Eezy Plc's Interim Report 1–3/2024

Demand for staffing services remains weak – focus on increasing productivity

EEZY PLC --   INTERIM REPORT   -- 7 MAY 2024 AT 8:00

Eezy Plc's Interim Report 1–3/2024: Demand for staffing services remains weak – focus on increasing productivity

January–March 2024

• Revenue was EUR 41.5 million (EUR 52.8 million in January–March 2023). Revenue decreased by 21%.
• EBITDA was EUR 2.3 million (3.4).
• EBIT was EUR 0.5 million (1.3) and was 1.2% of revenue (2.5%).
• EUR 0.3 million in personnel expenses related to severance payments were recorded in the result.
• Earnings per share was EUR 0.01 (0.02).
  
  

Outlook for 2024

Eezy does not give guidance for 2024.

Key figures (IFRS)

EUR million, unless otherwise specified	1–3/2024	1–3/2023	1–12/2023
Revenue	41.5	52.8	219.0
EBITDA	2.3	3.4	14.5
EBITDA, %	5.5%	6.5%	6.6%
EBIT	0.5	1.3	4.0
EBIT, %	1.2%	2.5%	1.8%
EPS, basic, EUR	0.01	0.02	0.03
EPS, diluted, EUR	0.01	0.02	0.03
Net debt / EBITDA	4.5 x	3.0 x	4.0 x
Chain-wide revenue	60.0	73.8	307.6

Siina Saksi, CEO:

“Demand for staffing in our main sectors, construction and manufacturing, remained weak for the first part of the year. Revenue increased for our Professional services, which is a great achievement in a difficult market. The yearly savings of EUR 3 million, as planned in our profitability program, show in lower fixed costs. Our strategy progresses as planned. We have made significant progress in our new technology roll-out as well as in co-selling our vast service portfolio to our clients.

In the first quarter, our revenue was EUR 41.5 million, decreasing (-21%) due to a sharp drop in demand for Staffing Services. In Staffing Services, demand weakened most in the construction and industrial sectors. These sectors account for nearly half of our revenue in the Staffing Services business area. Orders are also shorter – for the time being, our customers are reluctant to commit to long contracts. The overall staffing market declined by -8% in January-February (vs. 2023. source: HELA). The market volume includes the healthcare sector, which has grown strongly in recent years.