Feelgood - Anticipated final quarter brings no suprises
Q2’21 in line with expectations The board recommends cash offer from Terveystalo Feelgood is expected to apply for delisting Q2’21 details In what is anticipated to be Feelgood’s final report as a stand-alone listed company, Q2’21 figures were broadly in line with our expectations. Sales were SEK 207.7m, which included SEK 1.4m in furlough support. Demand is still below pre-pandemic levels but is gradually improving with growth coming in at 7% versus a comparable quarter adversely affected by the pandemic (Q2’20 y-o-y -9%). Operating costs increased 3% reflecting higher volumes, but profitability has started to recover with the EBITDA margin increasing to 13.1% (9.5%).
Opex included SEK 1m relating to the ongoing acquisition process and when not included, adj. EBIT margin was 5.1% (-2.8%). The increase in profitability was also driven by an increasing share of services being provided digitally, with 21% of meetings being held digitally in the quarter.
Acquisition by Terveystalo update Feelgood is expected to file for delisting and become a part of Terveystalo. Since 8 June Terveystalo has been the majority owner of Feelgood (80%) and the board has recommended Feelgood’s remaining shareholders accept the mandatory cash offer. The acceptance period for the tender offer was expected to end around 12 July.
Terveystalo’s shares are listed on Nasdaq Helsinki, where Feelgood’s journey as a listed company will live on when the acquisition proceeds. Final thoughts If the acquisition proceeds according to plan, Feelgood will apply to be delisted and we will subsequently cease our coverage of the company..