Effects of Covid-19 and announced measures
Sweco has a continued strong financial position with a project portfolio that remains relatively unaffected due to Covid-19. However, the company is taking necessary actions to mitigate effects of weaker demand in specific segments.
Sweco has so far experienced limited impact on the business due to Covid-19. The company is acting according to decisions and recommendations from governments and authorities on all our markets and with the well-being of employees as the highest priority.
A large part of the employees is at this point working remotely. With a high degree of digitalisation, most of the projects have remained relatively unaffected. Many of the projects that Sweco is involved in are also vital to society and therefore given continued priority, even under current circumstances.
Sweco has a continued strong financial position with positive cash flow and large parts of the project portfolio continues to remain relatively unaffected due to Covid-19. The company adjusts, as always, the organization in alignment with our operating model to mitigate effects of weaker demand in specific segments.
It is primarily the Industry and the private Building and Real Estate segments that have been affected to some extent. These segments equal about 25 per cent of Sweco Group’s total business.
Sweco will adjust its organization with a total of 200 employees in Sweden being affected by the current circumstances, and with 50 employees in Norway and 35 employees in Belgium being placed on short-term work allowances.
It is currently impossible to estimate the full effect that Covid-19 potentially could have on the company. We continue to monitor the situation carefully and are ready to take further necessary actions if needed.
For additional information, please contact:
Olof Stålnacke, Chief Financial Officer, +46 70 306 4621, olof.stalnacke@sweco.se
Katarina Grönwall, Chief Communications Officer, +46 73 258 9333
katarina.gronwall@sweco.se
Johnny Nylund, Head of Press, +46 73 773 5189, johnny.nylund@sweco.se
Sweco plans and designs tomorrow’s communities and cities. Our work produces sustainable buildings, efficient infrastructure and access to electricity and clean water. With 17,000 employees in Europe, we offer our clients the right expertise for every situation. We carry out projects in 70 countries annually throughout the world. Sweco is Europe’s leading engineering and architecture consultancy, with sales of approximately SEK 20.6 billion (EUR 1.9 billion). The company is listed on Nasdaq Stockholm. www.swecogroup.com.
This information is information that Sweco AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:30 am CET on 6 April 2020.