• Seasonally slow start with clearly stronger activity towards the end of the quarter
• Improved results driven by lower costs and improved margins
• Improved profitability expected as volume increases

SUMMARY OF FINANCIAL PERFORMANCE

CEO André Strömgrens comments

• Seasonally slow start with clearly stronger activity towards the end of the quarter
• Improved results driven by lower costs and improved margins
• Improved profitability expected as volume increases

INTERIM PERIOD 1 JANUARY – 31 MARCH

• The Group's net revenue amounted to SEK 190.9 million (204.1), adjusted EBITDA increased to SEK 18.1 million (13.5) and adjusted EBITA to SEK 3.5 million (-1.4), corresponding to an adjusted EBITA-margin of 1.8 (-0.7)%. On a pro forma and currency-adjusted basis, net revenue decreased 8.7% while adjusted EBITA amounted to SEK 3.5 million (0.5), corresponding to a margin of 1.8 (0.2)%. Operating cash flow amounted to SEK -24.2 million (-5.6).
• Operating profit (EBIT) amounted to SEK 0.2 million (-26.6) and was impacted in the prior year by items affecting comparability.
• The Group’s net profit amounted to SEK -2.6 million (-31.1)
• The Group's earnings per share, basic and diluted, were SEK -0.19 (-2.30)

OUTLOOK

The market continues to be characterized by caution, but also by pent-up investment needs among property owners that will need to be addressed. The need for measures has been deferred but not cancelled. With a lower cost base, improved structure and gradually higher activity, the Group is better positioned to convert recovery and growth into improved profitability. Expectations remain that providing higher net sales, some ten percentage points higher than current levels, a double-digit EBITA margin can be achieved as a step towards the long-term profitability goal.

For full interim report, see appendix.