Awardit (AWRD) H2 2024 earnings summary

Executive summary

• Revenue increased by 14.6% to SEK 1,314.8m for the full year, mainly driven by acquisitions; organic growth was -1.1% amid a challenging market.

• EBITA rose to SEK 79.3m (76.2m), but EBIT remained negative at SEK -100.4m (-104.7m) due to significant goodwill and asset impairments.

• Net result for the year was SEK -107.7m (5.4m), with EPS at SEK -12.26 (2.97); no dividend proposed for 2024.

• Major events included a change in CEO, a switch to semi-annual reporting, a stock exchange move to NGM Nordic SME, and the loss of a key German customer contract.

Financial highlights

• Full-year revenue: SEK 1,314.8m (1,147.4m), up 14.6% year-over-year; H2 revenue: SEK 724.1m (677.6m), up 6.9%.

• Adjusted EBITA for the year: SEK 84.4m (84.0m); EBITA margin: 6.0% (6.6%).

• EBIT for the year: SEK -100.4m (-104.7m); EBIT margin: -7.6% (-9.1%).

• Cash flow from operations: SEK 98.0m (33.0m); cash and equivalents at year-end: SEK 198.4m (287.7m).

• Net debt improved to SEK -183.8m (-93.0m), reflecting strong liquidity.

Outlook and guidance

• Organic growth remains a challenge in a tough market, especially after the loss of a major German client.

• No dividend proposed for 2024 to preserve capital.