Q2 2024 Attendo AB (publ) Earnings Call Transcript
Key Points
- Attendo AB (FRA:7AT) reported a 12% increase in sales for Q2, primarily driven by the acquisition of Olivia Care.
- The company's underlying adjusted EBITA improved by SEK40 million to SEK187 million.
- Employee engagement and customer satisfaction metrics showed strong progress, with a Net Promoter Score reaching an all-time high of 26.
- The company reported strong cash flow during the quarter, maintaining a strong balance sheet despite recent acquisitions.
- Occupancy rates in Scandinavia increased by 1 percentage point, indicating improved operational efficiency.
- In Finland, the company faced a negative cost price effect due to high wage increases in 2023.
- Customer inflow in Finland was initially lower than expected, leading to inefficiencies in staffing.
- The company experienced lower revenue from outsourcing contracts that ended at the end of last year.
- Attendo AB (FRA:7AT) expects Q3 to be impacted by additional nonrecurring integration and divestment costs for Denmark of around SEK20 million.
- Net interest expense increased due to acquisitions, and this trend is expected to continue.
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Thank you and good morning. Today we present Attendo's Q2 results showing clear improvements both financially and operationally. To start with, I'm very pleased that Attendo's Olivia Care business is now part of Attendo. Together, we aim to create a leading private provider in disabled care and Individual & family care in Sweden.
The first part of the integration has been successful, and financially Team Olivia is delivering well in line with our expectations. In May this year, we presented a new medium-term target of achieving an EPS of at least SEK5.50 per share in 2026. I'd say this quarter, as a milestone on the way to deliver on this target, and as an indication of our ability to create significant shareholder value in the years to come.
I'm also pleased to say that our most recent measurements in employee engagement and customer satisfaction continues to show strong progress. And I'll start with giving you an update
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