Strong EBIT margin driven by operational leverage
Fortnox’s Q2 report showed few weak spots. Sales were SEK 170m, for y-o-y growth of +32%, driven by a solid customer intake of 13,000 q-o-q (vs. ABGSCe at 13,000) and an ARPC of SEK 169 (vs. SEK 154 in Q2’19). The ARPC growth was both due to robust progress in Fortnox Core (+31% y-o-y) as well as in Fortnox Finance (+40% y-o-y). EBIT rose 57% y-o-y and was SEK 62.5m (+6% vs. ABGSCe), driven by the higher sales together with good costs control (opex -1% q-o-q).
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