Q1: Change programmes proving to be effective
Q1 sales were EUR 42m, up 9% y-o-y (10% org., -1% FX) and order intake came in at EUR 40m (42m). EBIT was EUR 2.0m (0.3m) for a margin of 4.5% (0.8%), driven by the Ports and Maritime segment. This converted into EPS of EUR 0.005 (-0.014) and lease adj. FCF of EUR -0.5m (-3.3m). The profitability improved during the quarter, demonstrating that management's strategic initiatives are starting to yield positive results. Order intake was down y-o-y, due to the company's efforts to decrease margin drag from orders with worse profitability, following its increased focus on project selection.
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