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Sweco AB (publ) Interim report January-June 2016

July 18, 2016 | Interim report

Strongest quarterly profit so far

April – June 2016                         

  • Net sales increased to SEK 4,370 million (2,549), acquired growth was 66 per cent
  • EBITA excluding extraordinary costs increased to SEK 474 million (233), margin 10.8 per cent (9.1)
  • EBITA increased to SEK 462 million (204), margin 10.6 per cent (8.0)
  • EBIT increased to SEK 438 million (191), margin 10.0 per cent (7.5)
  • Profit after tax increased to SEK 342 million (132), corresponding to SEK 2.85 per share (1.39)

January – June 2016                   

  • Net sales increased to SEK 8,387 million (5,015), acquired growth was 65 per cent
  • EBITA excluding extraordinary costs increased to SEK 737 million (462), margin 8.8 per cent (9.2)
  • EBITA increased to SEK 690 million (432), margin 8.2 per cent (8.6)
  • EBIT increased to SEK 643 million (407), margin 7.7 per cent (8.1)
  • Profit after tax increased to SEK 489 million (292), corresponding to SEK 4.09 per share (3.09)
  • Net debt increased to SEK 2,534 million (1,446)
  • Net debt/EBITDA increased to 2.0 times (1.4). Net debt/EBITDA pro forma and excl. extraordinary items was 1.6 times

Comments from President and CEO Tomas Carlsson:

With the strongest quarterly profit so far, we are continuing on our trajectory of profitable growth. EBITA excluding extraordinary costs increased to SEK 474 million in the second quarter. This is more than the full-year profit only five years ago (2010).

Compared with last year’s pro forma, EBITA excluding extraordinary costs increased by SEK 217 million. Calendar effects contributed approximately SEK 140 million to the improvement. Adjusted for calendar effects the improvement was approximately SEK 77 million and primarily related to realisation of synergies, lower project write downs and increased fee level.

Sweco is the leading engineering and architecture consultancy in Europe since the acquisition of Grontmij on 1 October 2015. The integration is progressing well and in several areas faster than the original plan. The rebranding has been completed and all countries are operating under the Sweco brand. We remain confident that we will achieve the financial targets communicated at the announcement of the acquisition.

Overall, the market for Sweco’s services is good. The Swedish market is strong. The markets in Norway, Denmark, Western Europe and Central Europe are generally good, with positive developments. There is uncertainty following the EU referendum (“Brexit”) in the UK. The markets in Finland and the Netherlands remain challenging.

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