Ambea’s interim report January- March 2023
Stable organic growth and improved profitability.
CEO comments:
Several divisions showed good profitability in the first quarter of the year. During the period, demand for our elderly care services in Sweden continued to grow and occupancy increased again in Vardaga. Demand was stable in social care and Nytida opened three new units. The positive trend for Stendi also continued, which contributed to earnings. The Norwegian operations are now standing on firmer ground, creating conditions for long-term planning and growth. Altiden delivered a weak performance and the strategic transition will continue.
In the first quarter, net sales rose 5 per cent to SEK 3,235 million. EBITA rose 11 per cent to SEK 216 million.
Despite the fundamentally favourable demand for our services, food and energy prices continued to have a negative impact on us during the quarter. We review our costs on a regular basis, optimise staffing levels and achieve economies of scale through effective purchasing and improving the energy efficiency of our premises. Salary negotiations and the collective bargaining agreements that affect us should be finalised in the second quarter of the year, which will also increase predictability.
Finally, I would like to thank all of our employees for their daily contributions to high-quality and personalised care. We are 31,000 colleagues who are always striving to fulfil our vision – We make the world a better place, one person at a time.
First quarter January-March
- Net sales rose 5 per cent to SEK 3,235 million (3,080). Organic growth was 5 per cent.
- Operating profit (EBIT) totalled SEK 191 million (167).
- EBITA rose 11 per cent to SEK 216 million (195), representing a margin of 6.7 per cent (6.3).
- Profit for the period totalled SEK 70 million (66).
- Earnings per share were SEK 0.77 (0.70) before and after dilution.
- Cash conversion was 72.9 per cent (75.8).
- Free cash flow totalled SEK 244 million (193).
Webcast and telephone conference
In connection to the announcement, Ambea will host a telephone conference today, May 4th at 10:00 (CET). The presentation will be held in English and available as webcast on www.ambea.com or direct link: https://edge.media-server.com/mmc/p/8d2twtna
To participate in the conference call, register before the call using the link below. Upon registration you will receive a dial-in number and a unique personal PIN code. To ensure that the connection to the conference call is working, please dial in ten minutes before the start time of the conference call.
Telephone conference registration: https://register.vevent.com/register/BI42292f6618bd446689b997a64981b36c
The quarterly earnings report and associated presentation will be available on ambea.com
This disclosure contains information that Ambea is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 04-05-2023 07:00 CET.
For more information, contact:
Susanne Vogt, head of IR
E-mail: ir@ambea.se
Ambea press contact
Telephone: +46 (0)10 33 00 501
E-mail: press@ambea.se
Ambea is the market leading care provider in Sweden, Norway and Denmark respectively, with over 950 care units and around 31,000 employees. We offer services in disabled care, individual and family care, and elderly care with a focus on residential care and own management. We aim to be the quality leader in all that we do and our vision is to make the world a better place, one person at a time. The company was founded in 1996 and its head office is located in Solna, Sweden. Ambea is listed on Nasdaq Stockholm.
