Quant AB: Interim report April - June 2020

News provided by

Quant AB

31 Aug, 2020, 06:11 GMT

STOCKHOLM, Aug. 31, 2020 /PRNewswire/ -- April-June

  • Net sales for the period decreased by 16.2% to EUR 41.2 (49.1) million. Organically, net sales decreased by 13.1%
  • During the quarter, the contract portfolio decreased although one contract was renewed and three contracts were won, but where two contracts were lost or exited. Portfolio run rate annualized net sales at the end of the quarter was EUR 169.2 million, compared to EUR 175.1 million during the first quarter of 2020
  • Operating loss amounted to EUR -1.0 million, compared to a loss of EUR -0.8 million prior year
  • Adjusted EBITDA decreased to EUR 1.9 million from EUR 3.0 million prior year, excluding the effect of implementation of IFRS 16 Leases. In constant currencies, Adjusted EBITDA was EUR 2.1 million. Adjusted EBITDA with IFRS 16 implementation was EUR 2.9 (4.1) million
  • Cash flow from operating activities amounted to EUR 7.5 (1.8) million, of which change in working capital amounted to EUR 6.0 (1.6) million
  • Net loss amounted to EUR -3.8 million compared to a loss of EUR -2.8 million prior year
  • The Adjusted EBITDA for Discontinued operations was EUR -0.2 (-0.7) million and the net loss was EUR -0.3 (-15.4) million, which is not included in the reported numbers above
  • Group net loss for the quarter, including discontinued operations, was EUR -4.1 (-18.2) million

January-June

  • Net sales for the period decreased by 13.9% to EUR 84.7 (98.4) million. Organically, net sales decreased by 10.6%
  • Operating loss amounted to EUR -2.7 million, down from a loss of EUR -2.2 million prior year
  • Adjusted EBITDA decreased to EUR 3.0 million from EUR 6.2 million prior year, excluding the effect of implementation of IFRS 16 Leases. In constant currency Adjusted EBITDA would have been EUR 3.4 million. Currency fluctuations had a significant impact on revaluations of internal receivables and payables, especially in the first quarter, impacting Adjusted EBITDA by EUR -1.9 million (0.2). Adjusted EBITDA with IFRS 16 implementation was EUR 4.9 (8.4) million
  • Cash flow from operating activities amounted to EUR 7.1 (2.8) million, of which change in working capital amounted to EUR 5.1 (2.7) million
  • Net loss amounted to EUR -13.0 million compared to EUR -5.0 million prior year
  • The Adjusted EBITDA for Discontinued operations was EUR -0.8 (-1.1) million and the net loss was EUR -1.1 (-15.5) million, which is not included in the reported numbers above. Group net loss for the year, including discontinued operations, was EUR -14.1 (-20.5) million 

Telephone conference

A telephone conference where management comment on the report is held at 13:00 CET on August 31, 2020. Details for participation by telephone are found ahead of the call on www.quantservice.com/investor

Stockholm, 31 August 2020
Quant AB (publ) 

For further information, please contact:

André Strömgren, CFO: +46 708 410 796
E-mail: ir@quantservice.com

Quant AB (publ) is a global leader in industrial maintenance. For over 30 years, we have been realizing the full potential of maintenance for our customers. From embedding superior safety practices and building a true maintenance culture, to optimizing maintenance cost and improving plant performance, our people make the difference. We are passionate about maintenance and proud of ensuring we achieve our customers' goals in the most professional way. The group operates internationally in close to 20 countries world-wide, employing 2,400 people. The parent company is located in Stockholm, Sweden.

Quant AB (publ) is privately held by Nordic Capital since 2014. For additional information about the group, please visit www.quantservice.com.

This information is information that Quant is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 31 August 2020.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/quant-ab/r/interim-report-april---june-2020,c3183281

The following files are available for download: