Knowit: Positive utilization trend closes out the year
The last quarter of the year has been characterized by intensified sales work in parallel with a retained focus on decreasing costs and increasing revenue. Net sales for the quarter decreased by 7.5 percent, with an adjusted EBITA margin of 8.1 percent. Net sales were SEK 1,824.0 (1,972.9) million and the EBITA profit, adjusted for acquisition and integration costs, was SEK 147.7 (179.3) million. The trend towards stabilizing utilization has continued during the fourth quarter, as a result of the actions taken. The Board proposes a divided of SEK 5.20 per share (7.50).
"The Nordic consultancy market has challenged us and other players during the final quarter of the year. We continue to focus our attention on initiatives and actions that promote sound long-term development and protect profitability in the short term. This means increased pressure in sales-driving activitiesand a retained focus on lowering costs and increasing revenue. The actions taken are having a positive impact on both utilization and operative costs, and creating the conditions for long-term growth and higher margins," says Per Wallentin, CEO and President.
During the quarter, we have continued working to implement the targeted actions identified as necessary to increase profitability in our four business areas. This includes both decreased costs, for instance for travel, conferences, education, and work tools, and continued optimization of staffing.
"On a weaker market, there is a stronger focus on streamlining processes and ensuring profitability - efforts that create value in the long term as well. Through the efforts and changes made during the year, we have created a stronger foundation and are well-prepared to take on the challenges and opportunities that we are facing," concludes Per Wallentin.
For more detailed information on the results for the fourth quarter, please see the interim report available on Knowit's website (https://www.knowit.se/ir/rapporter--presentationer/) and appended this press release.
Presentation of the Interim Report
Knowit hereby issues an invitation to a presentation of the Interim Report today, Thursday February 8. 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 (CET) and will be held in English.
Link to audiocast: https://www.investis-live.com/knowit/659fcf1e9608da12004adf9d/jste
Phone number to audiocast:
Sweden +46 8 5051 0031
United Kingdom +44 207 107 (http://tel:+442045870498) 06 13
Other international numbers are found HERE (https://services3.choruscall.ch/NUMBERS/Attended_Dial_In_Numbers.pdf)
Pin code: 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 CET on February 8, 2024.
For more information, please contact:
Marie Björklund, CFO, +46(0)70 144 98 02, marie.bjorklund@knowit.se
Christina Johansson, Head of Communications, +46(0)70 542 1734, christina.johansson@knowit.se
Annika Billberg, Investor Relations, +46(0)70 267 97 91, annika.billberg@knowit.se
About Knowit
We 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 has around 4,300 employees, mainly in the Nordic countries, but also in Poland and Germany. 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 on Knowit, please visit knowit.eu (https://www.knowit.eu/).