Sitowise’s Interim Report January-March 2022: On natural progress path

Sitowise Group Plc, Interim Report, January 1 – March 31, 2022, 18 Might 2022 at 8:30 AM


January – March briefly

  • Internet gross sales elevated by 15% to EUR 49.2 (42.8) million
  • Natural web gross sales grew by 7 (0) %
  • Adjusted EBITA was EUR 5.2 (4.7) million, or 10.6% (11.0%) of web gross sales
  • The order guide elevated by 29% to EUR 172 (133) million
  • Leverage (web debt / adjusted EBITDA) remained on the similar stage and was 1.5x (1.4x)
  • Within the shopper survey carried out at first of the 12 months, the willingness to suggest remained at a superb stage, along with which 94% of respondents would re-select Sitowise as their provider.
  • Sitowise acquired the Swedish infrastructure design company Mavacon AB and accomplished the acquisition of VRT Finland Oy’s enterprise concerning 3D development inspection.

CEO Heikki Haasmaa

Within the first quarter, Sitowise’s web gross sales developed favorably in each Finland and Sweden, with the corporate seeing a progress in web gross sales of 15 % in comparison with the earlier 12 months. We continued on an   natural progress path, with an natural progress of seven % within the first quarter. Our profitability remained at a superb stage. The adjusted EBITA was EUR 5.2 million, which represents a rise of 11 % or EUR 0.5 million from the comparability interval. The relative profitability decreased on account of increased sick go away impacted primarily by the corona virus and the influenza season.

The continued restoration available in the market since final 12 months was mirrored by elevated tenders in January-March, and on account of energetic gross sales efforts, our order guide remained at a traditionally excessive stage throughout all enterprise areas. Among the many most vital orders have been the planning of the Liminka-Oulu double-track railway in northern Finland and the design of the Västerås hospital in Sweden. Along with bigger railway and hospital tasks, we once more obtained a major variety of small and medium-sized orders. Demand is now rising for tasks associated to, for instance, securing the power community and for wind energy initiatives. In constructing design, the proportion of renovation tasks is rising and lots of high-rise tasks have additionally progressed.

The implications of the battle in Ukraine could improve the dangers of a slowdown in market progress within the development sector as nicely, however we see the direct results of the disaster on Sitowise as restricted. In the course of the first quarter of the 12 months, demand throughout all our enterprise areas remained sturdy. Within the coming months, we’ll see the extent to which elevated materials prices in development, challenges in power availability, in addition to accelerated inflation and normal market uncertainty will have an effect on the schedules of ongoing tasks and tasks within the planning part. In early March, Sitowise outlined its ideas concerning the influence of the Ukraine battle on the corporate’s tasks and subcontracting; these impacts are primarily related to the Infrastructure enterprise space. Sitowise is not going to start new tasks with Russian-owned entities and has gone by its ongoing tasks to be able to droop any with such ties.

Varied international locations are at present reviewing and revising their nationwide budgets accordingly. Relating to some tasks, these realignments could result in delays, however on the similar time vital new alternatives will come up for Sitowise in all enterprise areas. The disaster has made it clear to everybody that the essential inexperienced transition must be accelerated, which has sped up the planning of associated tasks. This represents a major alternative for us, as Sitowise needs to be the business’s most accountable companion in growing a affluent residing atmosphere and investing within the growth of sustainable providers.

In the course of the first quarter of the 12 months, we introduced one new acquisition in Sweden, the place we expanded our infrastructure enterprise with the acquisition of Mavacon Mark & ​​VA Seek the advice of AB. In April, we additionally launched our unified Sitowise model in Sweden, and now we’ve got a powerful foothold in all of our enterprise areas there, creating a superb basis for future progress. As well as, the acquisition of VRT Finland Oy’s service enterprise space associated to underwater surveys and structural inspections, introduced on the finish of the 12 months, was efficiently accomplished in January.

Our shopper survey carried out at first of the 12 months confirmed that Sitowise’s experience is appreciated. We’ve got steadily strengthened our picture as an business chief and developer of latest and revolutionary options. Our shoppers additionally belief us: 94% say they might re-select Sitowise as their provider. As the brand new CEO, I’m proud to proceed constructing that belief along with our entire personnel.

Key figures

EUR million 1-3/2022 1-3/2021 1-12/2021
Internet gross sales 49.2 42.8 179.3
EBITA, adjusted 5.2 4.7 21.1
% of web gross sales 10.6% 11.0% 11.8%
EBITA 3.5 4.1 18.5
Outcome for the interval 1.1 -0.8 7.9
Money circulate from working actions earlier than monetary Gadgets and taxes 7.0 5.2 22.8
Internet debt 33.4 30.5 30.9
Internet debt / EBITDA, adjusted 1.5x 1.4x 1.4x
Fairness ratio, % 47.2% 46.0% 46.0%
Earnings per share (EPS), EUR 0.03 -0.02 0.22
Variety of personnel, common 2,044 1,910 1,969

Market outlook

The secure progress within the demand of design and consulting providers to create sustainable societies is supported by megatrends akin to urbanization, renovation backlog, sustainability, and digitalization.

In the course of the first quarter of the 12 months, demand throughout all our enterprise areas remained sturdy. Nonetheless,

 the uncertainty available in the market introduced by the battle in Ukraine, materials availability points, power availability challenges, and inflationary pressures may doubtlessly have an effect on the short-term decision-making of Sitowise’s shoppers.

Steerage (unchanged)

Sitowise Group estimates that each web gross sales and adjusted EBITA in euros will improve in comparison with 2021.

Lengthy-term monetary targets (unchanged)

The Board of Administrators of Sitowise Group has set the next long-term monetary targets:

  • Progress: Annual progress in web gross sales of greater than 10 %, together with acquisitions;
  • Profitability: Adjusted EBITA margin of not less than 12 %;
  • Leverage: Internet debt / adjusted EBITDA shouldn’t exceed 2.5x, besides quickly along with acquisitions; and
  • Dividend coverage: Sitowise targets paying a dividend similar to 30-50 % of web revenue.

Primary occasions after period-end

The Annual Basic Assembly was held on 20 April 2022. The Annual Basic Assembly adopted the monetary statements for the accounting interval 1 January – 31 December 2021, and discharged the individuals who’ve acted as members of the Board of Administrators and as CEO in the course of the monetary 12 months from legal responsibility. The Annual Basic Assembly selected a dividend of EUR 0.10 per share as proposed by the Board of Administrators, which was paid out on 29 April 2022 to shareholders who have been entered within the firm’s shareholder register maintained by Euroclear Finland Oy on the file date of the dividend fee, 22 April 2022. The Annual Basic Assembly accepted the remuneration coverage of the Firm’s governing our bodies, determined that the composition and remuneration of the Board of Administrators would stay the identical, and re-elected the auditor. The Board’s authorization to repurchase the corporate’s personal shares, to concern shares, and to grant particular rights entitling to shares was renewed.

On the inaugural assembly following the Annual Basic Assembly, the Board elected Eero Heliövaara as its Chair and Tomi Terho as its Deputy Chair. As well as, the Board elected members to its committees. Eero Heliövaara was elected Chair of the Nomination Committee and Petri Rignell and Tomi Terho have been elected members. Mirel Leino-Haltia was elected Chair of the Audit Committee and Taina Kyllönen and Tomi Terho have been elected members. Eero Heliövaara was elected Chair of the Personnel Committee and Leif Gustafsson and Elina Piispanen have been elected members. Tomi Terho was elected Chair of the Acquisition Committee and Eero Heliövaara, Leif Gustafsson and Petri Rignell have been elected members.

Heikki Haasmaa began because the Group’s new CEO on 1 Might 2022.

Monetary calendar

Deliberate publication dates for the Sitowise Group’s monetary studies in 2022 are as follows:

  • Half-year Report, January – June 2022, on 17 August 2022
  • Interim Report, January – September 2022, on 2 November 2022

Briefing for analysts, media, and traders
Sitowise’s CEO Heikki Haasmaa and CFO Heidi Karlsson will current the corporate’s leads to a convention name and dwell webcast held in English on 18/5/2022 beginning at 1:00 pm (EET).

The briefing can be streamed at Written questions could be submitted by the webcast. Presentation materials and a recording of the occasion can be obtainable afterwards at

Convention name
It’s also doable to dial-in to the briefing 5-10 minutes earlier than the beginning of the occasion by calling a quantity beneath and getting into the PIN code hooked up:

Finland Toll-Free: 0800 523 163 PIN: 58063357#
Finland Toll: +358 9 8171 0310 PIN: 58063357#
United Kingdom Toll-Free: 0800 358 9473, PIN: 58063357#
United Kingdom Toll: +44 3333 000 804, PIN: 58063357#
US Toll-Free: +1 855 85 70686, PIN: 58063357#
US Toll: +1 6319 131 422, PIN: 58063357#
Sweden Toll-Free: 0200 883 685, PIN: 58063357#
Sweden Toll: +46 856 642 651, PIN: 58063357#

Worldwide entry numbers and additional directions obtainable right here.

Further data

Heikki Haasmaa, CEO,, +358 50 304 7765

Heidi Karlsson, CFO,, +358 40 759 3320

Minttu Vilander, Chief Communications and Company Duty Officer,, +358 40 575 6660

Sitowise briefly

Sitowise is a Nordic skilled within the constructed atmosphere and digital options. We offer design and consulting providers to allow extra accountable and smarter city growth in addition to easy transportation. We function in three enterprise areas in Finland and Sweden: actual property and buildings, infrastructure, and digital options.

We need to elevate the bar for intelligence and sustainability, and that’s the reason our imaginative and prescient is to be essentially the most accountable companion in growing thriving and sustainable residing environments. Sitowise has grown quickly and profitably lately. The Group’s web gross sales in 2021 was roughly EUR 179 million and the corporate employs greater than 2,000 specialists. Sitowise Group Plc is listed on Nasdaq Helsinki below the buying and selling image SITOWS. 

This launch is a abstract of Sitowise Group’s Interim Report January-March 2022. The entire Interim Report is hooked up, and likewise obtainable on the corporate’s web site at

The figures within the interim report are unaudited. Comparative figures for the corresponding interval of the earlier 12 months are in brackets. This report has been printed in Finnish and English. If there are any variations between the English translation and the unique Finnish model, the Finnish report shall prevail.

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