Ogunsen (OGUN) Q4 2024 earnings summary

Executive summary

• Net sales for Q4 2024 decreased by 11.7% year-over-year to 114.4 MSEK; full-year sales declined 9.3% to 464.2 MSEK.

• EBIT for Q4 fell 77.2% to 2.8 MSEK; full-year EBIT dropped 43.8% to 26.5 MSEK.

• Net income for Q4 was 2.7 MSEK, down 72.5% year-over-year; full-year net income was 21.0 MSEK, down 43.9%.

• Lower demand persisted throughout 2024, impacting both consulting and recruitment segments.

• Cost-saving measures, including staff reductions, were implemented to address profitability.

Financial highlights

• Q4 operating margin was 2.5% (9.6% last year); full-year margin was 5.7% (9.2%).

• Earnings per share for Q4 were 0.25 SEK (0.93); full-year EPS was 1.95 SEK (3.48).

• Cash flow from operations in Q4 was 9.5 MSEK (2.3); full-year was 23.5 MSEK (38.6).

• Board proposes a dividend of 1.90 SEK per share for 2024 (3.40 previous year).

• Liquidity at year-end was 36.1 MSEK (58.8).

Outlook and guidance

• Demand remains at low levels entering 2025; further staff reductions in early 2025 expected to yield annual cost savings of 6.7 MSEK.

• Management remains cautious but is prepared to capture market share when conditions improve.