Sales SEK 423m, -24% y-o-y, -10% vs. ABGSCe Solid sequential improvements Conf. call at 09. 30 CET Q4 details Sales SEK 423m (-10% vs ABG 468m), EBITA SEK 45m (-23% vs ABG 59m).
FX adjusted growth -19% (vs ABG -7%). Net profit SEK 23m (-34% vs ABG 35m). Continued improvements BTS continues to adapt to the current conditions and once again delivered solid sequential improvements; both in terms of sales and profit margins.
In Q4, EBITA declined -49% y-o-y, vs. -62% in Q3 and -83% in Q2. When COVID-19 hit BTS’ industry in the beginning of 2020, basically all physical training was canceled, which hurt BTS’ revenues accordingly.
Since then, the company has gradually turned its deliveries more digital, and is now able to compensate for three quarters of the 70% percent of total lost revenue due to the pandemic. To us, this is a testimony of the company’s ability to adapt and change. Long-term focus remains healthy CEO Henrik Ekelund continues to emphasise the focus on long-term value creation.
The goal for 2020 was not to maximize profit, but to create a foundation for continued long-term profit growth. This is shown in the fact that the company has kept employees, and increased investments in the new way of delivering its services – digital and virtually. This reinforces our view of the company’s potential going forward.
The company’s sees a favorable outlook for 2021, and believes that earnings will be significantly higher than in 2020 and in line with earnings in 2019. Conference call at 9:30 CET.
