Company Announcement
Business Review
Unless otherwise stated, the comparison figures provided in parentheses refer to the corresponding period of the previous year.
COMPANY CONTINUES TO GROW PROFITABLY, DRIVEN BY ITS HEALTHCARE DIVISION AND NORTH AMERICAN BUSINESS
The company returned to growth-track and in the first quarter of the year achieved a significant improvement in key financial indicators compared to the previous year's trend. The company reported several new customer wins and made progress as planned in the strategically important Healthcare sector and in
January-
- Revenue was
EUR 6.7 (6.5) million and increased by 3.0 %. -
EBITDA was
EUR 0.3 (0.3) million and adjusted EBITDAEUR 0.3 (0.3) million.
- Operating profit was
EUR 0.2 (0.2) million. -
Revenue from Continuous Services was
EUR 4.0 (3.9) million and increased by 2.4 %. The percentage of revenue was 59.6 % (60.0 %).
- Revenue from Professional Services was
EUR 2.7 (2.6) million and increased by 4.0 %. The percentage of revenue was 40.4 % (40.0 %). - At the end of the reporting period, cash and bank receivables and other liquid assets were
-
at
EUR 13.0 (15.5) million. - The number of employees at the end of the reporting period was 174 (194) and the average number of employees was 177 (192).
- On
January 8, 2024 , the company announced thatLeon Stafford will leave his role as Head of SalesUK &Ireland onJanuary 12, 2024 to pursue a career outside Digital Workforce. -
On
January 15, 2024 , the company signed a 3-year contract with a well-known global engineering company. The contract is estimated to be worth a minimum ofEUR 0.8-1.2 million over the contract period. -
On
February 2, 2024 the company appointed Karli Kalpala as Head of RegionUK &Ireland and Head of Strategy Transformation. -
Digital Workforce was selected to implement two major data migration projects for the Central Uusimaa Wellbeing Services County (Keusote). The projects have a combined value of
EUR 0.6 million and an estimated duration of 12 months. -
The company completed the acquisition of the company's own shares on
March 20, 2024 . Digital Workforce acquired 75 358 own shares with a total value of EUR 249 980.15 and an average price ofEUR 3.3172 .
Outlook for 2024 (unchanged)
Digital Workforce’s full-year 2024 revenue is expected to be higher than in 2023 and adjusted EBITDA is projected to be positive and improve compared to 2023.
1 | 1-3/2024 | 1-3/2023 | Change % | 2023 |
Net sales | 6 709 | 6 513 | 3.01 % | 24 919 |
Professional Services net sales | 2 711 | 2 608 | 3.95 % | 9 693 |
Continuous Services net sales | 3 998 | 3 905 | 2.39 % | 15 226 |
Continuous Services' share of net sales | 59.6 % | 60.0 % |
| 61.1 % |
Gross profit | 2 415 | 2 332 | 3.56 % | 8 226 |
% of net sales | 36.0 % | 35.8 % |
| 33,0 % |
|
|
|
| |
EBITDA | 285 | 253 | 12.57 % | -649 |
% of net sales | 4.3 % | 3.9 % |
| -2.6 % |
EBITDA adj. * | 285 | 253 | 12.57 % | 155 |
% of net sales | 4.3 % | 3.9 % |
| 0.6 % |
EBIT | 193 | 211 | -8.63 % | -844 |
% of net sales | 2.9 % | 3.2 % |
| -3.4 % |
Net income | 182 | 90 |
| -697 |
EPS, eur | 0.02 | 0.01 |
| -0.06 |
|
|
| ||
Personnel at the end of the period | 174 | 194 |
| 177 |
Average number of personnel | 177 | 192 |
| 186 |
* The EBITDA adjustment consists of restructuring costs in 2023.
CEO Jussi Vasama:
"I am very pleased with the progress the company is making in implementing its strategy for profitable growth. The efficiency measures and successes in new sales at the end of 2023 supported a clear financial turnaround and are reflected in improved financial results in the first quarter.
The improvement in results compared to the previous year's trend is significant. The success of the investments made and the good development of the operational activities is particularly well illustrated by the fact that the comparative figures for the first quarter of 2023 include
The company continued to grow its business, particularly in the Healthcare sector and
Post-Report period events
Financial calendar 2024
Digital Workforce services Plc will publish the following financial information in 2024:
- Half-Year Financial Report for January-June on
August 23, 2024 at9:00 a.m. EET -
Business review for January-
September 2024 onNovember 1, 2024 at 9:00 a.m EET
Reports will be published as Company announcements will be available at https://digitalworkforce.com/investors/reports-and-presentations/.
This is not an interim report pursuant to the IAS 34 standard. The company adheres to the semiannual reporting arrangement laid down in the Securities Markets Act and publishes business reviews for the first three and nine months of each year, which present the key information on the company’s financial development. The financial information provided in this business review has not been audited. Unless otherwise stated, the figures in parentheses refer to the corresponding period of the previous year.
For further information, please contact:
Jussi Vasama, CEO,
Certified advisor
About Digital Workforce Services Oyj
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