Robust customer intake, but EBIT lower than expected
After 14 consecutive quarters of expanding adj. EBIT margins (y-o-y), Fortnox reported an adj. EBIT margin of 31.0%, representing a y-o-y margin contraction of 2.1ppt. This was explained by higher costs (opex +36% y-o-y) driven by the acquisition of Offerta as well as Fortnox’s new growth initiatives communicated at the CMD in January. We note that organic headcount growth was +36 q-o-q, while other external costs grew 99% y-o-y. Although sales of SEK 199m were in line with our forecast (-1% vs. ABGSCe, +23.5% y-o-y), costs were higher than expected, resulting in an adj. EBIT miss of -15%. Customer intake remained robust at 18,000 q-o-q (vs. ABGSCe 16,000). We estimate that the majority of this was organic, meaning that Fortnox’s goal of accelerating its customer intake is gaining ground.
LÄS MER
