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Ework Group

Ework Group

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Ework Group AB: Ework Group publishes Interim Report, January - September 2023: Focus on margins, increased long-term scalability and strengthened offering

11:00 / 24 October 2023 Ework Group Press release

Several of Ework's clients remained cautious in the weaker economic situation during the third quarter, which dampened growth and profitability. To strengthen our margins, we segmented our client acquisition activities and focused on business and add-on services that create value. At the same time, we worked further in accordance with our strategic plan to better leverage our business model and sustainably increase our profitability. New contracts were signed to a greater extent to better margins, while we matched more specialists and senior professionals with higher hourly rates in order to meet the skills needs of our clients.

 
Q3 2023 compared with Q3 2022

  • Net sales grew by 4.2 percent to SEK 3,640 million (3,492).
  • EBIT decreased 3.5 percent to SEK 44.8 million (46.4).
  • The operating margin (EBIT) was 120 bps (132).
  • Profit after financial items decreased 34.7 percent to SEK 28.5 million (43.7).
  • Order intake decreased by 17.2 percent to SEK 3,028 million (3,606).
  • The number of professionals on assignment averaged 12,732 (12,616).
  • Earnings after tax and per share after dilution amounted to SEK 1.25 (2.03), a decrease of 38.3 percent.
 
First nine months of 2023 compared to 2022
  • Net sales grew by 10.6 percent to SEK 12,590 million (11,383).
  • Operating profit grew by 6.4 percent to SEK 136.5 M (128.3).
  • Profit after financial items decreased -0.9 percent till SEK 121.0 million (122.1).
  • Earnings after tax and per share after dilution amounted to SEK 5.45 (5.57), an decrease of 2.2 percent.
 
Outlook

Despite a more challenging economic situation, we expect to continue growing more rapidly than the market and report an improvement in our operating margin for the full year 2023.

The complete Interim Report is available via link below or at www.eworkgroup.com.

At 1 pm CEST, 24[th] October, CEO Karin Schreil and CFO Klas Rewelj will present (in Swedish) the company's interim report for the third quarter 2023.
Register for the webcast (https://ir.financialhearings.com/ework-group-q3-2023/register)
Register for the teleconference (https://conference.financialhearings.com/teleconference/?id=5001960)

For more information, please contact:
Karin Schreil, CEO, Ework Group AB
Phone: +46 (0)70 794 58 83, e-mail: karin.schreil@eworkgroup.com

Klas Rewelj, CFO, Ework Group AB
Phone: +46 (0)70 626 54 24, e-mail: klas.rewelj@eworkgroup.com

The information disclosed in this Interim Report is mandatory for Ework Group AB (publ) to publish pursuant to the EU's Market Abuse Regulation (MAR). This information was submitted for publication at 11:00 am (CEST) on 24 October 2023, through the agency of the CEO.
 

About Ework Group
Ework Group AB (publ) provides total talent solutions, with a focus on IT/OT, R&D, Engineering and Business Development and has today around 13,000 independent professionals on assignment. Ework partners with clients in both the private and the public sector, and with professionals to create sustainable talent supply chains. Ework was founded in Sweden in 2000 and operates in Sweden, Denmark, Norway, Finland, and Poland with its head office in Stockholm. Ework's shares are listed on Nasdaq Stockholm. www.eworkgroup.com

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