UK and Germany both strong, and margins improve
Alcadon reported Q4 sales of SEK 401m (+2% vs. ABGSCe SEK 394m, +5% vs. Bloomberg cons. SEK 381m), with the deviation stemming from a strong performance in the UK and Sweden, as well as a significant ramp-up in Germany where it had struggled in prior quarters. The gross margin was helped by moving on costs to customers, and when adjusting for the dilutive effect from the recent Networks Centre (NWC) acquisition, it was once again in line with historical averages in the remaining markets following several quarters of GM pressure. This resulted in an adj. EBIT of SEK 24.7m (+8% vs. ABGSCe SEK 22.8m, +9% vs. cons. SEK 22.7m).
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