Netum - Good profitable growth
Netum’s H1 was slightly above our expectations. Net sales grew 21.7% organically to EUR 10.4m (Evli EUR 9.8m) while the comparable EBITA amounted to EUR 1.6m (Evli EUR 1.5m). Netum reiterated its 2021 guidance, expecting net sales and comparable EBITA in 2021 to amount to EUR 20-22m and EUR 3.1-3.5m respectively.
- Netum’s net sales in H1 amounted to EUR 10.4m (EUR 8.6m in H1/20), slightly above our estimates (Evli EUR 9.8m). Net sales in H1 grew 21.7% y/y, of which all was organic growth.
- EBITDA in H1 was EUR 1.9m (EUR 1.5m in H1/20) and comparable EBITA EUR 1.6m (EUR 1.5m in H1/20) in line with our estimates of EUR 1.8m and 1.5m.
- Operating profit in H1 amounted to EUR 1.3m (EUR 0.9m in H1/20), slightly above our estimates (Evli EUR 1.1m), at a margin of 12.0%.
- Comparable earnings per share was EUR 0.12 (H1/20: 0.15)
- Personnel at the end of the period amounted to 171 (116).
- Netum completed its IPO in June and was listed on the Nasdaq First North Growth Market Finland marketplace. Listing expenses affecting comparability amounted to EUR 0.9m.
- Guidance reiterated: Netum expects its net sales to grow to EUR 20-22m and its comparable EBITA to amount to EUR 3.1-3.5m in 2021.