Ework Group AB (publ) publishes Interim Report, January – September 2020: Higher earnings in a challenging quarter

“The fantastic achievements of our colleagues, combined with vigorous and rapidly executed cost reductions, enabled us to fend off a revenue downturn well. We reported EBIT comparable to the previous year and higher profit after financial items. We retain a positive view of our potential to strengthen our market position.”

Extract from CEO Zoran Covics commentary to the Interim Report

Third quarter 2020 compared to 2019

• Net sales decreased to SEK 2,467 M (2,702).

• EBIT was unchanged at SEK 18.8 M (18.8).

• Profit after financial items increased by 8% to SEK 17.7 M (16.4).

• Order intake decreased by 13% to SEK 2,389 M (2,743).

• Earnings per share after tax before and after dilution were SEK 0.87 (0.77), a 13% increase.

• The revenue decrease is mainly due to a covid-related demand downturn. The fact that EBIT was still comparable to the previous year is mainly because Ework executed vigorous and rapid cost reductions.

• Earnings include government covid-19-support of SEK 1.8 M.

• Permanent cost reductions were reported on 21 September 2020 in view of the current mandatory offer. They were stated at approximately SEK 50 M compared to 2019 levels, with expected full effect from 2021 onwards.

• Ework's independent Directors unanimously recommended that the shareholders of Ework Group AB (publ) do not accept the cash mandatory offer from Investment AB Arawak.

First nine months of 2020 compared to 2019

• Net sales decreased to SEK 9,000 M (9,078).

• EBIT increased by 2% to SEK 77.2 M (75.9).

• Profit after financial items increased by 4% to SEK 70.7 M (68.3).

• Earnings per share after tax after dilution were SEK 3.36 (3.11), an 8% 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, e-mail: zoran.covic@eworkgroup.com
Ola Maalsnes, CFO, 46 (0) 8 50 60 55 00, 46 (0) 738 68 22 90, e-mail: ola.maalsnes@eworkgroup.com

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 22 October 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.