Strong sales beat driven by better-than-expected utilisation
While we have previously expected Avensia to gradually return to historical growth metrics due to its rapid net recruitment rate in 2020 and improved utilisation, we did not expect a rapid recovery to prevail already in Q2. Sales were SEK 97m, up 27% y-o-y, and 10% above ABGSCe at SEK 88m. The improved sales led to EBIT of SEK 5.6m for a margin of 5.8% (vs. 0.2% in Q2’20), which was well above our forecast of SEK 0.1m. As capitalised costs totalled a mere SEK 0.3m in Q2 (vs. SEK 1.8m in Q2’20), this was even more impressive. Avensia says that it has recently seen higher personnel turnover, which is why its headcount was flat q-o-q (ABGSCe +7). This statement aligns well with what other industry participants are saying, and we expect the negative impact to continue in Q3 but to improve in the subsequent period.
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