Veteranpoolen (VPAB) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 reached 171.6 MSEK, up 13.6% year-over-year, with H1 2024 sales at 272.4 MSEK, a 12.6% increase.

• Growth driven by strong performance in private customer segments, especially Gardening and Home Help; Craftsmanship services showed a positive turnaround.

• Operating margin improved to 12.1% in Q2 and 8.2% for H1, despite increased international expansion costs.

• International expansion initiated with the establishment of Seniorstyrken ApS in Denmark; initial customer dialogues positive.

Financial highlights

• Q2 2024 operating income was 20.8 MSEK, net income 16.4 MSEK, and EPS after dilution 0.82 SEK.

• H1 2024 operating income was 22.3 MSEK, net income 17.7 MSEK, and EPS after dilution 0.89 SEK.

• Cash flow from operations after working capital changes was 17.1 MSEK in Q2 and 11.3 MSEK for H1.

• Cash and cash equivalents at June 30, 2024, were 24.3 MSEK; equity totaled 36.3 MSEK.

Outlook and guidance

• Focus remains on strengthening local pools and recruiting more veterans for extra work during retirement.

• Continued expansion and support for franchisees, with international growth as a strategic priority.