Eezy Plc's Interim Report 1-9/2023: Revenue and EBIT continued to decrease - we build stronger Eezy
EEZY PLC -- INTERIM REPORT -- 7 NOVEMBER 2023 AT 8:00
Eezy Plc's Interim Report 1–9/2023: Revenue and EBIT continued to decrease – we build stronger Eezy
- Revenue was EUR 56.0 million (EUR 67.3 million in July–September 2022). Revenue decreased by 17%.
- EBITDA was EUR 4.4 million (6.8).
- EBIT was EUR 2.3 million (4.7) and was 4.1% of revenue (7.0%).
- Earnings per share was EUR 0.05 (0.14).
- A profitability improvement program and the strategy renewal project were started during the period.
- Revenue was EUR 166.8 million (EUR 185.4 million in January–September 2022). Revenue decreased by 10%.
- EBITDA was EUR 11.0 million (13.6).
- EBIT was EUR 4.7 million (7.3) and was 2.8% of revenue (3.9%).
- Earnings per share was EUR 0.08 (0.21).
Outlook for 2023 (since 7 August 2023)
Eezy does not give guidance for 2023.
Key figures (IFRS)
|EUR million, unless|
|EPS, undiluted, EUR||0.05||0.14||0.08||0.21||0.29|
|EPS, diluted, EUR||0.05||0.13||0.08||0.21||0.28|
|Net debt / EBITDA||-||-||3.5 x||3.0 x||2.9 x|
CEO Siina Saksi:
We are building a stronger Eezy during the hard economic situation
“Weak economic situation affected especially the Staffing services’ development in the third quarter. Our revenue fell to 56.0 million euro in the third quarter (67.3). EBIT was 2.3 million euro (4.7). We have adjusted our operations to the decreased revenue, and renewal of our strategy is proceeding as planned.
Revenue decreased to 56.0 million euro (67.3) due to the strongly weakening demand in Staffing services. Staffing services’ revenue decreased to 50.1 million euro (-19%) in the third quarter. Staffing services’ main role is to offer flexibility to our customers personnel needs, and in a weak economic situation the number of staffed employees decreases. Construction and industry sectors are emphasized in Eezys customer portfolio, and the need for employees has decreased especially within these sectors. There is a decrease in demand also within horeca and retail sectors.
Revenue in the Professional services increased to 6.0 million euro (5.9) in the third quarter. Eezy’s Employment Services unit, offering training, coaching and rehabilitation services for job seekers, immigrants and employers, has continued to develop positively. There is strong demand e.g. for career planning, employment and entrepreneurship training services in a weak economic situation. Also, the number of students in immigrant integration trainings has increased.
The demand for consulting projects related to business and company culture development as well as non-recurring personnel research is suffering in a weak economic situation. There is also insecurity in purchase decision making. On the other hand, resettlement and transition security services offered by Eezy Personnel are facing a growing demand when there are a lot of lay-offs and change negotiations in companies.
The EBIT decreased to 2.3 million euro (4.7) in the third quarter. In addition to decrease in revenue, weakened EBIT is due to change is sector mix in Staffing services; lower margin sector customers have increased their share of revenue.
Profitability program in full swing
We kicked-off a profitability program aimed to reach three-million-euro annual cost savings in August. We have carried out extensive change negotiations, and as a result we decreased our personnel by over 60, which accounts for ~10% of our total staff. We renewed our leadership model in Staffing services to become more agile and lowered the organizational hierarchy. We are also improving the agility within the customer and staffed personnel interface – our mission is to help our customers in their staffing and personnel related issues as well as offer possibilities to employment throughout Finland.
In addition to personnel costs, we have also cut other fixed costs. With these measures we will reach the profitability program target during 2024.
Strategy renewal proceeding as planned
Eezy has strongly been built by mergers and acquisitions, and during the whole 4-year history of the company, the operating environment has been quite exceptional. Our focus on our traditionally strong sectors; construction, industry and horeca, is creating challenges for us now, and can be seen in the development of our revenue and EBIT.
In our strategy project, we evaluate the operating environment of our different business areas and identify the potential to grow. We analyze our opportunities in different markets and select the future focus areas.
We have already identified business areas, where Eezy’s strengths - our national and local presence, large customer base and versatile service offering – can be utilized. Our objective is to decrease the risks related to economic cycles by e.g. focusing on counter-cyclical businesses.
Already now, we can lean on our strengths and help our customers in e.g. extensive investment programs, where there are needs for staffing, complex recruitments and leadership trainings.
One of the most important development project next year is our new ERP system with AI features in Staffing services. The new system and operating model will automatize manual processes and tasks, and will improve remarkably the customer and employee experience by e.g. fast and easy order management.
Eezy will be operationally strong during the low economic situation thanks to the changes and strategy work done, and ready for the economic upturn.”
Result publication event:
A Finnish-language briefing for analysts and media will be held on 7 November 2023 at 13.00 Finnish time as a webcast at https://eezy.videosync.fi/2023-q3-tulos
The briefing will be hosted by CEO Siina Saksi and CFO Hannu Nyman. During the presentation, there will be an opportunity to ask questions. The presentation material will be available at the company website at https://eezy.fi/en/financials/reports-and-presentations/ before the conference. A recording of the audiocast will be available at the same website later.
Attachment: Interim Report January–September 2023 in PDF format
tel. +358 (0)50 550 3912
tel. +358 (0)50 306 9913
AttachmentTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Press Release: Sarclisa® (isatuximab) Phase 3 trial met primary endpoint of progression free survival in patients with newly diagnosed multiple myeloma not eligible for transplant7.12.2023 07:35:00 CET | Press release
Sarclisa® (isatuximab) Phase 3 trial met primary endpoint of progression free survival in patients with newly diagnosed multiple myeloma not eligible for transplant Sarclisa added to bortezomib, lenalidomide and dexamethasone (VRd) significantly reduced the risk of disease progression or death compared with VRd aloneFirst global Phase 3 study to report positive results with an anti-CD38 therapy in combination with VRd in transplant-ineligible patients, reinforcing the potential for Sarclisa as a best-in-class medicineStudy results will be submitted for presentation at an upcoming medical meeting and form the basis of a future regulatory submission PARIS, December 7, 2023. The Phase 3 IMROZ trial evaluating the investigational use of Sarclisa® (isatuximab) in combination with standard-of-care bortezomib, lenalidomide and dexamethasone (VRd) met its primary endpoint at a planned interim analysis for efficacy, demonstrating statistically significant improvement in progression-free surviva
Avance Gas Holding Ltd: Ex Dividend USD 0.50 today7.12.2023 07:01:00 CET | Press release
Hamilton, Bermuda, December 7, 2023 The shares in Avance Gas Holding Ltd (ticker: "AGAS") will be traded ex-dividend USD 0.50 as of today relating to the dividend for the third quarter of 2023. The dividend will be paid on December 15, 2023. For further information, please contact: Randi Navdal Bekkelund - Chief Financial Officer Tel: +47 23 11 40 00 Email: IR@avancegas.com ABOUT AVANCE GAS Avance Gas operates in the global market for transportation of liquefied petroleum gas (LPG). The Company is one of the world's leading owners and operators of very large gas carriers (VLGCs) and operates a fleet of fourteen modern ships including two dual fuel LPG newbuildings for delivery in early 2024 as well as four medium sized gas/ammonia carriers due for delivery in 2025 and 2026. For more information about Avance Gas, please visit www.avancegas.com. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Capital Markets Day 2023 - Ipsen outlines next phase of growth & transformation and provides new mid-term outlook7.12.2023 07:00:00 CET | Press release
PARIS, FRANCE, 7 December 2023 - Ipsen (Euronext: IPN; ADR: IPSEY), a global specialty-driven biopharmaceutical company, today holds its Capital Markets Day in London, U.K. “Ipsen has made significant progress since our strategic roadmap was implemented three years ago and is today in a great spot,” commented David Loew, Chief Executive Officer, Ipsen. “Our business has been transformed, with the focus on Specialty Care now supported by a stronger pipeline and momentum from our growth platforms, as well as a robust balance sheet and an external-innovation strategy yielding compelling results. Ipsen is now ready for its next phase of growth with several launches across multiple potential indications, providing more options for patients with high unmet medical needs. Our journey will be driven by the combination of the growth platforms, our new medicines and more external-innovation transactions to come. We will also continue to deliver on our ambitious sustainability objectives and road
Ipsen confirms U.S. FDA grants priority review for New Drug Application for elafibranor for the treatment of rare cholestatic liver disease, PBC7.12.2023 07:00:00 CET | Press release
New Drug Application granted priority review with PDUFA date set for June 10, 2024 European Medicines Agency (EMA) has also validated the Marketing Authorization Application (MAA) for elafibranor Investigational elafibranor is the first novel second-line treatment for primary biliary cholangitis (PBC) to be filed in E.U. and U.S. in nearly a decade PARIS, FRANCE, 07 December 2023 - Ipsen (Euronext: IPN; ADR: IPSEY) and GENFIT (Nasdaq and Euronext: GNFT) today announced that the U.S. Food and Drug Administration (FDA) has accepted the New Drug Application (NDA) for investigational elafibranor. An oral, once-daily dual peroxisome activated receptor alpha/delta (PPAR α,δ) agonist, investigational elafibranor could potentially be the first novel second-line treatment for the rare, cholestatic liver disease, PBC, in nearly a decade. The target FDA PDUFA date under priority review is June 10, 2024. The European Medicines Agency (EMA) has also validated Ipsen’s Marketing Authorization Applica
Santhera Appoints Executive Committee Members as it Transitions into Commercial Stage7.12.2023 07:00:00 CET | Press release
Pratteln, Switzerland, December 7, 2023 – Santhera Pharmaceuticals (SIX: SANN) announces the promotion of Geert Jan van Daal, MD, PhD, to Chief Commercial Officer (CCO) and of Marc Schrader to Chief Technology Officer (CTO). Both will join the six-member Executive Committee effective January 1, 2024. “Santhera is transitioning to the commercial phase and will make AGAMREE® (vamorolone) available to patients in Europe starting in Germany in early 2024, subject to approval by the European Commission. In a staged roll-out across the key European markets, launches will follow in the UK and France later that year, with Spain and Italy scheduled to launch in early 2025,” said Dario Eklund, CEO of Santhera. “With Geert Jan and Marc joining the Executive Committee, we are leveraging the existing expertise within our leadership team and are elevating the commercial and supply chain functions to their level of importance as we enter the commercial market.” Geert Jan van Daal, MD, PhD, has held v