Q2 2024 Proact IT Group AB Earnings Call Transcript
Key Points
- Proact IT Group AB (STU:PIU0) reported a solid growth in Q2 2024, with revenue increasing by almost 6% to SEK1.3 billion.
- The company saw a significant improvement in EBITA, which increased by nearly 19% compared to the previous year.
- Annualized recurring revenues grew by 5.4%, indicating a stable and growing stream of income.
- Proact IT Group AB (STU:PIU0) has initiated a new share buyback program, reflecting confidence in its financial stability.
- The company continues to see strong demand for its cloud services and cybersecurity offerings, positioning it well in a growing market.
- The UK market showed a decrease in revenue by 4.7% organically, attributed to longer sales cycles and slower systems business.
- Consulting and professional services growth was weaker than expected, particularly in the UK and West regions.
- The company faces challenges in staffing and recruitment, which has impacted its ability to capitalize on market opportunities.
- Despite overall growth, the services business only increased by 3.1%, indicating slower growth compared to system sales.
- The macroeconomic environment remains uncertain, which could impact future growth and demand for Proact IT Group AB (STU:PIU0)'s services.
You are now joining the meeting. (Operator Instructions)
Good afternoon. We'll start in just a second, just to make sure that everybody is able to dial in.
All right, good. I think everybody connected to dial in. It's one minute past. And welcome, everyone. Two things before we start. Number one, we are recording this session. Just that you know, it will be published on our website. And secondly, we will ask you to stay muted until you need to say something and included -- in particular when we get to the Q&A session here at the end. Thank you very much.
We'll present the Q2 results. I have with me our I guess still relatively new CFO, Noora, welcome. The two of us will present the results. I'll start to give you a little bit of background on Proact in the market. For those of you who have followed us for a little bit, it won't be any great news. It's been well by now, but we also have a quite a few new shareholders since the last couple of months, so bigly just to
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