Ework Group publishes Year End Report, October to December 2023: Focus on strong clients and upgraded operating model in a mixed market

The market dynamic was mixed in the fourth quarter, but with recovery in some client segments. Ework continued to focus on clients, industries and geographies with higher demand. As we previously communicated, we have introduced a new, upgraded operating model that will allow us to become more efficient in our service deliveries, which promotes increased scalability and higher margins. It is also gratifying to see that our measurements show that the client experience in general has strengthened, which bodes well for 2024.

Q4 2023 compared with Q4 2022

• Net sales decreased 0.6 percent to SEK 4,657 M (4,687).
• EBIT rose 6.2 per cent to SEK 58.2 M (54.8).
• The operating margin (EBIT) was 125 bps (120).
• Profit after financial items decreased 14.3 percent to SEK 45.8 M (53.5).
• Order intake decreased by 6.4 percent to SEK 8,327 M (8,895).
• The number of professionals on assignment averaged12,900 (13,742).
• Earnings after tax and per share after dilution amounted to SEK 2.02 (2.50), a decrease of 19.3 percent.

Full-year 2023 compared to full-year 2022

• Net sales rose 7.3 percent to SEK 17,247 M (16,070).
• Operating profit rose 6.4 per cent to SEK 194.7 M (183.1).
• Profit after financial items decreased 5.3 percent to SEK 166.8 M (175.6)
• Earnings after tax and per share after dilution amounted to SEK 7.46 (8.05), a decrease of 7.3 percent.
• The Board of Directors has decided to propose a dividend of SEK 7 (6.50) per share to the upcoming Annual General Meeting.

 Outlook

With our new operating model – which we announced in late January – in place, we are increasing our flexibility, efficiency, and scalability. We are reducing costs by approximately SEK 60 M annually, with full effect starting in the second quarter of 2024. Close-down expenses in combination with realized savings are expected to produce a relatively neutral effect in the first quarter. With a focus on increased value creation in our deliveries, we see that we can gradually increase our business margins. In light of this, we feel that operating profit for full- year 2024 will increase by at least 30 percent, in line with our financial targets.

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

Today, 8th February, at 1 pm CEST, CEO Karin Schreil and CFO Klas Rewelj will present (in Swedish) the company’s interim report for the fourth quarter 2023.

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For more information, please contact:
Karin Schreil, CEO, 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 8th February 2024, 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 around 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