Sensys Gatso Group AB (OSTO:SGG)

Q2 2024 Sensys Gatso Group AB Earnings Call Transcript

Aug 23, 2024 / 08:00AM GMT

Release Date Price: kr72.7 (+3.27%)

Transcript

Key Points

Positve

Order intake increased by 37% in Q2 2024 and 86% year-to-date.
Strong revenue growth of 26% in Q2 2024 compared to Q2 2023.
EBITDA improved by 28% in Q2 2024 compared to Q2 2023.
Successful signing of the first contract in Stratford, Connecticut, worth SEK73 million.
Enhanced relationship with Saudi customer Tahakom, including a memorandum of understanding for future collaborations.

Negative

Available cash decreased from SEK84 million at the beginning of the year to SEK65 million at the end of Q2 2024.
Operating expenses increased by SEK7 million in Q2 2024 compared to Q2 2023.
Gross margin remained flat at 42% in Q2 2024, the same as in Q2 2023.
Legislative changes in Iowa caused a temporary pause in some programs, impacting TRaaS revenue growth.
Initial phases of large contracts in the Netherlands and Sweden faced lower margins, affecting overall profitability.

Ivo Monnink

Sensys Gatso Group AB - Chief Executive Officer

Good morning, everybody, and welcome to Sensys Gatso's market presentation of the second quarter and first half of 2024. My name is Ivo Monnink, I am the CEO of Sensys Gatso, and I will be presenting to you, together with Simon Mulder, our CFO.

In this market presentation, I will provide you with an update on our business for the second quarter and the first half year of 2024. We then follow up with a financial update by Simon. And finally, I will finish this presentation with a summary and outlook.

Let's now look at an update of our business. In this business update, I will take you through our order intake, which is up by 37% this quarter and 86% year to date; the large backlog in our home markets, Sweden and Netherlands, SEK1.14 billion; strong revenue growth of 26%; an explanation on the legislative changes in Iowa; an update on our enhanced relationship with our Saudi customer; our investments in working capital for the large contracts we signed in our home markets, Sweden and the Netherlands; and finally, our improving

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