Digitalist Group reported weaker than expected financial results for first half of 2024

From Globe Newswire: 2024-08-30 02:00:00

Digitalist Group reported its half-year financial results for January-June 2024, with turnover at EUR 7.9 million (down 11.5% from 2023) and a net income of EUR -2.6 million. Challenges in Finland were offset by growth in Sweden. The company aims to maintain turnover and improve EBITDA for 2024. CEO highlighted cost-saving measures and growth in Sweden as key factors in the results. Employee count decreased to 127 from 136. Turnover for April-June 2024 was EUR 4.0 million, down 6.8% from 2023. EBITDA was EUR -0.7 million, EBIT was EUR -0.7 million, and net income was EUR -1.5 million. The company’s operations in Sweden accounted for 70% of total turnover. Overall, the performance was weaker than expected, especially in Finland. Digitalist Group aims to focus on operational efficiency and seize growth opportunities in Sweden. The company operates in a single business segment, with a turnover decrease for the period. EBITDA was negatively affected by sales, with a net loss of EUR -1.5 million in Q2 2024. Liquid assets at the end of the period were EUR 0.3 million. Goodwill was recognized at EUR 5.3 million, with no impairment charge needed. The average number of employees was 125 during the review period. Share price ranged from EUR 0.01 to EUR 0.03, with a closing price of EUR 0.01 on June 30, 2024.



Read more at Globe Newswire:: Digitalist Group’s Half-Year Review, 1 January–30 June