EEZY PLC -- INTERIM REPORT --
July–September 2020
- Revenue was
EUR 53.1 million (EUR 43.3 million in July–September 2019). - EBITDA was
EUR 5.5 million (2.5). - EBIT was
EUR 3.7 million (1.3). - Adjusted EBITDA was
EUR 6.0 million (5.1). - Adjusted EBIT was
EUR 4.1 million (4.0). - Earnings per share was
EUR 0.10 (0.02). - Business recovered somewhat during summer.
- Eezy's share started trading on the Nasdaq Helsinki main list in September.
January–June 2020
- Revenue was
EUR 147.2 million (EUR 104.2 million in January–September 2019). - EBITDA was
EUR 10.1 million (8.4). - EBIT was
EUR 4.1 million (5.7). - Adjusted EBITDA was
EUR 10.6 million (11.6). - Adjusted EBIT was
EUR 5.1 million (8.9). - Earnings per share was
EUR 0.08 (0.20). - Corona crisis has affected the business negatively.
Dividend
Outlook for 2020
Eezy has on
Key figures (IFRS)
EUR million, unless otherwise specified | 7–9/2020 | 7–9/2019 | 1–9/2020 | 1–9/2019 | 1–12/2019 |
Revenue | 53.1 | 43.3 | 147.2 | 104.2 | 169.8 |
EBITDA | 5.5 | 2.5 | 10.1 | 8.4 | 12.6 |
EBITDA, % | 10.4% | 5.8% | 6.9% | 8.1% | 7.4% |
EBIT | 3.7 | 1.3 | 4.1 | 5.7 | 8.0 |
EBIT, % | 6.9% | 3.0% | 2.8% | 5.5% | 4.7% |
Adjusted EBITDA | 6.0 | 5.1 | 10.6 | 11.6 | 16.4 |
Adjusted EBITDA, % | 11.3% | 11.9% | 7.2% | 11.1% | 9.6% |
Adjusted EBIT | 4.1 | 4.0 | 5.1 | 8.9 | 11.8 |
Adjusted EBIT, % | 7.8% | 9.2% | 3.5% | 8.5% | 6.9% |
EPS, undiluted, eur | 0.10 | 0.02 | 0.08 | 0.20 | 0.25 |
EPS, diluted, eur | 0.10 | - | 0.08 | - | 0.25 |
Net debt / Adjusted EBITDA | - | - | 2.5 x | 3.1 x | 2.7 x |
Chain-wide revenue | 77.3 | 74.3 | 214.7 | 192.5 | 285.6 |
CEO
Eezy goes forward with big leaps
"Corona virus is naturally the largest factor characterizing this year. Despite corona we have steadily implemented our strategy while also successfully accommodated to the current business conditions and have invested in creating platform for our future development.
Successful implementation of our strategy
We have nicely reached the goals set for the integration year 2020. Cornerstones in building new Eezy have been the launch and adoption of the new brand, tuning our organization to operate as one united Eezy, and unifying our IT systems. The impact from the brand work can be seen in the continuous growth of work applications, and almost all our staffing units are now using the same IT system. Thanks to our employees, the integration work has succeeded and a respectful and positive Eezy culture has been born.
Trading on Eezy's share moved to the main list of the
Defensive victory over difficulties
We have survived the corona crisis so far without larger damage, thanks to quick and right-sized reactions in spring. Our business has been running the whole time and we have been able to serve our customers in their changing needs.
Corona has most significantly hit our Horeca sector customers, whose business was stopped in spring. Staffing restarted promisingly in summer, but with clearly smaller than normal volumes. Negative impact is also seen in the import of foreign labor.
In the industrial, construction and logistics sectors the effects vary hugely by region and customer. Lots of customers have also developed positively, although the sector as a whole has contracted. Retail sector has mainly developed positively. We have got new customers and have also been able to transfer Horeca employees to the retail sector.
Corona has clearly decreased the volume of our professional services business, but our customers are gradually continuing normal actions also on that front.
Clearly profitable quarter
In the third quarter, our revenue grew by 23% due to acquisitions done in 2019 and was
EBIT was
Prepared for continuing challenges
The near-term outlook is still uncertain, and we do not provide concrete guidance. The business conditions of our customers can change rapidly. In the early autumn the economy seemed to open again, but since then the second wave has made everybody more careful. New restrictions on restaurants have weakened the outlook and the next few months will likely be weak in this sector important for us.
Corona may be with us for a long time, and we all need to learn to cope with it. We aim to continue to react quickly to rapidly changing situations, so that we can ensure our profitability while taking care of our employees, thanks to whom our performance so far has been good, despite everything.
We build our future success
We have maintained a strong cash position during the whole pandemic. This enables also inorganic growth for us. In early October we made two acquisitions that strengthen our professional services business. Flow will genuinely create a coaching and consulting business for us. By combining consulting into Eezy Spirit's research and data, we create a unique unit to develop the Finnish working life. Correspondingly
During the autumn we have renewed our management team, which streamlines our decision making. Increased profitability has enabled us to operate profitably in challenging conditions, so I strongly believe that our skillful and motivated employees will find also new ways to grow together with our customers once the situation normalizes again."
Result publication event:
A Finnish-language briefing for analysts and media will be held on
The briefing will be hosted by CEO
Attachment: Interim Report January–September 2020 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_Interim_Report_Q3_2020_ENG
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