Ogunsen (OGUN) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 decreased by 7.1% year-over-year to 118.8 MSEK, with EBIT down 39.3% to 5.5 MSEK and net income falling 45.4% to 3.9 MSEK.

• For H1 2024, net sales declined 9.0% to 247.2 MSEK, EBIT dropped 38.6% to 15.9 MSEK, and net income was 12.2 MSEK, down 40.5% year-over-year.

• Both consulting and recruitment segments experienced negative sales growth, though consultant numbers stabilized by quarter-end.

Financial highlights

• Q2 2024 EBIT margin was 4.6% (vs. 7.1% last year); H1 2024 EBIT margin was 6.4% (vs. 9.5%).

• Earnings per share for Q2 2024 were 0.37 SEK (0.67 SEK last year); H1 2024 EPS was 1.13 SEK (1.91 SEK last year).

• Cash flow from operations in Q2 2024 was 24.8 MSEK, up from 12.7 MSEK; H1 2024 cash flow was 22.2 MSEK, down from 29.2 MSEK.

• Liquidity at June 30, 2024 was 39.8 MSEK, down from 53.7 MSEK a year earlier.

Outlook and guidance

• Demand stabilized in consulting by quarter-end, but overall outlook remains uncertain; Q3 started in line with Q2.

• New rental law (24-month rule) is not expected to significantly impact operations.