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This is a translation of the Swedish interim report. If there should be any discrepancies, the Swedish language version governs.



  • Net sales increased by 3.1%, or 5.3% FX adjusted, to MSEK 71.6 (69.4)
  • Gross profit increased by 3.0%, or 5.8% FX adjusted, to MSEK 53.8 (52.2)
  • EBIT increased to MSEK 6.5 (-0.3)
  • Earnings after tax was MSEK 7.3 (0.4)
  • Earnings per share was, basic SEK 0.93 (0.06), diluted SEK 0.93 (0.06)



  • The board of directors decided on a new strategy for the upcoming five year period.
  • Launched  positioning product BrandTouch® Sustainability which quantifies consumers’ willingness to pay sustainable brands.


  • We have continued to welcome new customers and have not lost any customers so far.
  • Lars Pahlman appointed new MD for Nepa in Sweden. Lars was being interim MD during the autumn of 2020.


The market was strong in the first quarter, a trend that has continued in the beginning of the second quarter. This was particularly evident in the Swedish and Finnish markets, which both grew 11 percent on an annual basis in local currency. The UK market exhibited a weaker performance as it has a higher proportion of ad hoc projects, which remain paused due to Covid-19. Overall, the demand was strong, driven by a continued need to understand consumer behaviour in a rapidly changing world. 

Sales in the first quarter increased by 3.1 percent to SEK 71.6 million (69.4), which is an all-time high for a single quarter. In local currency the growth was 5.3 percent. The positive profitability trend continued as operating profit (EBIT) amounted to SEK 6.5 million, corresponding to an improvement in earnings of SEK 6.8 million compared to the first quarter of 2020. The EBIT margin amounted to 9.1 percent, while earnings after tax amounted to SEK 7.3 million (0.4).

Increased flexibility

We have worked hard to meet the strong demand during the quarter, not least in Sweden. As a result, we have, among other things, recruited senior developers and engaged sub-consultants to create increased flexibility in our deliveries. With a more adaptable workforce that can be adjusted as needed, we can more easily ensure a base profitability of the business. Despite the recruitments, personnel costs in the first quarter were 13.6 per cent lower, compared to the first quarter of last year. 

We put a lot of effort into setting our strategic roadmap for the next five years. In summary, our sales efforts will focus more on certain solutions and geographies, which will increase our share of recurring revenues, as well as strengthen revenue growth and profitability. I look forward to our continued journey of change and I am pleased that we have got the strategic direction and a stable financial position in place.

However, not everything has been positive. The pandemic is not over yet, which is particularly evident in India. My thoughts are with our affected colleagues in India who are going through a difficult time and at the same time are doing a fantastic job for Nepa.  

Building the future of Nepa based on 15 years of experience

Since we were founded in May 2006, Nepa has built up a position in marketing optimization with many world-leading brands among our customers. We always put our clients' customers at the heart of our analysis as understanding their behaviour is crucial for developing and adapting the customer offering. This is becoming increasingly important as consumers’ actions and preferences become ever more fast-moving and changing. The growing amount of available data for marketers is not useful unless it is analysed and interpreted so that it can be translated into insights followed by focused and meaningful actions. The experience, track record and proven technology we have built up in our field over the last 15 years provide a solid basis for the next step in our development journey.


Overall, the business developed according to plan during the quarter. We report the highest net sales ever, whilst Nepa’s profitability continues to strengthen. As a result, we are well on our way back to a stable business and to show profitable growth in the long term.

P-O Westerlund

For further information, please contact:

P-O Westerlund, CEO                            Michael Wallin, Head of IR
+46 706 404 824                                     +46 708 788 019      

This is a translation of the Swedish interim report. If there should be any discrepancies, the Swedish language version governs. The Swedish version is information that Nepa AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 CET on May 20, 2021.

Nepa, a leader in Brand Experience and Marketing Optimization, helps some of the world’s most reputable brands drive growth through data. This is achieved by combining first-class research, cutting-edge technology, deep expertise and innovative solutions. Headquartered in Stockholm, Sweden, with offices in Norway, Finland, Denmark, UK, USA and India, the company is listed on the Nasdaq stock exchange and has been publicly traded since 2016. Erik Penser Bank AB is Nepa’s Certified Adviser (phone: +46 8-463 83 00, e-mail: