Solid Q2, UK is the star of the show
We saw signs of improvement for both Svedbergs and Roper Rhodes in Q2. Svedbergs grew 0% org. y-o-y (vs. -10% in Q1) and EBITA margins tripled to 3.6%. The segment's target of returning to 10% margins by Q4'25 is thus alive. Roper Rhodes accelerated to org. growth of 8% y-o-y, in a market that we assess shrank. Its EBITA grew 11%. Thebalux also grew, +7% org. y-o-y, although some additional costs to improve production meant margins were slightly lower y-o-y. At group level, organic growth accelerated 150bp vs Q1 to +5% y-o-y. Gross margins improved 280bp on better FX (Roper Rhodes imports in SEK and sells in GBP, primarily) and lower freight rates. This drove a 110bp EBITA margin expansion and EBITA growth of 10%.
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