PRESS RELEASE
Focus on change in a challenging market
The quarter has been characterized by a strong focus on initiating and implementing cost-reducing measures to deal with a weaker market. The net sales for the quarter increased by 1.5 percent, combined with an adjusted EBITA margin of 4.9 percent. Net sales were SEK 1,544.1 (1,520.9) million and the EBITA profit, adjusted for acquisition and integration costs, was SEK 74.9 (94.5) million. The trend noted throughout 2023, with longer sales cycles and projects being postponed, has continued into the third quarter. The market uncertainty remains high and we are facing challenges in keeping the debit ratio high and even.
“We have made powerful efforts during the quarter to meet the changing market circumstances. An important priority is to ensure that our operations are adapted for profitability rather than growth. At the same time, it is important that we are agile and use the growth opportunities given. Retaining a strong focus on new sales and close dialogues with clients regarding existing projects has a high priority, both to increase visibility going forward and to maintain prices in an increasingly competitive situation. We are working hard to reallocate our resources and focus efforts on sectors and segments where demand remains strong,” says Per Wallentin, CEO and President.
While all Nordic markets are affected by weaker market conditions, the largest challenges have been on the Swedish market during the quarter. This applies particularly to sectors like retail, property, and parts of the public sector. At the same time, demand remains high for defense solutions and in cybersecurity, law, and banking and finance.
“The transition to a sustainable society through innovative solutions for continued digitalization is a key to success. Knowit has a strong position as a Nordic digitalization partner, where we – in the shorter term – have high demands on our ability to continue working with all the initiatives now being implemented to increase our long-term profitability,” says Per Wallentin.
For more detailed information on the results for the third quarter, please see the interim report available on Knowit’s website and appended this press release.
Presentation of the interim report
Knowit will be presented the interim report today, Wednesday October 25. CEO and President Per Wallentin and CFO Marie Björklund will comment on the results and respond to 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/6513eb176dedf60c00e55edd/hdrt
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/