I.A.R. Systems Group AB (publ) Interim Report January - June 2023
A changing market that requires new, modern solutions.
”Asia continues to demonstrate strong results, including
favorable growth in the mature Japanese market.” Richard Lind, CEO
Second quarter 2023
- Net sales SEK 108.2m (107.6)
- Net sales growth of 0.5% and -4.5% adjusted for foreign exchange effects.
- EBITDA of SEK 30.5m (31.9), corresponding to an EBITDA margin of 28.2% (29.6).
- Adjusted EBITDA of SEK 32.0m (31.9), corresponding to an EBITDA margin of 29.6% (29.6).
- Operating profit of SEK 11.2m (19.6), corresponding to an operating margin of 10.4% (18.2).
- Adjusted operating profit of SEK 17.4m (19.6), corresponding to an adjusted operating margin of 16.1% (18.2).
- Capitalized work on own account amounted to SEK 10.4m (10.5).
- In a year-on-year comparison, currency translation had a positive impact of SEK 5.4m on net sales and a positive impact of SEK 4.4m on operating profit for the period.
- Cash flow from operating activities amounted to SEK 29.4m (26.0).
January - June 2023
- Net sales SEK 215.9 (205.0)
- Net sales growth of 5.3% and -0.2% adjusted for foreign exchange effects.
- EBITDA of SEK 55.8m (62.1), corresponding to an EBITDA margin of 25.8% (30.3).
- Adjusted EBITDA of SEK 59.0m (62.1), corresponding to an EBITDA margin of 27.3% (30.3).
- Operating profit of SEK 22.7m (36.9), corresponding to an operating margin of 10.5% (18.0).
- Adjusted operating profit of SEK 30.6m (36.9), corresponding to an adjusted operating margin of 14.2% (18.0).
- Capitalized work on own account amounted to SEK 19.8m (22.7).
- In a year-on-year comparison, currency translation had a positive impact of SEK 11.3m on net sales and a positive impact of SEK 8.3m on operating profit for the period.
- Cash flow from operating activities amounted to SEK 55.5m (54.6).
Second quarter in brief
- Chief Revenue Office appointed for increased focus on sales in relation to a shared objective.
- Subscription offering tested in the USA in preparation for a broader cloud-based SaaS offering.
Key events after the second quarter
- IAR announced a reorganization with cutbacks that will yield an estimated SEK 27m in cost savings.