Zutec: Strong growth but also higher costs in Q2 19/20
Q2 revenues grew 53% y/y to SEK6.5m but costs rose quarter on quarter and EBITDA fell to SEK-7.3m. Cash was SEK6.2m at end-Q2 and to date Zutec has utilised EUR0.6m of the EUR1m loan facility. Positively, the UK seems to have picked up for Zutec in January/February. Shareholders are due to vote on a proposed new board at an EGM on 28 February.Q2 19/20. Revenues of SEK6.5m were slightly below our estimate but up 53% y/y. However, costs increased quarter on quarter. Due to a hesitant (on Brexit) UK market, revenues were down slightly quarter on quarter but it seems as though Zutec could grow