Interim Report January-March 2018 Sweco AB (PUBL)
A positive start of the year
- Net sales increased to SEK 4,628 million (4,408)
- EBITA decreased to SEK 409 million (494), margin 8.8 per cent (11.2)
- EBIT decreased to SEK 392 million (477), margin 8.5 per cent (10.8)
- Net debt increased to SEK 1,999 million (1,536)
- Net debt/EBITDA amounted to 1.2 times (0.8)
- Profit after tax decreased to SEK 298 million (360), corresponding to SEK 2.50 per share (3.01)
Comments from President and CEO Åsa Bergman:
Sweco experienced a continued positive development in the quarter. EBITA increased approximately SEK 27 million and organic growth increased to 4 per cent, when adjusting for calendar. The improved performance is driven by increased recruiting and positive fee development, supported by strong increase in order backlog. Nominally, reported EBITA and net sales were negatively impacted by approximately SEK 113 million due to less available calendar hours compared to last year.
Developments in the Netherlands, Western Europe and Central Europe are particularly positive, with a combination of profitability improvements and organic growth. Sweden continues to deliver industry-leading profitability and Denmark is back on track after a weak Q4, while Norway and Finland experienced a weak start of the year.
During the quarter Sweco welcomed 280 experts, through the acquisitions of Årstiderne Arkitekter in Denmark, BML Ingenieure in Germany and Royal HaskoningDHV in Belgium. Our strategic direction remains firm. Sweco designs the communities and cities of the future. We are the European market leader, with strong customer relationships, highly motivated employees and a strong financial position. We will continue to strengthen our European leadership through organic growth and acquisitions in Northern Europe. Our operating model is based on decentralised responsibility, combining customer focus, internal efficiency and having the best people in the business.
Overall, the market for Sweco’s services is good. The Swedish market remains strong in most segments, while residential construction is slowing down. Essentially all other markets throughout Europe are good and developing positively, on the back of a solid economic development throughout Northern Europe.
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Sweco plans and designs tomorrow’s communities and cities. Our work produces sustainable buildings, efficient infrastructure and access to electricity and clean water. With 14,500 employees in Europe, we offer our customers 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 16.9 billion (EUR 1.8 billion). The company is listed on Nasdaq. Stockholm. www.swecogroup.com
This information is information that Sweco is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons, at 07:20 CET on 9 May 2018.