Innofactor - Year-end quite as expected
Innofactor’s Q4 results were rather good and quite as expected. Net sales were up ~7% y/y to EUR 21.9m (Evli EUR 2.1m). EBITDA was in line with our expectations at EUR 2.9m (Evli EUR 2.9m). Guidance for 2024: Innofactor’s net sales and EBITDA are expected to increase compared with 2023. Dividend proposal EUR 0.07 per share (Evli EUR 0.07)
- Net sales in Q4 amounted to EUR 21.9m (EUR 20.5m in Q4/22), in line with our estimates (Evli EUR 22.1m). Net sales in Q4 grew 6.8%, of which all was organic growth. Net sales increased in Finland and in Norway in local currency.
- EBITDA in Q4 was EUR 2.9m (EUR 2.6m in Q4/22, in line with our estimates (Evli EUR 2.9m), at a margin of 13.1%.
- Operating profit in Q4 amounted to EUR 1.9m (EUR 1.8m in Q4/22, slightly below our estimates (Evli EUR 2.1m), at a margin of 8.8%.
- EBITDA was positive in Finland in Q4 but negative in the other countries. Price competition in Q4 remained tough, although the weighted average price of new agreements increased slightly y/y.
- Order backlog at EUR 71.6m, down 5.6% y/y. Part of the order backlog was transferred to the framework agreement backlog, which had a value of EUR 29.8m at the end of 2023 (2022: EUR18.9m)
- Guidance for 2024): Innofactor’s net sales is expected to increase from 2023 (EUR 80.3m) and EBITDA is expected to increase from 2023 (EUR 9.1m).
- Innofactor’s BoD proposes a dividend of EUR 0.07 per share (Evli EUR 0.07)