Administer - On par with expectations
Administer’s H1 figures were on par with our expectations. Revenue amounted to EUR 39.2m (Evli EUR 39.0m), with growth of 64.1%. EBITDA amounted to EUR 1.6m (Evli EUR 1.9m). Administer initiated a cost savings programme and change negotiations, seeking an annual profitability improvement of EUR 7m in 2024.
- Net sales in H1 amounted to EUR 39.2m (EUR 23.9m in H1/22), in line with our estimates (Evli EUR 39.0m). Net sales in H1 grew 64.1% y/y. Growth was mainly attributable to the acquisition of Econia last year.
- EBITDA and EBITA in H1 were EUR 1.6m (H1/22: EUR 1.0m) and EUR 0.7m (H1/22: EUR 0.6m) respectively, fairly in line with our estimates (Evli EUR 1.9m/1.2m). Profitability was burdened by accelerated cost inflation.
- Operating profit in H1 amounted to EUR -1.2m (EUR -0.5m in H1/22), below our estimates (Evli EUR -0.6m), with D&A some EUR 0.4m larger than our estimates.
- During H1 Administer carried out three accounting firm acquisitions.
- Administer also started the implementation of the profitability programme that was announced earlier. The company seeks an annual profitability improvement of EUR 7m, including different measures in different Group companies, and also decided to being change negotiations. Administer also initiated strategy works and will set new long-term financial targets. Administer has been on track towards its EUR 84m net sales target in 2024, still falling clearly short of the 24% EBITDA-margin target.
- Guidance for 2023 (updated on August 8th): Net sales is estimated to be EUR 76-81m and EBITDA-margin to be 4-8%.