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Investing.com -- Bravida (ST:BRAV) on Friday reported a 9% decrease in second-quarter net sales to SEK 6.97 billion, down from SEK 7.69 billion in the same period last year, as demand across Nordic construction markets remained weak.
Organic growth declined 8%, while acquisitions contributed 1% and currency effects reduced sales by 3%.
Despite the sales decline, EBITA rose 10% to SEK 378 million from SEK 343 million. The EBITA margin improved to 5.4% from 4.5%.
Profit after tax increased to SEK 269 million from SEK 240 million. Earnings per share rose 13% to SEK 1.31 from SEK 1.16.
Cash flow from operating activities fell to SEK 123 million, compared with SEK 548 million a year earlier.
The company attributed the decline to increased accrued but unbilled revenue from a large public infrastructure project. Invoicing is expected to take place in the second half of 2025.
Order intake grew 9% to SEK 8.11 billion. The order backlog stood at SEK 16.85 billion at the end of June, down 4% from the previous year but up SEK 1.27 billion during the quarter, driven by growth in Denmark.
Sweden accounted for 48% of total sales. Net sales in the country dropped 9% to SEK 3.39 billion, with southern Sweden reporting an 18% decrease.
EBITA declined to SEK 205 million from SEK 221 million, while the margin rose to 6.1% from 6%. Order intake in Sweden fell 13% to SEK 3.36 billion.
Norwegian sales fell 18% to SEK 1.32 billion. EBITA declined to SEK 79 million from SEK 92 million, while the margin rose to 5.9% from 5.7%. Organic growth saw a 13% decrease, and currency effects led to a 5% reduction. Order intake held steady at SEK 1,484 million.
Denmark posted a 1% sales increase to SEK 1,764 million. EBITA rose to SEK 75 million from SEK 2 million, and the margin improved to 4.3% from 0.1%.
The order intake jumped 78% to SEK 2,790 million. The company reported stronger profitability in both service and installation activities.
In Finland, sales dropped 15% to SEK 552 million. EBITA halved to SEK 15 million and the margin fell to 2.7% from 4.7%. The order intake decreased 7% to SEK 523 million.
Across the group, the number of employees decreased by 3.5% to 13,416. Net debt rose to SEK 3,131 million from SEK 2,518 million, resulting in a net debt/EBITDA ratio of 1.4. At the end of the quarter, cash and cash equivalents stood at SEK 329 million.
One deal was completed during the quarter, adding SEK 346 million in annual sales. A second acquisition in Finland, finalized on July 1, added SEK 45 million in annual sales.
Bravida reduced its vehicle emissions by 15% year-on-year and by 40% compared with 2020, relative to net sales. The Lost Time Injury Frequency Rate improved to 5.2, better than the target of 5.5.