High growth and good margins for consulting firms in Sweden and Finland
Most consulting firms see continued strong demand in the industry. Growth remains high, margins are good, and companies continue to increase their staff. This is shown by Cinode's new compilation of the financial statements for the listed consulting firms in Sweden and Finland.
"When we sum up 2022, we see a record growth for the listed consulting firms. The average growth during the year was 18.7 percent, which was slightly higher than the record year of 2021 when the corresponding figure for these companies was 15.7 percent. Addnode, Gofore, Exsitec, and Knowit grew the most during the year. All of them have acquired several companies, including Knowit's purchase of Cybercom," says Mattias Loxi, co-founder of Cinode, the leading SaaS platform for consulting firms.
During the last quarter, however, the average growth began to decline somewhat (17 percent) and is far from last year's record figure of 25 percent. Nevertheless, companies still see continued strong demand in several areas. But some industries, including real estate and e-commerce, are struggling, and major clients such as H&M and Ericsson are reducing the number of consultants.
"The operating margin was almost unchanged from last year at 7.6 (7.6) percent. Exsitec, B3 Consulting, and Prevas stand out as the most profitable. B3 Consulting has improved its margins the most."
Looking at the full year, 22 out of 25 consulting firms have increased their number of employees. Gofore, Addnode, Exsitec, B3 Consulting, and Wise have all increased by over 20 percent. Hifab and Tietoevry have reduced their staff the most.
"Consulting firms are still showing a strong pace of recruitment and acquisitions during the fourth quarter, which is a clear indicator of continued confidence in the future," says Mattias Loxi.
See all the figures and an infographic on Q4 2022 - the compilation of the listed consulting firms.
Mattias Loxi
Co-founder/CMO
mattias.loxi@cinode.com
+46 73-514 21 70
About Cinode
Founded in 2010, the Cinode platform is the market leader in skills management and seamless sourcing with users in more than 20 countries.
Cinode identifies which skills you have and which you lack. Make the right decisions about upskilling, reskilling, and recruitment. Match the right challenge with available skills and personal ambition and you will become more profitable and more attractive as an employer.
