BTS Group AB (publ) Interim report January – September 2024

BTS GROUP AB
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BTS GROUP AB
BTS GROUP AB

P R E S S  R E L E A S E
Stockholm, November 8, 2024

BTS Europe back to growth and launch of new AI tools

July 1 – September 30, 2024

  • Net sales MSEK 657 (633). Currency adjusted growth +8%, whereof 5% was organic.

  • EBITA +13%, MSEK 60 (53).

  • EBITA margin 9.2 (8.4) %.

  • Profit after tax amounted to MSEK 190 (22). Excluding the reversed provision of earn-out, the profit after tax increased 10% to MSEK 24 (22).1)

  • Earnings per share amounted to SEK 9.78 (1.12). Excluding the reversed provision of earn-out, earnings per share increased 10% to SEK 1.23 (1.12).1)

January 1 – September 30, 2024

  • Net sales MSEK 2,006 (1,915). Currency adjusted growth +6%, whereof 5% was organic.

  • EBITA +11%, MSEK 229 (207).

  • EBITA margin 11.4 (10.8) %.

  • Profit after tax amounted to MSEK 303 (105). Excluding the reversed provision of earn-out, the profit after tax increased 4% to MSEK 109 (105).1)

  • Earnings per share amounted to SEK 15.64 (5.42). Excluding the reversed provision of earn-out, earnings per share increased 4% to SEK 5.62 (5.42).1)

CEO Jessica Skon comments;

“BTS Europe’s recovery back to growth in the quarter was expected and contributed to BTS Group’s 8 percent revenue growth and 13 percent EBITA growth. The integration of SEAC in Asia and Wonderway’s AI product Verity developed as planned during the quarter.”

Outlook 2024

The 2024 full-year outlook is unchanged; the result (EBITA) is expected to be better than in 2023.

Financial summary
MSEK

Jul–Sep
2024

Jul–Sep
2023

Jan–Sep
2024

Jan–Sep
2023

Oct–Sep
2023/2024

Jan–Dec
2023

Net sales

657

633

2,006

1,915

2,774

2,683

Currency adjusted growth

8%

–1%

6%

0%

5%

2%

EBITA

60

53

229

207

368

346

EBITA margin

9.2%

8.4%

11.4%

10.8%

13.3%

12.9%

EBIT

43

38

180

166

303

288

EBIT margin

6.5%

5.9%

9.0%

8.7%

10.9%

10.7%

Profit after tax

190

22

303

105

413

215

Profit after tax, excl. reversed earn-out provision 1)

24

22

109

105

190

186

Cash flow from operating activities

147

40

164

–59

389

166

Earnings per share, SEK

9.78

1.12

15.64

5.42

21.30

11.08

Net debt (+) / net cash (–)

–128

–113

–128

–113

–128

?230

Number of employees (EOP)

1,182

1,123

1,182

1,123

1,182

1,111

1) During the third quarter 2024, a provision of earn-out related to the earlier acquisition of Netmind was reversed, impacting the net financial items positively by MSEK 166. During the first quarter 2024, a provision of earn-out related to the earlier acquisition of RLI was reversed, impacting the net financial items positively by MSEK 29. During the fourth quarter 2023, a provision of earn-out related to the earlier acquisition of MTAC was reversed, impacting the net financial items positively by MSEK 28.

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