Knowit has started off the year on a market that is significantly more challenging than that of the first quarter last year. After an intense fall with a strong focus on structural changes to create a more effective and adapted organization, we are seeing stabilization in utilization - proof of strength given the current market conditions. Net sales for the quarter decreased by 10.4 percent, with an EBITA margin of 7.7 percent. Net sales were SEK 1,766.3 (1,970.5) million and the EBITA profit, was SEK 136.3 (197.2) million. The trend of a stabilization in utilization seen at the end of last year has continued during the first quarter.
"Our work to create a more effective and adapted organization has resulted in the stabilization in utilization that we are now seeing. We are generally succeeding well with reallocating resources to segments or clients where demand is high, and our intense sales efforts are showing results. This is seen in particular in the business area Connectivity, which once again delivers a strong quarter with improved margins," says Per Wallentin, Chief Executive Officer and Group President.
In the business area Solutions, Knowit's largest business area, we are now seeing improvements in parts of the operations, whereas our digitalization agency Experience remains challenged by a weak demand, in particular in Sweden. Our management consultancy operations Insight are developing relatively well, although the margin is not yet back at a satisfactory level.
"While economies in the Nordic region have weakened over the last year, there is still a large need among companies and organizations to make use of the fast technology development and shift to more sustainable business models. Our employees continue to have a close dialogue with clients and we have a strong platform to work from when the market situation improves again," says Per Wallentin.
For more detailed information on the results for the second quarter, please see the interim report available on Knowit's website and appended this press release.
Presentation of the Interim Report
Knowit will hold a presentation of the Interim Report, Friday May 3. President and CEO Per Wallentin and CFO Marie Björklund will comment on the results and answer questions.
The report will be available at https://www.knowit.eu/financial-information/
The presentation starts at 10.00 am (CEST) and will be held in English.
Link to the audiocast: https://www.investis-live.com/knowit/661e5fea1feb820d006e3254/deruh
Telephone numbers to the audiocast:
Sweden +46 8 5051 0031
United Kingdom +44 207 107 06 13
Other international numbers are available HERE
Pin: 43405119
No advance notification is necessary. After the presentation, a recording of the webcast will be available at https://www.knowit.eu/financial-information/
The information contained herein is such as shall be made public by Knowit, in accordance with the EU Market Abuse Regulation. This press release was made public through the agency of President and CEO Per Wallentin, at 7:30 AM CEST on May 3, 2024.
For more information, please contact:
Marie Björklund, CFO, +46(0)70 144 98 02 or marie.bjorklund@knowit.se
Christina Johansson, Head of Communications, +46(0)70 542 1734 or christina.johansson@knowit.se
Annika Billberg, Investor Relations, +46(0)70 267 97 91 or annika.billberg@knowit.se
About Knowit
Knowit are digitalization consultants and a Nordic powerhouse for the digital business models of the future. Our vision is to create a sustainable and humane society through digitalization and innovation. Knowit supports its clients in the digital transformation and stands out among other consultancy firms through its decentralized organization and agile work methods in client assignments. The operations are divided into four business areas - Solutions, Experience, Connectivity, and Insight - which offer services in bespoke system development, digital customer experiences, the internet of things, cloud, cybersecurity, and management consultancy. Competences from several business areas are often combined in client projects.
Knowit was founded in 1990 and now has around 4,100 employees, mainly in the Nordic countries, but also in operations in Germany and Poland. Knowit AB (publ) has been listed on the stock market since 1997 and is currently listed on Nasdaq OMX Stockholm Mid Cap. For more information about Knowit, please visit knowit.eu.
