Q2: underlying operations should be on track despite lockdowns
We expect an operationally solid quarter despite Covid-19 related lockdowns, and forecast sales to come in at SEK 343m, growing by 5.6% y/y. We expect EBIT at SEK 44m (margin of 12.9%, down 70 bp y/y) with some extra costs and anticipated delays weighing slightly on profitability, we believe. The biggest impact from the pandemic is expected on order intake as social distancing practices, lockdowns and cancelled housing association meetings are likely to have postponed decision making among customers. We forecast orders in Q2 to amount to SEK 284m, down by some 35% y/y, but expect the orders to come back gradually during H2 2020.
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