Overview
Financial overview
Equity research
Administer’s Q3 report was in line with expectations. Net sales declined 3.9% y/y, but profitability continued its positive development, with the EBITDA-margin at 5.7%, improving clearly y/y.
Administer's net sales declined by 3.9% y/y, reflecting the challenging market conditions that have weighed on this year’s sales development. This decline was anticipated, as the company revised its revenue guidance downward in October. Nevertheless, the turnaround in profitability continued as expected, marking the third consecutive quarter of positive profitability growth y/y.
Administer announced yesterday that it will lower its revenue guidance to EUR 74-76m, while narrowing its EBITDA-margin range upwards to 7-9%. We have made slight changes in our estimates but retain our target price of EUR 3.0 and BUY-rating.
Administer’s recent profitability strides signal a promising turn, with the potential for the new strategy to fully unfold should market conditions stabilize and demand increase.
Administer’s Q2 EBITDA soared by 320% y/y, reaching EUR 1.9m and exceeding our expectations. Despite a continued slight decline in net sales (Q2: 1.3% y/y), the turnaround in profitability offers encouraging signs for the future.
Administer’s Q2 net sales declined by 1.3% y/y, mainly attributable to the demand for personnel leasing, which is more dependent on economic cycles than the groups other service sectors. EBITDA improved to EUR 1.9m (Q2’23: EUR 0.4m), slightly beating our estimate of EUR 1.7m.
Administer reports Q2’24 results on Thursday, August 15th. We expect good profitability and see that the recovery from the seasonal weakness for Econia should turn the company back to growth track. Other business areas are expected to remain stable due to their less cyclical nature.
Annual financials
Quarterly financials
Assets
Equity and liabilities
Cashflow
Environment
Social
Governance
Videos
Annual and sustainability reports
Company news
Administer Plc Company release 22 October 2024 8:50 EEST
Administer lowers its outlook for 2024 concerning net sales. EBITDA margin guidance will be raised. Overall economical situation in Finland has impacted especially staffing services business. The profitability programme measures announced in August 2023 are implemented which focuses on permanent improving profitability.
New outlook for 2024
Administer estimates that its net sales will be EUR 74–76 million and its EBITDA margin will be 7–9% in 2024.
Previous outlook for 2024
Administer seeks to continue growth investments as well as organic and inorganic growth in 2024. Administer estimates that its net sales will be EUR 76–81 million and its EBITDA margin will be 6–9% in 2024.
Administer will publish the business review January-September 2024 on Wednesday 6 November 2024.
Additional information:
Kimmo Herranen
CEO
tel. +358 50 560 6322
kimmo.herranen@administer.fi
Certified advisor:
Evli Oyj
Tel: +358 40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc, Company release, 15 October 2024 at 13.00 EET
Administer Plc will publish financial reports in 2025 as follows:
- Financial statement release for 2024 on Wednesday 5 March 2025
- Q1 Business review for January–March 2025 on Wednesday 7 May 2025
- Half-year financial report for January–June 2025 on Thursday 14 August 2025
- Q3 Business review for January–September 2025 on Wednesday 5 November 2025
The annual report including the report of the Board of Directors and financial statements for 2024 will be published during week 14/2025 (the week commencing on 31 March).
Administer Plc's Annual General Meeting (AGM) is scheduled to be held in Helsinki on Wednesday, 24 April 2025. The company’s Board of Directors will convene the AGM later.
Additional information
Kalle Lehtonen
CFO
Tel: 040 0539968
Email: kalle.lehtonen@administer.fi
Certified advisor:
Evli Oyj
Tel: +358 40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc Company Announcement 27.9.2024 at 2 pm
The members of Administer's Shareholders' Nomination Board have been appointed. The Nomination Board consists of four (4) members, of which the four (4) largest shareholders of the company are each entitled to appoint one (1) member according to the shareholder´s register administered by Euroclear on the first calendar working day in September.
The following were confirmed as members of the Nomination Board of the Administer Plc:
- Peter Aho, Chairman of the Nomination Board (representing himself as the largest shareholder of the company)
- Rolf Backlund (representing Sijoitus Oy MC Invest Ab).
- Karoliina Lindroos (representing Ilmarinen Mutual Pension Insurance Company)
- Hanna Vainio (representing Varma Mutual Pension Insurance Company)
The Nomination Board also includes Jukka-Pekka Joensuu, Chairman of the Board of Directors of Administer Plc, as an expert member.
The Nomination Board's task is to prepare and present to the Annual General Meeting and, if necessary, to the Extraordinary General Meeting, proposals on the number and remuneration of the members of the Board of Directors and a proposal on the remuneration of the members of the Board of Directors and the members of the Board committees. The Nomination Committee is also responsible for seeking new candidates for the Board of Directors.
For further information:
Jukka-Pekka Joensuu
Chairman of the Board of Directors
Tel. 040 179 8855
jukka-pekka.joensuu@eversheds.fi
Contacts
- Hyväksytty neuvonantaja:, Evli Oyj, +358 40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc, Managers' Transactions, 24 September 2024 at 14 EEST
Person subject to the notification requirement
Name: Peter Aho
Position: Member of the Board/Deputy member
Issuer: Administer Oyj
LEI: 743700M4YLEWP2UNWG60
Notification type: INITIAL NOTIFICATION
Reference number: 78415/8/8
Transaction date: 2024-09-23
Venue: FIRST NORTH GROWTH MARKET FINLAND (FSME)
Instrument type: SHARE
ISIN: FI4000513411
Nature of transaction: DISPOSAL
Transaction details
(1): Volume: 50000 Unit price: 2.48 EUR
Aggregated transactions (1):
Volume: 50000 Volume weighted average price: 2.48 EUR
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc, Corporate Action, 2 September 2024 at 16:10 EEST
The 20 661 new shares in Administer Plc subscribed in the directed share issue announced on 2 July 2024 have been entered in the trade register today 2 September 2024. Due to the share issues, the number of shares in Administer increased from 14,354,144 to 14,374,805 shares.
Public trading of the new shares in Nasdaq First North Growth Market Finland together with other shares in Administer will begin on or about 3 September 2024. The new shares produce all shareholder rights from the day of their registration in the trade register.
Additional information:
Kimmo Herranen
CEO
tel. +358 50 560 6322
kimmo.herranen@administer.fi
Certified advisor:
Evli Oyj
Tel: +358 40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc – Corporate action 30 August, 2024 at 13:30 EET
Based on the authorisation given by the Annual General Meeting held on 10 April 2024, the Board of Directors of Administer Plc has decided on the share issue of a total of 20,661 new shares without payment to the company itself. The share issue will prepare for the needs of Administer Plc's agreement to acquire the majority of shares in Kuntalaskenta Oy.
The new shares will be entered in the Trade Register approximately by 2 September 2024, after which the company will immediately apply for the shares to be admitted to public trading on Nasdaq First North Growth Market Finland marketplace. The new shares will be admitted to public trading together with Administer's other shares approximately on 3 September 2024.
After the registration of the new shares, the total number of shares in the company is 14,374,805, of which 24 614 shares are held by the company as treasury shares.
Additional information:
Kimmo Herranen
CEO
tel. +358 50 560 6322
kimmo.herranen@administer.fi
Certified advisor:
Evli Oyj
Tel: +358 40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc – Half-year Financial Review release 15 August 2024 at 8:30 EEST
This release is a summary of Administer’s Half-year Financial Review January-June 2024. The complete report is attached to this release as a pdf-file. It is also available at www.administergroup.com/en/investors.
Figures in parentheses refer to the comparison period in the previous year, unless otherwise stated.
January–June 2024
Key figures
- Net sales were EUR 38.4 million (39.2), showing a decrease of 2.2%. Due to staffing, the Group’s net sales are more affected by fluctuations in economic cycles than before.
- EBITDA was EUR 3.6 million (1.6), or 9.4% (4.0%) of the net sales. The company’s profitability programme is clearly reflected in the improved EBITDA.
- Operating profit was EUR 0.6 million (–1.3), or 1.6% (–3.3%) of the net sales. The operating profit was weighed down by amortisation of goodwill from the acquisitions, amounting to EUR –2.0 million (–2.0) in total.
April–June 2024
Key figures
- Net sales were EUR 19.3 million (19.6), showing a decrease of 1.3%.
- EBITDA was EUR 1.9 million (0.4), or 9.6% (2.3%) of the net sales.
- Operating profit was EUR 0.4 million (–1.0), or 1.9% (–5.1%) of the net sales. The operating profit was weighed down by amortisation of goodwill from the acquisitions, amounting to EUR –1.0 million (–1.0) in total.
Key events
- In March 2024, the company published its revised strategy. The strategy is based on profitable growth and efficient use of business synergies, both in the customer interface and in internal processes.
- The improvement in profitability compared to the corresponding period in the previous year demonstrates that the company has succeeded in making a significant turn-around in its profitability development.
- In connection with the repayment of an old, subordinated loan related to Adner, the company signed an agreement that had a one-time positive impact of EUR 0.5 million on the financial income and result of the financial period in the second quarter.
- The company has completed small acquisitions in its accounting firm business and housing management services.
KEY FIGURES
EUR million unless otherwise stated | 1–6/ 2024 | 1–6/ 2023 | Change, % | 4–6/ 2024 | 4–6/ 2023 | Change, % | 1–12/ 2023 |
Net sales | 38.4 | 39.2 | –2.2% | 19.3 | 19.6 | –1.3% | 75.9 |
EBITDA | 3.6 | 1.6 | 131.3% | 1.9 | 0.4 | 320.5% | 2.8 |
% of net sales | 9.4% | 4.0% |
| 9.6% | 2.3% |
| 3.8% |
Operating profit (EBITA) adjusted with amortisation of goodwill | 2.6 | 0.7 | 276.6% | 1.4 | –0.0 |
| 1.0 |
% of net sales | 6.9% | 1.8% |
| 7.1% | –0.1% |
| 1.3% |
Operating profit/loss | 0.6 | –1.3 |
| 0.4 | –1.0 |
| –3.0 |
Profit/loss before appropriations and tax | 0.6 | –1.6 |
| 0.6 | –1.6 |
| –3.9 |
Result adjusted with amortisation of goodwill | 2.5 | 0.2 |
| 1.5 | –0.3 |
| 0.1 |
% of net sales | 6.6% | 0.4% |
| 7.9% | –1.4% |
| 0.1% |
Result for the financial period | 0.5 | –1.8 |
| 0.5 | –1.3 |
| –3.9 |
Earnings per share (EPS) | 0.04 | –0.13 |
| 0.04 | –0.09 |
| –0.27 |
Return on equity (ROE), % | –5.6% | –6.3% |
| –5.6% | –6.3% |
| –14.1% |
Equity ratio, % | 46.4% | 46.8% |
| 46.4% | 46.8% |
| 44.0% |
Debt-to-equity ratio, % | 47.0% | 51.5% | –8.7% | 47.0% | 51.5% | –8.7% | 53.6% |
Personnel on average | 1,070 | 1,026 | 4.3% | 1,088 | 1,127 | –3.5% | 1,110 |
CEO's review
I am extremely pleased with the EBITDA development during the first half of the year. The improvement in profitability compared to the corresponding period in the previous year demonstrates that we have succeeded in making a significant turn-around in our profitability development. Our revised strategy is proving that it works in practice. This is well demonstrated by, for example, the internal synergies in enhancing processes, as well as by the Group’s shared customers like Metsäkeskus Forest Centre. The relative improvement in EBITDA is also affected by the cyclical fluctuations in the accounting firm business.
The first half-year period of the year 2024 developed almost as planned. The one deviation from the plan mainly concerned net sales: our net sales decreased by 2.2% to EUR 38.4 million. Due to staffing, the Group’s net sales are more affected by fluctuations in economic cycles than before. Our profitability programme is clearly reflected in the improved EBITDA, which amounted to EUR 3.6 million, or 9.4% of net sales.
Administer and the City of Pieksämäki have signed an agreement on Kuntalaskenta becoming a subsidiary of Administer Plc, which previously had a minority ownership in the company. The transaction will be completed during the third quarter. With this change, we can integrate Kuntalaskenta into Administer Group’s management system and establish Kuntalaskenta as a responsible and reliable partner in financial management outsourcing in the public sector. This change supports our long-term strategy of being a relevant player as a partner for the public sector, where we see significant growth opportunities in the coming years.
The acquisition of Kuntalaskenta, now a subsidiary of the Group, will change our reporting in that Kuntalaskenta will be consolidated in the Group’s figures as of 1 September 2024. This will have a positive effect on our net sales and correspondingly a decreasing effect on the Group’s EBITDA, however, the impact is minor.
We have agreed on the repayment of an old, subordinated loan related to Adner, resulting in a one-time positive impact of EUR 0.5 million on the financial income and the result of the financial period in the second quarter. Adner Oy will be merged with the parent company during the latter part of the year, and the financial management outsourcing services offered by Adner to mid-sized companies will continue under the Administer brand.
Announced in March 2024, the Group’s revised strategy is based on profitable growth and efficient use of business synergies, both in the customer interface and in internal processes. The strategy clarifies our operations as a group, providing a framework for both growth and operational development. We have four strong primary brands: Silta Oy, Econia Oy, accounting firm Administer, and EmCe Solution Partner Oy. The versatile offering of these companies creates a unique whole, where different services support one another. We are implementing our strategy in all business operations.
The Group’s financial development in April–June 2024
In April–June, the Group’s net sales were EUR 19.3 million (19.6), showing a decrease of 1.3%. The decline in net sales was mainly due to the reduction in Econia’s net sales. In the second quarter, the decrease in net sales levelled off slightly compared to January–March.
In April–June, EBITDA was EUR 1.9 million (0.4), or 9.6% (2.3%) of the net sales. The profitability programme is clearly reflected in the improved EBITDA, and the profitability improvement accelerated in the second quarter.
Business area review
During the review period, the net sales of Silta, which offers payroll and HR services, has continued its positive development. In January–June, the net sales increased by 4.1% and were EUR 13.2 million. In April–June, the net sales increased by 4.6% to EUR 6.7 million. The launch of expert rental services has started off as planned, and the objective is to continue expanding this business. The strategic business projects, such as expanding tailored productizations for different customer groups, are progressing.
The net sales of Econia, which offers HR services and staffing, international services, as well as domestic financial management services, declined by 9.7% to EUR 11.4 million in January–June. In April–June, the net sales declined by 4.5% and were EUR 6.0 million. The cyclical fluctuations in staffing impact the development of net sales. In Compliance services, a significant first step was taken together with a large Finnish energy industry player. Our proprietary Sedatus service platform had an important role in launching this initiative. In the financial management business, we have continued to gain new customers at a steady pace.
The net sales of Administer’s accounting firm business grew by 2.6%, amounting to EUR 9.5 million in January–June. In April–June, the net sales declined by 0.3% and were EUR 4.6 million. The accounting firm business has been particularly successful in public competitive tendering related to the outsourcing of the financial management of larger organisations. Expanding the automation of AI-based functions in the eFina system has continued, making the business considerably more effective. The most important strategic initiative is the continuous development of customer satisfaction, and the Group has invested in this initiative in particular during the review period.
In January–June, the net sales of EmCe, which provides software services, decreased by 1.8% to EUR 4.0 million. In April–June, the net sales declined by 1.9% and were EUR 1.9 million. The Business Central ERP business, in particular, has gained new customers. We continued the development of the degree of automation and usability of our own software during the review period. The strategic goal of increasing synergies is reflected especially in the utilisation of EmCe software in the Group’s shared customer relationships.
In the current economic climate, organic growth poses a challenge in all our business operations. We seek to find solutions to this by crystallising our own strengths and utilising the Group’s synergies more efficiently than before. In line with our strategy, we plan to grow profitably in Finland and selected markets in the Baltic Sea region, both organically and inorganically. The turn-around in profitability also provides us with better prerequisites for growth through acquisitions.
We can be satisfied with our performance during the first half of the year, and for this, I would like to give special thanks to our excellent staff and all our customers. At the same time, I recognise that we can still significantly improve on our current performance level.
Kimmo Herranen
CEO
Outlook
Administer seeks to continue growth investments as well as organic and inorganic growth in 2024. Administer estimates that its net sales will be EUR 76–81 million and its EBITDA margin will be 6–9% in 2024.
Risks and near-term uncertainties
Interruptions or disturbances in Administer’s IT, network or communication systems may lead to unforeseen costs and malfunctions and be detrimental to the business operations of the company or its customers. Data security breaches targeted at IT systems and data links, or other data security breaches, may be detrimental to Administer or its customers and negatively impact Administer’s business.
Administer’s field of business is competitive, and the competition is fragmented, which may have a negative impact on the company’s operations if Administer is unable to respond to competitor pricing or service quality or fails to develop new products or services.
Corporate acquisitions are an important part of the company’s growth strategy. Administer may fail in integrating corporate acquisitions or finding new acquisition targets or an acquisition may fail.
Administer’s brand and reputation are important competitive advantages, and reputation damage might have negative impacts on Administer’s business and market position.
There are still uncertainties relating to the development of the Finnish economy, as economic growth turned negative in the latter half of 2022. Administer has no business operations in Russia or Ukraine, but the reduced financial activity may also have negative impacts on Administer’s net sales and result through customer companies.
The acceleration of inflation in Finland may also be reflected in wages and, together with personnel turnover, increase Administer’s expenses and weaken profitability if the company is not able to transfer the increased expenses into the prices of the services it produces. The acceleration of inflation may also increase interest rates and thereby impact the price of external funding of Administer.
The company may not succeed in acquiring funding with affordable terms or at all, and its financing expenses may increase. Also, breaching the covenants included in the credit agreements of the company and its Group companies may complicate the availability of funding for the company, increase the company’s financing expenses, or lead to premature maturity of the Group’s loans.
More information
Kimmo Herranen, CEO, kimmo.herranen@administer.fi, tel. +358 50 560 6322
Kalle Lehtonen, CFO, kalle.lehtonen@administer.fi, tel. +358 400 539 968
Webinar
CEO Kimmo Herranen and CFO Kalle Lehtonen will present the result in a webinar on 15 August 2024 at 11:00 a.m. EEST. Questions can be sent during the event via the chat function.
You can join the webinar at https://administer.videosync.fi/q2-2024.
A recording will be available after the event at https://administergroup.com/en/investors/.
Contacts
- Hyväksytty neuvonantaja:, Evli Oyj, +358 40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc Company release 2 July 2024 10.30 EET
Administer Plc has submitted a bid to the City of Pieksämäki for the shares of Kuntalaskenta Oy. The bid has been approved by the Board of Directors of Administer Plc and the Pieksämäki City Council. The transaction is expected to take place in early autumn and a part of the total price is intended to be paid with new shares through directed share issue.
With the acquisition, 40.1 per cent of the shares of Kuntalaskenta will be transferred to Administer Plc. The purchase price is 120.000 euros, of which 50.000 euros will be paid with Administer Plc’s shares. After this acquisition Administer’s share of ownership of Kuntalaskenta Oy’s shares is 90 per cent. The remaining 10 per cent of the shares of Kuntalaskenta still under the ownership of the City of Pieksämäki will be acquired at market price in three years’ time on the basis of a predetermined valuation principle. Previously, Administer Plc was a minority shareholder in Kuntalaskenta.
“The transaction now concluded shows that we at Administer Group are committed to the long-term development of Kuntalaskenta. We will do everything we can to stabilise the company’s situation as soon as possible. With this change, we want to ensure that Kuntalaskenta is able to offer its customers reliable and consistent service in the future. The financial management services offered by Kuntalaskenta to the public sector complement the service offering of our Group well,” says Kimmo Herranen, CEO of Administer Plc.
Kuntalaskenta was established in 2004, and the company has approximately 25 employees. Its turnover in 2023 was EUR 2.25 million.
Further information:
Kimmo Herranen
CEO
Administer Plc
tel. +358 (0)50 560 6322
kimmo.herranen@administer.fi
Certified advisor:
Evli Oyj
Tel: +358 40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc Flagging notification 5 June, 2024 at 12 EET
Administer Oyj has on 5 June, 2024, received a notification from Peter Aho. The notification was made pursuant to chapter 9, section 10 of the Securities Market Act. Under the transition rules of the act 163/2024 amending the Finnish Securities Market Act (Amending Act), a shareholder in a First North listed company is required to notify major holdings within two months from the entry into force of the Amending Act. The notification has been made based on said transition rules, and not an acquisition or disposal of shares.
Shares and voting rights are according the situation on 19 April 2024, effective date of the Amending Act.
Total positions of Peter Aho subject to the notification obligation:
| % of shares and voting rights | % of shares and voting rights through financial instruments | Total of both in % | Total number of shares and voting rights of issuer |
Resulting situation on the date on which threshold was crossed or reached | 47,59 % |
| 47,59 % | 14 354 144 |
| Number of shares and voting rights | % of shares and voting rights | ||
Class/type of shares ISIN code
| Direct | Indirect | Direct | Indirect
|
FI4000513411 | 6 830 980 |
| 47,59 % | 6 830 980 |
Kimmo Herranen
CEO
Administer Oyj
phone +358 50 560 6322
kimmo.herranen@administer.fi
Certified advisor:
Evli Oyj
phone +358 40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc Flagging notification 5 June,2024 at 12 EET
Administer Oyj has on 5 June, 2024, received a notification from Ilmarinen pension insurance company. The notification was made pursuant to chapter 9, section 10 of the Securities Market Act. Under the transition rules of the act 163/2024 amending the Finnish Securities Market Act (Amending Act), a shareholder in a First North listed company is required to notify major holdings within two months from the entry into force of the Amending Act. The notification has been made based on said transition rules, and not an acquisition or disposal of shares.
Shares and voting rights are according the situation on 19 April 2024, effective date of the Amending Act.
Total positions of Ilmarinen pension insurance company subject to the notification obligation:
| % of shares and voting rights | % of shares and voting rights through financial instruments | Total of both in % | Total number of shares and voting rights of issuer |
Resulting situation on the date on which threshold was crossed or reached | 8,71 % |
| 8,71 % | 1 250 000 |
| Number of shares and voting rights | % of shares and voting rights | ||
Class/type of shares ISIN code
| Direct | Indirect | Direct | Indirect
|
FI4000513411 | 1 250 000 |
| 8,71 % | 1 250 000 |
Kimmo Herranen
CEO
Administer Oyj
phone +358 50 560 6322
kimmo.herranen@administer.fi
Certified advisor:
Evli Oyj
phone +358 40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc Flagging notification 5 June 2024 at 12 EET
Administer Oyj has on 5 June, 2024, received a notification from Rolf Backlund. The notification was made pursuant to chapter 9, section 10 of the Securities Market Act. Under the transition rules of the act 163/2024 amending the Finnish Securities Market Act (Amending Act), a shareholder in a First North listed company is required to notify major holdings within two months from the entry into force of the Amending Act. The notification has been made based on said transition rules, and not an acquisition or disposal of shares.
Shares and voting rights are according the situation on 19 April 2024, effective date of the Amending Act.
Total positions of Rolf Backlund subject to the notification obligation:
| % of shares and voting rights | % of shares and voting rights through financial instruments | Total of both in % | Total number of shares and voting rights of issuer |
Resulting situation on the date on which threshold was crossed or reached | 8,60 % |
| 8,60 % | 14 354 144 |
| Number of shares and voting rights | % of shares and voting rights | Total number of shares and voting rights | ||
Class/type of shares ISIN code
| Direct | Indirect | Direct | Indirect
|
|
FI4000513411 | 28 742 | 1 250 508 | 0,20 % | 8,40 % | 1 234 250 |
Kimmo Herranen
CEO
Administer Oyj
phone +358 50 560 6322
kimmo.herranen@administer.fi
Certified advisor:
Evli Oyj
phone +358 40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc Company release 8 May 2024 at 8:30 EEST
Administer Plc: Business review 1 January–31 March 2024
Figures in parenthesis refer to the comparison period in the previous year, unless otherwise stated.
January–March 2024
Key figures
- Net sales EUR 19.0 million (19.6), showing a decrease of –3.1%. The decrease in the Group’s net sales is caused particularly by the cyclical fluctuations in staffing.
- EBITDA EUR 1.7 million (1.1), or 9.1% (5.7%) of the net sales. The implementation of our profitability programme is reflected in increasing profitability: EBITDA increased by 56%.
- Operating profit EUR 0.2 million (–0.3), or 1.3% (–1.4%) of the net sales. The operating profit was weighed down by amortisation of goodwill from the acquisitions, amounting to EUR –1,0 million (–1,0) in total.
Key events
- The company continued its profitability programme, started in August 2023, which focuses on improving long-term financial results and profitability.
- In March 2024, the company published its revised strategy. The strategy is based on profitable growth and efficient use of business synergies, both in customer interface and in internal processes.
- In January 2024, the company acquired the accounting business of Pohjanmaan Laskenta Oy, operating in the Vaasa region. The acquisition strengthens Administer’s operations in the Vaasa region, where the company already has its own office.
Key figures
EUR million unless otherwise stated | 1‒3/ | 1‒3/ | Change, % | 1‒12/ |
Net sales | 19.0 | 19.6 | ‒3.1% | 75.9 |
EBITDA | 1.7 | 1.1 | +56.0% | 2.8 |
% of net sales | 9.1% | 5.7% | 3.8% | |
Operating profit (EBITA) adjusted with amortisation of goodwill | 1.3 | 0.7 | +76.5% | 1.0 |
% of net sales | 6.6% | 3.6% | 1.3% | |
Operating profit/loss | 0.2 | –0.3 | –3.0 | |
Profit/loss before appropriations and tax | 0.0 | –0.4 | –3.9 | |
Result adjusted with amortisation of goodwill | 1.0 | 0.4 | +136.9% | 0.1 |
% of net sales | 5.3% | 2.2% | 0.1% | |
Earnings per share (EPS) | –0.00 | –0.04 |
| –0.27 |
Return on equity (ROE), % | –12.1% | –4.1% | –14.1% | |
Equity ratio, % | 45.1% | 49.0% | 44.0% | |
Debt-to-equity ratio, % | 53.6% | 47.6% | 53.6% | |
Personnel on average | 1,029 | 1,073 | –4.1% | 1,110 |
CEO’s review
The first quarter of the year 2024 was realised almost as planned. Our net sales decreased 3.1%, amounting to EUR 19.0 million (EUR 19.6 million). Due to staffing, the Group’s net sales are more affected by fluctuations in economic cycles than before. A significant share of staffing services provided by Econia is focused on primary production, with the busiest operating period being in the second and third quarters of the year. Our profitability programme is clearly reflected in the improved EBITDA, which amounted to EUR 1.7 million, or 9.1% of net sales (EUR 1.1 million, or 5.7%).
In March 2024, we published the revised Group strategy. It is based on profitable growth and efficient use of business synergies, both in customer interface and in internal processes. The strategy clarifies our operations as a group, providing a framework for both growth and operative development. We have four strong primary brands: Silta Oy, Econia Oy, accounting firm Administer, and EmCe Solution Partner Oy. The versatile offering of these companies creates a unique whole, where different services support one another. We are implementing our strategy in all business operations.
During the review period, the net sales of Silta, which offers payroll and HR services, grew 3.5%, amounting to EUR 6.5 million (EUR 6.3 million). In sales, we succeeded in acquiring new clients and the commissioning of these projects will start later this spring. In staffing, we succeeded in strengthening the business and expanding to payroll experts. In line with the new strategy, the business will continue to invest in maintaining growth and improving the customer experience.
The development of the net sales of Econia, which provides HR services and staffing, international expert services, and domestic financial management services, was significantly affected by the general economic uncertainty, including strikes, and seasonal fluctuations in staffing in particular. The company’s net sales decreased by 14.8%, amounting to EUR 5.4 million (EUR 6.4 million). We estimate the net sales to grow in the second and third quarters of 2024. With the acquisition we made in 2023 relating to Compliance services, we expanded our service model for preventing a grey economy, which is reflected in the stronger and more international offer base. The strategic goal of the business is profitable growth and continuous development of expertise.
The net sales of Administer’s accounting firm business grew by 5.5%, amounting to EUR 4.9 million (EUR 4.5 million). Early in the year, the accounting firm business was successful in public tendering, one example being the new framework agreement with the City of Espoo. In our own software development, eFina underwent a significant automation reform, based on artificial intelligence, to account for purchase invoices. Increasing the degree of automation remains central in the future. The strategic focus of the business is on customer satisfaction and developing the personnel’s expertise.
The net sales of EmCe, which provides software services, remained unchanged, amounting to EUR 2.1 million (EUR 2.1 million). Early in the year, we were successful in sales, and the company acquired significant new clients. Additional sales to existing clients were also successful during the review period. The expansion in the use of EmCe software within the Group has progressed well. The business has continued the development of the degree of automation and usability of our own software.
In the current market situation, we can be satisfied with the development of profitability and the level of net sales. The measures taken in the autumn of 2023 are now positively reflected in profitability, and the new strategy gives us a good basis to continue developing our business in line with our targets. Regardless of future developments in the Finnish economy, our goal remains to be a growth company.
Kimmo Herranen
CEO
Outlook
Administer seeks to continue growth investments as well as organic and inorganic growth in 2024. Administer estimates that its net sales will be EUR 76–81 million and its EBITDA margin will be 6–9% in 2024.
More information
Kimmo Herranen, CEO, kimmo.herranen@administer.fi, tel. +358 50 560 6322
Kalle Lehtonen, CFO, kalle.lehtonen@administer.fi, tel. +358 400 539 968
Webinar
CEO Kimmo Herranen and CFO Kalle Lehtonen will present the result in a webinar on 8 May 2024 at 11.00 a.m. EET. Questions can be sent during the event via the chat function.
You can join the webinar at https://administer.videosync.fi/q1-2024-results
Contacts
- Hyväksytty neuvonantaja:, Evli Oyj, +358 40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies.
www.administergroup.com
Attachments
Administer Plc, Company release 10 April 2024 at 16.15 EET
The Annual General Meeting of Administer Plc (the “Company”) was held today on 10 April 2024 in Helsinki, Finland. The meeting was held as a hybrid meeting in accordance with Chapter 5, Section 16, Subsections 1 and 2 of the Finnish Companies Act (621/2006, as amended).
Adoption of financial statements and discharge from liability
The Annual General Meeting adopted the financial statements for the financial year of 2023 and discharged the members of the Board of Directors and the CEO from liability.
Use of the profit shown on the balance sheet and the payment of dividend
The Annual General Meeting resolved in accordance with the proposal of the Board of Directors that no dividend be paid based on the balance sheet adopted for the financial year ended 31 December 2023.
Members and remuneration of the Board of Directors
The number of the members of the Board of Directors was confirmed to be six (6). Peter Aho, Jukka-Pekka Joensuu, Risto Koivula, Milja Saksi, Leena Siirala and Minna Vanhala-Harmanen were re-elected as board members.
The annual remuneration of the Chair and members of the Board of Directors shall remain unchanged and therefore the Chair of the Board shall be paid an annual remuneration of EUR 50,000 and other members of the Board shall each be paid an annual remuneration of EUR 25,000. Additionally, should the Board of Directors elect a Deputy Chair, the Deputy Chair’s annual remuneration shall be EUR 35,000. If a Board member resigns during his/her term of office, the remuneration will be paid in proportion to the term of office actually taken place.
The committee members shall be paid EUR 500 per meeting. Board members’ and committee members’ travel expenses shall be reimbursed in accordance with the Company's travel policy.
Election and remuneration of the Auditor
Ernst & Young Oy, authorized public accountants, was re-elected as the Company’s Auditor for the term ending at the close of the next Annual General Meeting. Ernst & Young Oy has announced that it will appoint Johanna Winqvist-Ilkka, APA, as the auditor with principal responsibility.
The Auditor’s fees will be paid against the Auditor’s reasonable invoice approved by the Company.
Authorizing the Board of Directors to decide on the repurchase and/or on the acceptance as pledge of the Company’s own shares
The Board of Directors was authorized to decide on the repurchase and/or on the acceptance as pledge of the Company’s own shares. The authorization covers a maximum of 1,435,414 shares, which corresponds to approximately 10 percent of all shares in the Company. Only the unrestricted equity of the Company can be used to repurchase own shares on the basis of the authorization.
Own shares can be repurchased at a price formed in public trading on the date of the repurchase or otherwise at a price formed on the market. The Board of Directors decides how own shares will be repurchased and/or accepted as pledge. Shares can be repurchased using, among other things, derivatives. Own shares can be repurchased otherwise than in proportion to the shareholdings of the existing shareholders (directed repurchase).
The authorization allows the repurchase and/or the acceptance as pledge of shares in order to, among other things, develop the Company’s capital structure, to finance or implement eventual acquisitions, investments or other arrangements that are part of the business, or to be used in the Company’s incentive or reward systems.
The authorization is effective until the end of the next Annual General Meeting; however, no longer than until 30 June 2025.
Authorizing the Board of Directors to decide on the issuance of shares and the issuance of special rights entitling to shares
The Board of Directors was authorized to decide on the issuance of shares and other special rights entitling to shares referred to in Chapter 10, Section 1 of the Finnish Limited Liability Companies Act. The authorization covers a maximum of 1,435,414 shares, which corresponds to approximately 10 percent of all shares in the Company.
The Board of Directors decides on all terms of the issuance of shares and of special rights entitling to shares. The issuance of shares and of special rights entitling to shares may be carried out in deviation from the shareholders’ pre-emptive rights (directed issue).
The authorization is effective until the end of the next Annual General Meeting; however, no longer than until 30 June 2025.
The minutes of the Annual General Meeting
The minutes of the Annual General Meeting will be available on the Company’s website at www.administergroup.com/en/investors/ on 24 April 2024 at the latest.
The organising meeting of the Board of Directors
In its organising meeting, the Board of Directors of the Company has elected Jukka-Pekka Joensuu as the Chair of the Board of Directors.
The Board of Directors has elected Leena Siirala as the Chair as well as Jukka-Pekka Joensuu and Risto Koivula as members of the Company’s Audit Committee.
Administer Plc
The Board of Directors
Further information
Kimmo Herranen
CEO
Administer Plc
Tel. +358 50 560 6322
kimmo.herranen@administer.fi
Certified Adviser: Evli Pankki Oyj, +358 40 579 6210
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies, for example Kuntalaskenta Oy.
www.administergroup.com
Attachments
Administer Plc, Managers' Transactions, 5 April 2024 at 12:00 EET
Person subject to the notification requirement
Name: Kimmo Herranen
Position: Chief Executive Officer
Issuer: Administer Oyj
LEI: 743700M4YLEWP2UNWG60
Notification type: INITIAL NOTIFICATION
Reference number: 57460/4/4
Transaction date: 2024-04-04
Venue: NASDAQ HELSINKI LTD (XHEL)
Instrument type: SHARE
ISIN: FI4000513411
Nature of transaction: ACQUISITION
Transaction details
(1): Volume: 480 Unit price: 2.54 EUR
(2): Volume: 20 Unit price: 2.56 EUR
(3): Volume: 6 Unit price: 2.48 EUR
Aggregated transactions (3):
Volume: 506 Volume weighted average price: 2.54008 EUR
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies, for example Kuntalaskenta Oy.
www.administergroup.com
Attachments
Administer Plc Company release 20 March 2024 at 12.30 EET
Administer Plc has today, 20 March 2024, published its annual report for the year 2023. The annual report contains the Report by the Board of Directors and the Financial Statements 2023.
The annual report is attached to this release, and it is also available in English and Finnish at www.administergroup.com/investors.
Further information:
Kimmo Herranen
CEO
Administer Plc
Tel: +358 50 560 6322
kimmo.herranen@administer.fi
Kalle Lehtonen
CFO
Administer Plc
Tel: + 358 40 053 9968
kalle.lehtonen@administer.fi
Seija Uusitalo
Director, Communications and sustainability
Administer Plc
Tel: + 358 40 844 8404
seija.uusitalo@administer.fi
About Administer Oyj
Administer Group is a multi-talent in payroll and financial management services, software services, consulting, personnel and international services. We are the largest salary outsourcing partner in Finland and the leading expert in the fight against the grey economy. Our services are used by more than 5,000 customers, from SMEs to large companies, as well as municipalities and other public sector actors. Founded in 1985, the company is listed on the First North list of Nasdaq Helsinki.
Administer Group consists of payroll management service company Silta Oy, accounting company Administer, business service and employment expert Econia Oy and software company EmCe Solution Partner Oy. In addition, the Group includes other subsidiaries and associated companies, for example Kuntalaskenta Oy.
www.administergroup.com
Attachments
| Shareholders | Date | % of Shares | % of Votes |
|---|---|---|---|
| Peter Aho | 30.09.2024 | 47.2% | 47.2% |
| Ilmarinen Mutual Pension Insurance Company | 30.09.2024 | 8.7% | 8.7% |
| Sijoitus Oy MC Invest Ab | 30.09.2024 | 8.4% | 8.4% |
| Oy Fincorp Ab | 30.09.2024 | 3.3% | 3.3% |
| Varma Mutual Pension Insurance Company | 30.09.2024 | 2.4% | 2.4% |
| Rantalainen-Yhtiöt Oy | 30.09.2024 | 2.2% | 2.2% |
| Salmivala Maria-elina | 30.09.2024 | 2% | 2% |
| Elo Mutual Pension Insurance Company | 30.09.2024 | 1.9% | 1.9% |
| Kimmo Herranen | 30.09.2024 | 1.6% | 1.6% |
| Oy Talcom AB | 30.09.2024 | 1.5% | 1.5% |
Equity Research Disclaimer
These research reports have been prepared by Evli Research Partners Plc (“ERP” or “Evli Research”). ERP is a subsidiary of Evli Plc.
None of the analysts contributing to this report, persons under their guardianship or corporations under their control have a position in the shares of the company or related securities. The date and time for any price of financial instruments mentioned in the recommendation refer to the previous trading day’s closing price(s) unless otherwise stated in the report. Each analyst responsible for the content of this report assures that the expressed views accurately reflect the personal views of each analyst on the covered companies and securities. Each analyst assures that (s)he has not been, nor are or will be, receiving direct or indirect compensation related to the specific recommendations or views contained in this report.
Companies in the Evli Group, affiliates or staff of companies in the Evli Group, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives) of any company mentioned in the publication or report. Neither ERP nor any company within the Evli Group have managed or co-managed a public offering of the company’s securities during the last 12 months prior to, received compensation for investment banking services from the company during the last 12 months prior to the publication of the research report.
ERP has signed an agreement with the issuer of the financial instruments mentioned in the recommendation, which includes production of research reports. This assignment has a limited economic and financial impact on ERP and/or Evli. Under the assignment ERP performs services including, but not limited to, arranging investor meetings or –events, investor relations communication advisory and production of research material. ERP or another company within the Evli Group does not have an agreement with the company to perform market making or liquidity providing services. For the prevention and avoidance of conflicts of interests with respect to this report, there is an information barrier (Chinese wall) between Investment Research and Corporate Finance units concerning unpublished investment banking services to the company. The remuneration of the analyst(s) is not tied directly or indirectly to investment banking transactions or other services performed by Evli Plc or any company within Evli Group.
This report is provided and intended for informational purposes only and may not be used or considered under any circumstances as an offer to sell or buy any securities or as advice to trade any securities.
This report is based on sources ERP considers to be correct and reliable. The sources include information providers Reuters and Bloomberg, stock-exchange releases from the companies and other company news, Statistics Finland and articles in newspapers and magazines. However, ERP does not guarantee the materialization, correctness, accuracy or completeness of the information, opinions, estimates or forecasts expressed or implied in the report. In addition, circumstantial changes may have an influence on opinions and estimates presented in this report. The opinions and estimates presented are valid at the moment of their publication and they can be changed without a separate announcement. Neither ERP nor any company within the Evli Group are responsible for amending, correcting or updating any information, opinions or estimates contained in this report. Neither ERP nor any company within the Evli Group will compensate any direct or consequential loss caused by or derived from the use of the information represented in this publication.
All information published in this report is for the original recipient’s private and internal use only. ERP reserves all rights to the report. No part of this publication may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored in any retrieval system of any nature, without the written permission of ERP.
This report or its copy may not be published or distributed in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore or South Africa. The publication or distribution of this report in certain other jurisdictions may also be restricted by law. Persons into whose possession this report comes are required to inform themselves about and to observe any such restrictions.
Evli Plc is not registered as a broker-dealer with the U. S. Securities and Exchange Commission (“SEC”), and it and its analysts are not subject to SEC rules on securities analysts’ certification as to the currency of their views reflected in the research report. Evli is not a member of the Financial Industry Regulatory Authority (“FINRA”). It and its securities analysts are not subject to FINRA’s rules on Communications with the Public and Research Analysts and Research Reports and the attendant requirements for fairness, balance and disclosure of potential conflicts of interest. This research report is only being offered in U.S. by Auerbach Grayson & Company, LLC (Auerbach Grayson) to Major U.S. Institutional Investors and is not available to, and should not be used by, any U.S. person or entity that is not a Major U.S. Institutional Investor. Auerbach Grayson is a broker-dealer registered with the U.S. Securities and Exchange Commission and is a member of the FINRA. U.S. entities seeking more information about any of the issuers or securities discussed in this report should contact Auerbach Grayson. The securities of non-U.S. issuers may not be registered with or subject to SEC reporting and other requirements.
ERP is not a supervised entity but its parent company Evli Plc is supervised by the Finnish Financial Supervision Authority.
Company Facts
Guidance
Administer expects that in 2024 it will reach a revenue of EUR 74-76m and achieve an EBITDA margin of 7-9%
Financial targets
Financial targets 2026: Revenue of EUR 100m and an EBITDA-margin of 15%
Schedule analyst call
For professional investors wishing to discuss the case, please book a complimentary analyst call
Book a call