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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Asiakastieto Group Plc | LSE:0R6B | London | Ordinary Share | FI4000123195 | ASIAKASTIETO GROUP ORD SHS |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 26.35 | 25.70 | 27.00 | 304 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Business Services, Nec | 156.3M | 17.56M | 0.7307 | 36.06 | 633.32M |
ENENTO GROUP PLC, STOCK EXCHANGE RELEASE 21 JULY 2022 AT 11.00 A.M. EEST
Enento Group’s Half Year Financial Report 1.1. – 30.6.2022: Continuing growth with solid development in Consumer credit information
SUMMARY
April – June 2022 in brief
January – June 2022 in brief
1 The comparable earnings per share does not contain amortisation from fair value adjustments related to acquisitions or their tax impact.
KEY FIGURES
EUR million | 1.4. –30.6.2022 | 1.4. –30.6.2021 | 1.1. – 30.6.2022 | 1.1. – 30.6.2021 | 1.1. –31.12.2021 |
Net sales | 43,4 | 42,1 | 84,1 | 81,8 | 163,5 |
Net sales growth, % (comparable fx rates) | 4,8 | 11,4 | 4,6 | 6,8 | 5,9 |
Net sales growth, % (reported fx rates) | 3,1 | 14,7 | 2,8 | 10,0 | 8,1 |
Operating profit (EBIT) | 9,7 | 10,1 | 15,8 | 18,6 | 35,2 |
EBIT margin, % | 22,3 | 24,1 | 18,7 | 22,7 | 21,6 |
Adjusted EBITDA | 15,5 | 16,1 | 29,0 | 30,0 | 59,1 |
Adjusted EBITDA margin, % | 35,7 | 38,2 | 34,5 | 36,7 | 36,2 |
Adjusted operating profit (EBIT) | 12,8 | 13,5 | 22,3 | 25,0 | 49,0 |
Adjusted EBIT margin, % | 29,5 | 32,0 | 26,5 | 30,6 | 30,0 |
New services of net sales, % | 5,1 | 7,4 | 5,3 | 7,2 | 7,3 |
Free cash flow | 6,4 | 4,3 | 13,5 | 9,9 | 29,8 |
Net debt to adjusted EBITDA, x | 2,6 | 2,7 | 2,6 | 2,7 | 2,4 |
FUTURE OUTLOOK
The general macroeconomic risks are increasing due to the war in Ukraine as well as continued uncertainty from the pandemic. These developments may have a negative impact on the demand of our services. However, the increased market demand for Enento Group’s services is expected to continue. This, combined with introduction of new services are expected to support growth in 2022. However, the volatility of Swedish Krona can cause uncertainty in relation to growth outlook and may impact the net sales growth with reported exchange rates in 2022.
Enento Group expects that the platform transformation–related costs will continue to impact the results in 2022.
GUIDANCE
Net Sales: Enento Group expects its net sales growth in 2022 at comparable exchange rates to be around the lower end of the long-term target range (5-10 %).
EBITDA: Enento Group expects its adjusted EBITDA margin at comparable exchange rates to improve somewhat in 2022 compared to previous year.
Comparable exchange rates mean that the effects of any changes in currencies are eliminated by calculating the figures for the previous period using current period’s exchange rates.
JEANETTE JÄGER, CEO
Enento continued to grow in the second quarter. Despite record-high comparison figures and increased geopolitical challenges, our net sales grew by 4.8%. The growth was especially driven by high demand for consumer credit services. Profitability continued to decline, and Adjusted EBITDA margin was at 35.7%, due to the fact that investments in growth and capabilities, higher maintenance costs following discontinued development of Tambur services and changed sales mix continued to impact results. We have various measures ongoing and plan to improve the profitability for the second half of the year.
Net sales increased in all our three business areas. The strongest growth was seen in the Consumer Insight, where strong demand for consumer credit services in Finland and Sweden continued. In the Business Insight, the revenue development remained more moderate, and continued to be impacted by the stagnated demand for risk management services for enterprise customers. Following the cooling down of housing markets, the growth of the Digital Processes’ real estate and collateral information services slowed down but was mitigated by the significantly increased demand for compliance services, following the sanctions imposed as a result of Russia's attack to Ukraine.
Enento has under Digital Processes Business Area successfully managed and developed the Swedish Tambur housing transaction service platform. As previously announced, based on a cooperation agreement, the banks have decided to transfer the platform to be jointly owned by the banks. Enento continues to provide services based on the platform until the final handover date in 2023. Final conditions related to the transition period and timing are still being negotiated, but discontinuance of the service development and related sales will impact revenue and profitability more negatively from third quarter onwards.
We continue to see high growth potential in Nordic business information markets and continue to implement the strategy accordingly. In May Enento decided to increase its ownership in Goava to 48% to support our ambition of becoming the leading provider of business information by growing in the sales intelligence domain and strengthening our capabilities within unstructured data. We are also continuing to expand our Nordic offering into risk management services in Norway, targeting small- and medium sized customers. When it comes to strengthening our leading position in credit information, we continue the strategic development to support our customers with better and more sustainable credit decisions. This year we have launched daily credit register with on-time positive credit data for Swedish markets, and implementation work with several customers is ongoing.
With increased macro-economic uncertainties, we do not expect to see such high economic growth as we did before the Russian attack on Ukraine. In connection with the first quarter results, we already revised our sales outlook for 2022. The challenges are expected to continue and the economic outlook of Nordic countries for the future years seems overall more moderate than what was the general view a few months back.
To navigate in a rapidly changing world it is more important than ever to be smarter, faster and more agile. In recent years, we have also made significant investments into modern capabilities and enablers to support future growth, but this has come with increased costs. Now, as a direct consequence of the changing outlook and challenges around us, we are carrying out extensive work to prioritize initiatives, redistribute resources and ensure continued good profitability. The results of this work will follow during the fall. Simultaneously, we will continue to focus strongly on continuous improvement of the customer experience and quality. Customer-driven innovation and making it more easy to sell, easy to buy and easy to use, will support both the growth and profitability going forward.
For more than a century, we have been building trust and developing data-driven solutions that power societies with intelligence. We provide mission-critical services that are needed at all times, the good and the bad. The past has shown that our business model is resilient and adopts well in various circumstances. Our purpose is to build trust in the everyday, and in uncertain times, that is more important than ever.
NEWS CONFERENCE: WEBCAST AND CONFERENCE CALL
Enento Group will hold a webcast and conference call for analysts, investors and media in English on Thursady, 21 July 2022 at 2.00 p.m. EEST where CEO Jeanette Jäger and CFO Elina Stråhlman will present the performance and events of the second quarter 2022.
You can follow the English webcast and conference call at: https://cloud.webcast.fi/enento/2022-07-21-enento-q2
To participate in the conference call, please dial in using one of the numbers below: Finland: +358 (0)9 7479 0572Sweden: +46 (0)8 5664 2754United Kingdom: +44 (0)330 165 3641United States, LA: +1 323-701-0170The conference ID code: 655339
The presentation material will be available on the company’s investor website at 1.30 p.m. EEST and a recording of the webcast later during the day.
Helsinki, 21 July 2022
ENENTO GROUP PLCBoard of Directors
For further information: Jeanette JägerCEOEnento Group PlcTel. +46 72 141 00 00
Distribution: Nasdaq Helsinki Major mediaenento.com/investors
Enento Group is a Nordic knowledge company powering society with intelligence since 1905. We collect and transform data into intelligence and knowledge used in interactions between people, businesses and societies. Our digital services, data and information empower companies and consumers in their daily digital decision processes, as well as financial processes and sales and marketing processes. Approximately 432 people are working for Enento Group in Finland, Norway, Sweden and Denmark. The Group’s net sales for 2021 was 163.5 MEUR. Enento Group is listed on Nasdaq Helsinki with the trading code ENENTO.
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