Administer - Quite in line with expectations
Administer’s H2 figures were slightly better than expected. Revenue amounted to EUR 28.9m (Evli EUR 27.4m), with growth of 30.8%. EBITA amounted to EUR 2.1m (Evli EUR 2.0m). The 2022 dividend proposal is EUR 0.05 per share (Evli EUR 0.00). Guidance for 2023: Revenue EUR 76-81m and EBITDA-margin 7-9%.
- Net sales in H2 amounted to EUR 28.9m (EUR 22.1m in H2/21), slightly above our estimates (Evli EUR 27.4m). Net sales in H2 grew 30.8% y/y. Growth was mainly attributable to acquisitions made during 2022 and the new customers won by Silta.
- EBITDA and EBITA in H2 were EUR 2.7m (H2/21: EUR 1.7m) and EUR 2.1m (H2/21: EUR 1.3m) respectively, above our estimates (Evli EUR 2.4m/2.0m). The EBITDA-margin amounted to 9.5%. Profitability improved in the accounting, payroll and HR services as well as in the software business.
- Operating profit in H2 amounted to EUR 0.6m (EUR 0.3m in H2/21), slightly below our estimates (Evli EUR 0.8m). EBIT was affected by amortization of goodwill from the acquisitions amounting to EUR 1.5m (H2/21: EUR 1.0m).
- During H2 Administer completed the acquisition of accounting firm Varkauden Tili Oy, accounting and financial management services provider Tunturi-Lapin Yrityspalvelu Oy, the accounting business of Laine Consulting Oy and financial and HR administration and international services provider Econia.
- Dividend proposal: Administer’s BoD proposes a dividend of EUR 0.05 per share be paid for 2022 (Evli EUR 0.00).
- Guidance for 2023: Administer seeks to continue growth investments as well as organic and inorganic growth in 2023. Net sales is estimated to be EUR 76-81m and EBITDA margin at 7-9%.