Ogunsen (OGUN) Q3 2024 earnings summary

Executive summary

• Net sales for Q3 2024 decreased by 7.0% year-over-year to 102.6 MSEK, with EBIT at 7.8 MSEK and a margin of 7.6%.

• Recruitment segment showed growth, while consulting continued to decline; overall demand in Q3 matched Q2 levels.

• No significant events occurred during the quarter; a new nomination committee was appointed after the period.

Financial highlights

• Q3 2024 net income was 6.1 MSEK, down from 7.0 MSEK in Q3 2023; EPS was 0.56 SEK (0.65 SEK last year).

• For Jan–Sep 2024, net sales fell 8.4% to 349.8 MSEK, EBIT dropped to 23.6 MSEK (margin 6.8%), and net income was 18.2 MSEK.

• Cash flow from operations in Q3 was -8.2 MSEK (7.1 MSEK last year); Jan–Sep cash flow was 14.0 MSEK (36.3 MSEK last year).

• Liquid assets at period end were 28.9 MSEK, down from 58.9 MSEK a year earlier.

Outlook and guidance

• Recruitment demand remains stable, with Q4 starting at similar levels to Q3; consulting demand continues to lag.

• The company maintains high sales activity and focus on operational efficiency.