Organic sales growth +15% y-o-y
EBIT margin of 13.2% (13.3%)
More uncertainty in 2023
Q4: Sales and EBIT 4% and 14% above AGBSCe
Ogunsen reported a solid Q4 report, with sales of SEK 140.5m (+15 y-o-y, all organic). This was 4% above ABGSCe, as we expected a sharper deceleration in demand (+10% y-o-y) following the more uncertain macro picture. The overall market was up 12% in Q4, according to the Competence Agencies of Sweden, meaning Ogunsen continued to gain market share, as it has done throughout the year. EBIT was SEK 18.5m (16.3m) for a Q4 margin of 13.2% (13.3%) and a full-year margin of 12.4%, which is well above the company's financial target of 10%. The Q4 EBIT was 14% above ABGSCe and we note that the recruitment business had a strong Q4 in terms of profitability and was 31% of EBIT with only 12% of the total sales volume. The board proposed a dividend of SEK 4.50 (3.30).