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August 1, 2017 8:00 AM

Sdiptech AB (publ): Preliminary result for the second quarter deviates significantly from last year, and earlier reporting date for the second quarter

Press Release
1 August 2017, 08:00 CET

Preliminary result for the second quarter deviates significantly from last year, and earlier reporting date for the second quarter

Preliminary result for the second quarter

Based on preliminary figures for the second quarter of 2017, Sdiptech expects to report revenues of approximately SEK 245 million (196.2) and operating profit (EBITA) of approximately MSEK 16 (25.1).

The deviation in operating profit and of the operating margin compared to the same period last year is mainly attributable to two of the group's subsidiaries. Castella Entrepreneur has a lower margin than in 2016 due to project mix and Metus exhibits significantly higher personnel costs, due to capacity build-up. In addition, the deviation is explained by an increase of central costs in order to create conditions for continued strong growth, both organically and through acquisitions.

Generally, the order books for the Group's companies is at a satisfactory level ahead of the second half of 2017.

Castella Entreprenad - Shell completion

Castella's project portfolio has an inherently variable profitability, and earnings have historically shown fluctuations. The operating margin for Q2 2017 is significantly lower, due to the current project mix, than for the corresponding period the previous year. Based on the order book, the company expects full-year earnings to be in line with, or slightly better than, the previous year.

Metus - Elevators global

Metus has been actively working to expand the number of elevator technicians. As part of these efforts, the company opened an internal school at the end of 2016 to develop its own technicians. This has made it possible to increase the number of employees during 2017, resulting in higher personnel costs. These recruits should make a positive contribution to earnings, especially during Q4 2017. Overall, the company's assessment is that earnings for the full year will remain unchanged from the previous year.

Central costs - Investment for growth

In Q2, Sdiptech invested in important central functions, resulting in increased costs compared to the corresponding period the previous year. There were increased costs during the quarter from new efforts taken to build up international acquisition capabilities. In addition, recruitment of a President of Niched Products & Services and Group Controller was conducted during the quarter. Finally, there were one-time costs for the listing of Sdiptech's common share.

Run-rate changed to RTM Run-rate to provide more current reflection of development

Sdiptech's RTM (rolling-twelve-month) run rate amounts to SEK 1.075 million for revenue and SEK 141 million for EBITA as of today. The Company is switching to RTM run rate to provide a more current reflection of development. The RTM run rate as of today's date therefore includes the preliminary outcome for Q2.

The aim of using RTM run rate is to directly include quarterly results as soon as they are published, thereby providing a more up-to-date description of the Group's development. For those companies that have been part of the Group for more than a year, RTM is now included in the calculation of RTM run rate. Previously, the calculation was based on the Group's most recent annual financial statements pro forma. For the companies that have been part of the Group for less than a year, the respective company's latest annual accounts will be used. Positive or negative impact from change in conditional purchases is excluded.

Earlier reporting date

The publication date for the interim report for the second quarter of 2017 is due to be announced Wednesday, 16 August.

Sdiptech AB's ordinary Series B share is traded under the short name SDIP B with ISIN code SE0003756758.
Sdiptech AB's preferred shares are traded under the short name SDIP PREF with ISIN code SE0006758348.
Sdiptech AB's Certified Adviser at Nasdaq First North Stockholm is Erik Penser Bank. Further information is available on the Company's website:

For additional information, please contact:

Carl Johan Åkesson, CFO, +46 708 30 70 57,  
Jakob Holm, CEO, +46 761 61 21 91,

Sdiptech AB is a technology group with a primary focus on urban infrastructures. The Group offers deeply niched services and products for both expanding and renovating rapidly growing metropolitan areas. The Company is based in Stockholm, Sweden.

Sdiptech AB (publ) is required to disclose this information pursuant to EU Market Abuse Regulation 596/2014. The information was provided by the above contact persons for publication on 1 August 2017 at 08:00 CET.