'We can sum up a challenging quarter featuring the global covid-19 pandemic. With revenue down by 4% and EBIT of SEK 30 M, just below the previous year, Ework fared relatively well in the quarter. Demand has turned upwards, but not to previous levels, and uncertainty remains substantial.'
Extract from CEO Zoran Covics commentary to the Interim Report
Second quarter 2020 compared to 2019
· Net sales decreased by 4% to SEK 3,121 M (3,249).
· EBIT decreased by 3% to SEK 29.9 M (30.7).
· Profit after financial items decreased by 7% to SEK 25.5 M (27.5).
· Order intake decreased by 14% to SEK 4,026 M (4,675).
· Earnings per share after tax before and after dilution were SEK 1.18 (1.23), an 4% decrease.
· The downturn of net sales and earnings is due to lower demand and client projects terminated due to covid-19. These effects have been limited by rapid action to reduce costs.
· Earnings include government covid-19 support, which improved it by SEK 3.3 M.
· SEK 4.1 M (0) of restructuring expenses were charged to earnings.
· Ework continued to win new customers of which several was won with the digital platform Verama as an important element.
First half-year 2020 compared to 2019
· Net sales increased by 2% to SEK 6,534 M (6,377).
· EBIT increased by 2% to SEK 58.3 M (57.1).
· Profit after financial items increased by 2% to SEK 53.0 M (51.9).
· Earnings per share after tax before and after dilution were SEK 2.49 (2.34), an 6% increase.
The complete Interim Report is available via link below or at www.eworkgroup.com
For further information, please contact:Zoran Covic, CEO, 46 (0) 706 65 65 17
Ola Maalsnes, CFO, 46 (0) 8 50 60 55 00, 46 (0) 738 68 22 90
This Report has not been subject to review by the company's auditor.
The information disclosed in this Interim Report is mandatory for Ework Group AB (publ) to publish pursuant to the EU's Market Abuse Regulation (MAR). This information was submitted for publication at 11:00 a.m. (CET) on 16 July 2020, through the agency of the CEO.
Ework Group is a market-leading and independent consultant provider operating in northern Europe, which focuses on IT, telecom, technology, and business development. Without having consultants employed, Ework can impartially match every assignment with the right competence from the whole market. Ework was founded in Sweden in 2000, and is now active in Sweden, Denmark, Norway, Finland and Poland. The firm has framework agreements with over 170 leading corporations in most sectors, and approximately 10,000 consultants on assignment. Ework's head office is in Stockholm. Its shares are listed on Nasdaq Stockholm.