Broad-based recovery continued in Q2
eWork continues to recover well after a soft 2020, as it managed to beat our sales and EBIT forecasts by 5% and 17%, respectively. Sales grew 7% y-o-y (vs. -11% in Q1), primarily driven by Sweden and Norway. The recovery was also visible in the order intake and the number of consultants out in the field, which reported 25% and 13% y-o-y growth, respectively. Owing to the improved sales, EBIT grew 12% y-o-y to SEK 33m. Encouragingly, costs for its digital tools continues to decline, which makes us confident that these have culminated, and also paves the way for improved margins ahead.
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