Ework Group publishes Interim Report, January – June 2023: Increased earnings with accelerated business development in a cautious market

In the second quarter, we noted a more cautious market and subdued demand. In line with our strategy, we focused on strengthening our business model further and streamlining our delivery in order to ensure scalability and profitability. We did so from an already robust foundation characterized by strong client engagement and northern Europe’s largest network of professionals. Growth and earnings for the quarter were held back by the decline in demand for new assignments.

Q2 2023 compared with Q2 2022

•          Net sales grew by 10.5% to SEK 4,384 million (3,967).

•          Operating profit rose 9.0 per cent to SEK 38 million (34.9).

•          The operating margin (EBIT) was 90 bps (90).

•          Profit after financial items increased 21.1 percent to SEK 40.5 million (33.4).

•          Order intake decreased by 4.8 percent to SEK 5,492 million (5,771).

•          The number of professionals on assignment averaged 13,151 (12,358).

•          Earnings after tax and per share after dilution amounted to SEK 1.84 (1.49), an increase of 23.5 percent.

First half of 2023 compared to 2022

•          Net sales grew by 13.4 percent to SEK 8,950 million (7,891).

•          Operating profit increased 12.0 percent to SEK 91.7 million (81.9).

•          Profit after financial items increased 17.9 percent to SEK 92.5 million (78.4).

•          Earnings after tax and per share after dilution amounted to SEK 4.19 (3.54), an increase of 18.4 percent.

Outlook

•          Ework’s belief that the Group will grow more rapidly than the market and report continued improvements to its operating margin for 2023 stands firm.

The complete Interim Report is available via link below or at www.eworkgroup.com.

At 1 pm CEST, 19th July, CEO Karin Schreil and CFO Klas Rewelj will present (in Swedish) the company’s interim report for the second quarter 2023.

Register for the webcast
Register for the teleconference

For more information, please contact:
Karin Schreil, VD, Ework Group AB
Phone: +46 (0)70 794 58 83, e-mail: karin.schreil@eworkgroup.com

Klas Rewelj, CFO, Ework Group AB
Phone: +46 (0)70 626 54 24, e-mail: klas.rewelj@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 am (CEST) on 19 July 2023, through the agency of the CEO.
 

About Ework Group
Ework Group AB (publ) provides total talent solutions, with a focus on IT/OT, R&D, Engineering and Business Development and has today more than 13,000 independent professionals on assignment. Ework partners with clients in both the private and the public sector, and with professionals to create sustainable talent supply chains. Ework was founded in Sweden in 2000 and operates in Sweden, Denmark, Norway, Finland, and Poland with its head office in Stockholm. Ework’s shares are listed on Nasdaq Stockholm. www.eworkgroup.com