eWork Group (EWRK) Q1 2022 earnings summary

Executive summary

• Record Q1 net sales and operating profit; consultant demand remained high, with more than 12,000 consultants on assignments.

• Market position strengthened, supported by new client wins, deeper client partnerships and positive pricing.

Financial highlights

• Net sales rose 24% YoY to SEK 3,924M; operating profit increased 71% to SEK 47.0M.

• Prior-year Q1 operating profit included SEK 3.1M of one-time items, affecting the comparison.

• Order intake rose 23% YoY to SEK 3,873M.

• Higher revenue, cost-efficient volume growth and a larger share of higher-margin business supported profitability.

Outlook and guidance

• Consultant-services demand expected to remain high during 2022; growth is expected to outpace the market.

• Net sales growth rate and operating margin are expected to increase in 2022 versus 2021.