Focus on adaption of operations and streamlinging of offering
Wästbygg Gruppen AB (publ) presents its interim report for January-June 2024.
“The market situation for the construction sector remained challenging in the first half of the year, and unfortunately seems unlikely to improve in the near future. We have already taken various measures to adapt our operations to the current situation. However, a combined assessment of the order intake for the first half of the year shows that further action is crucial to prepare for the reduced production volumes we anticipate in the financial year 2025. Due to the current situation, we now need to make further staff cutbacks. Needless to say, we regret this, but unfortunately it is necessary”, says Jonas Jönehall, CEO Wästbygg Group.
KEY RATIOS ACCORDING TO SEGMENT REPORTING
1 January – 30 June 2024
- Revenue SEK 2,213 million (2,737)
- Operating profit SEK -78 million (-239)
- Profit after tax SEK -66 million (-216)
- Earnings per share SEK -2.03 (-6.68)
- Cash flow from operating activities SEK 49 million (-432)
- Interest-bearing net cash (+) /net debt (-) SEK 150 million (150)
- Equity ratio 32% (35)
- Order intake SEK 1,020 million (1,508)
- Order backlog 30 June SEK 4,999 million (4,566)
KEY RATIOS ACCORDING TO IFRS:
1 January – 30 June 2024
- Revenue SEK 2,114 million (2,692)
- Operating profit SEK -69 million (-199)
- Profit after tax SEK -69 million (-185)
- Earnings per share SEK -2.14 (-5.71)
- Cash flow from operating activities SEK 60 million (-799)
- Interest-bearing net cash (+) /net debt (-) SEK -1,108 million (-1,176)
- Equity ratio 25% (28)
Comparative figures in parentheses refer to profit items corresponding to the period 2023 and for balance sheet items corresponding to the balance sheet date 2023.
SIGNIFICANT EVENTS IN THE SECOND QUARTER
- The group company Logistic Contractor signed a contract with Niam on 16 April, under which Niam acquired a logistics facility under construction in Norway. The agreed property value is NOK 1,450 million. The transaction was carried out as a forward commitment, but Niam will make advance payments during the production period. Niam will take possession of the property on its completion in the summer of 2025.
- The Wästbygg Group’s management team has undergone restructuring. Robin Sundin, formerly Chief Legal Officer and Head of Investor Relations, has been appointed Chief Operating Officer with responsibility for the group’s support and staff functions, including his previous areas of responsibility. With this change, which came into effect as of 1 June 2024, the group management team was reduced from 10 to 7 members and now consists of Jonas Jönehall, CEO, Robin Sundin, COO, Peter Bryng, interim CFO, Malin Bjurström, Head of HR, Joakim Efraimsson, CEO Wästbygg AB, Anton Johansson, CEO Rekab Entreprenad AB, and Magnus Björkander, Business Development Manager Wästbygg AB. As soon as a new CEO has been appointed to Logistic Contractor, that person will also join the management team.
Today at 9:30 Jonas Jönehall, CEO and Peter Bryng, interim CFO, will present and comment on the report. The presentation will be held in Swedish.
Link to webcast: https://wbgr.se/en/q2-2024/
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For more information, please contact:
Jonas Jönehall, CEO
Phone: +46 73 920 19 01, Email: jonas.jonehall@wbgr.se
Peter Bryng, interim CFO
Phone: +46 79 099 91 92, Email: peter.bryng@wbgr.se
Robin Sundin, COO
Phone: +46 72 529 30 04, Email: robin.sundin@wbgr.se
wbgr.se
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About Wästbygg Group:
The Wästbygg Group is a listed construction and project development company that builds and develops residential, commercial buildings and community service properties, as well as logistics and industrial. The group comprises Wästbygg AB, Rekab Entreprenad AB and Logistic Contractor AB.
The group operates in the most rapidly expanding markets in Sweden, with Logistic Contractor also providing services in Denmark, Norway and Finland. In 2023, the group had sales of SEK 4.8 billion and 550 employees.
