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2020-08-06

Enento Group’s Half Year Financial Report 1.1. – 30.6.2020: Asiakastieto’s new brand strengthens its Nordic offering – the business proved its resilience in challenging market environment

ENENTO GROUP PLC, STOCK EXCHANGE RELEASE 6 AUGUST 2020 AT 11:00 A.M. EEST

Enento Group’s Half Year Financial Report 1.1. – 30.6.2020: Asiakastieto’s new brand strengthens its Nordic offering – the business proved its resilience in challenging market environment

SUMMARY

April – June 2020 in brief

  • Net sales amounted to EUR 36,7 million (EUR 35,6 million), an increase of 3,3 % (at comparable exchange rates an increase of 3,4 %).
  • Adjusted EBITDA excluding items affecting comparability was EUR 12,5 million (EUR 12,2 million), an increase of 2,1 % (at comparable exchange rates an increase of 2,3 %).
  • Adjusted EBIT excluding items affecting comparability and amortisation from fair value adjustments related to acquisitions was EUR 10,2 million (EUR 9,2 million), an increase of 11,2 %.
  • Operating profit (EBIT) was EUR 5,4 million (EUR 5,0 million). Operating profit included items affecting comparability of EUR 4,8 million (EUR 4,1 million), mainly arising from amortisation from fair value adjustments of EUR 3,0 million (EUR 2,7 million) related to acquisitions as well as M&A and integration expenses.
  • New products and services represented 4,9 % (4,0 %) of net sales.
  • Free cash flow amounted to EUR 5,2 million (EUR 5,3 million). The effect of items affecting comparability on free cash flow was EUR -1,3 million (EUR -0,5 million).
  • Earnings per share were EUR 0,15 (EUR 0,15).
  • Comparable earnings per share were EUR 0,25 (EUR 0,24)1.
  • Enento Group updated its guidance on 6 August 2020.

January – June 2020 in brief

  • Net sales amounted to EUR 74,4 million (EUR 70,1 million), an increase of 6,1 % (at comparable exchange rates an increase of 6,9 %).
  • Adjusted EBITDA excluding items affecting comparability was EUR 24,9 million (EUR 24,0 million), an increase of 3,8 % (at comparable exchange rates an increase of 4,5 %).
  • Adjusted EBIT excluding items affecting comparability and amortisation from fair value adjustments related to acquisitions was EUR 20,6 million (EUR 19,0 million), an increase of 8,7 %.
  • Operating profit (EBIT) was EUR 12,5 million (EUR 11,7 million). Operating profit included items affecting comparability of EUR 8,1 million (EUR 7,3 million), mainly arising from amortisation from fair value adjustments of EUR 6,0 million (EUR 5,5 million) related to acquisitions as well as M&A and integration expenses.
  • New products and services represented 4,6 % (4,2 %) of net sales.
  • Free cash flow amounted to EUR 12,5 million (EUR 12,6 million). The effect of items affecting comparability on free cash flow was EUR -1,4 million (EUR -1,2 million).
  • Earnings per share were EUR 0,38 (EUR 0,35).
  • Comparable earnings per share were EUR 0,58 (EUR 0,53)1.

1 The comparable earnings per share does not contain amortisation from fair value adjustments related to the acquisitions or their tax impact.

KEY FIGURES

 1.4. –
30.6.2020
1.4. –
30.6.2019
1.1. – 30.6.20201.1. – 30.6.20191.1. –
31.12.2019
EUR million
      
Net sales36,735,674,470,1146,0
Net sales growth, %3,3126,16,1127,448,7
Operating profit (EBIT)5,45,012,511,727,8
EBIT margin, %14,814,116,916,719,0
Adjusted EBITDA12,512,224,924,051,5
Adjusted EBITDA margin, %33,934,333,434,235,3
Adjusted operating profit (EBIT)10,29,220,619,042,6
Adjusted EBIT margin, %27,825,827,827,129,2
New products and services of net sales, %4,94,04,64,24,0
Free cash flow5,25,312,512,632,1
Net debt to adjusted EBITDA, x3,0 

3,2
3,0 

3,3
2,9

FUTURE OUTLOOK

Net sales: Enento Group expects its net sales to grow in full year 2020, the growth rate however remaining below the long-term target range of 5–10 %.

EBITDA: Enento Group expects its adjusted EBITDA margin in full year 2020 to remain at the previous year’s level.

Capital expenditure: Enento Group expects its capitalised product development and software expenses in full year 2020 to be at the previous year’s level.

The outlook is based on the assumption that exchange rates remain at the current level.

JUKKA RUUSKA, CEO

Asiakastieto Group is now Enento Group. The Group has a long history, with its roots going all the way back to 1905. Through acquisitions, the company has grown from a local operator to one of the leading companies specialising in digital business and consumer information services in the Nordic region, with EUR 146 million in net sales in 2019 and 420 employees in eight cities in Finland, Sweden, Norway and Denmark. Enento Group brings together the strengths of Asiakastieto, UC and Proff and helps build trust in daily life. The change of name supports our goals of continuing growth, increasing our service offering in the Nordic region and creating a foundation for strengthening our Nordic presence. The new name makes us an even more cohesive and stronger Nordic operator.

Thanks to our business model – which adapts to exceptional circumstances – and the quick action we have taken, our business has adapted fairly well to the diverse impacts of the coronavirus pandemic. Net sales in the second quarter continued to grow in spite of the pandemic and amounted to EUR 36,7 million, representing year-on-year growth of 3,4 % at comparable exchange rates.

The development of the Group’s net sales was particularly influenced by the SME & Consumers business area, where growth was accelerated by the P...

Författare Enento Group Oyj

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