COVID-19 impact larger than expected
Briox posted Q2 sales of SEK 1.1m, down -4% y-o-y and -13% vs. ABGSCe SEK 1.2m. It should be highlighted, however, that Briox has changed the way it recognises revenue and adjusted sales grew by 32% y-o-y using the old measure. The number of licenses grew by 518 q-o-q to 5,790 (vs. ABGSCe 5,972). We believe that the miss vs. our forecast was primarily due to a larger-than-expected negative impact from COVID-19; as a smaller company, Briox remains partly dependent on physical meetings. Furthermore, EBIT was SEK -5.4m (vs. SEK -4.7m in Q2’19). This was ahead of our forecast at SEK -6.4m, chiefly explained by lower ‘other external costs’. Briox has not implemented any short-term layoffs.
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