigration so that the growing shortage can be minimized.
Volume growth in the retail sector has been steady. Our retail team has been developing consistently, and we have continuously grown for several years. The growth in our market share and our success is based on efficient recruitment process and good delivery reliability. During the last year the growth has been limited by some of our customers having temporarily moved horeca personnel to retail. Additionally, the growth in online shopping has increased the demand for shelving and collecting personnel.
Growth in our largest sector, manufacturing, logistics and construction, has started well in the second quarter. In June we were already clearly ahead last June and also the number of open positions has significantly grown. The focus of our operations has been shifted more toward workforce acquisition and thus to fulfilling the customer needs. The gradually surfacing labour shortage is partially tackled with importing foreign labour, which has continued to meet difficulties due to corona.
The growth in other customer segments and their share of our total sales develops positively, which shows that we can launch new segments profitably. In addition to Eezy Doctors, United and Office to continuously explore possibilities to expand to new sectors.
Professional services continued good growth
Professional services grew 88% in the quarter and their share of our revenue grew to 8%. In addition to the acquisitions last year, the growth was accelerated by the recovery of the headhunting markets as well as growth in employee surveys, trainings and change management services, as companies are preparing to return from corona conditions to the normal life.
Our strategy is to strengthen our position in all our businesses. The professional services' role in improving our profitability is important. In addition, the impact of our experts in building
Our goal is to be the most significant reformer of the working life. In line with our vision we continuously develop and reshape the working life services we offer to our customers and employees by our experienced professional services organization.
Cash flow to be utilized in acquisitions, labour availability and competitiveness
Luckily, we can already see some hope of normal business conditions. We have survived challenging times well, and at the same time we have invested to
We seek to improve our competitiveness via acquisitions by e.g. widening the skill base and increasing efficiency. Hopefully we can later this year share some positive news on that front, and we get new
We will also continue investments to improve the labour availability. Availability will be improved by investing to e.g. the Eezy brand recognition, importing foreign labour, and digital services. We will also improve competitiveness by investing to the wellbeing, physical activity, and work conditions of our employees.
Toward a good second half of the year
Based on the current view, we are going optimistically to the second half of the year, and we expect substantial growth and good profitability development from the period. Although corona still causes uncertainty to our forecasts, we dare to give guidance for 2021.
We estimate that the revenue will be 190-210 M€ and EBIT will be 11-14 M€. The basic assumption behind the forecast is that no new significant restrictions are introduced and that the society stays open.
Before the year-end we will also update our long-term financial targets and our growth plans."
Result publication event:
A Finnish-language briefing for analysts and media will be held on
The briefing will be hosted by CEO
Attachment: Half-Year Report January–June 2021 in PDF format
Further information:
CEO
sami.asikainen@eezy.fi
tel. +358 (0)40 700 9915
CFO
hannu.nyman@eezy.fi
tel. +358 (0)50 306 9913
Attachment
- Eezy_Plc_InterimReport_Q2_2021_ENG
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