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Interim report January – September 2023: Sweco AB (publ)

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STOCKHOLM, Oct. 27, 2023 /PRNewswire/ — Sweco’s (NASDAQ: SWEC-B) third quarter report demonstrates continued strong growth and increasing EBITA levels. The order book was strengthened with projects that support clients in the green transition in Europe and overall demand for Sweco’s services remained stable. Three acquisitions were announced in the quarter, amounting to a total of 10 acquisitions and more than 1 200 new experts joining Sweco during the year so far.

July–September 2023
Net sales increased to SEK 6,417 million (5,372)EBITA increased to SEK 465 million (382), margin 7.2 per cent (7.1)EBITA increased 41 per cent year-on-year after adjustment for calendar effectsEBIT increased to SEK 428 million (387), margin 6.7 per cent (7.2)Profit after tax amounted to SEK 267 million (278), corresponding to SEK 0.75 per share (0.78)January–September 2023
Net sales increased to SEK 20,806 million (17,565)EBITA increased to SEK 1,877 million (1,516), margin 9.0 per cent (8.6)EBITA increased 28 per cent year-on-year after adjustment for calendar effects EBIT increased to SEK 1,798 million (1,552), margin 8.6 per cent (8.8)Net debt/EBITDA amounted to 1.5 x (0.9)Net debt amounted to SEK 4,200 million (2,206)Profit after tax increased to SEK 1,250 million (1,150), corresponding to SEK 3.48 per share (3.21) Comments from President and CEO Åsa Bergman:
“Strong growth and result in the quarter
The third quarter marked a significant improvement compared to last year, with net sales growth of 19 per cent and an EBITA improvement of 41 per cent, adjusted for calendar effects. 
The positive development was the result of fee increases and continued recruitment, as well as the measures initiated in the third quarter of last year to manage costs and adapt to the current mixed market environment. 
The green transition in society remains a core driver in all our markets. We kept strengthening our order book, despite the fact that the demand in some segments was negatively impacted by the macro-economic situation. During the quarter, we also continued to execute on our growth strategy by signing three new acquisitions. 
Continued improvements across most business areas
Net sales increased to SEK 6,417 million (5,372), with a calendar-adjusted organic growth rate of 9 per cent. EBITA increased to SEK 465 million (382), an increase of SEK 158 million or 41 per cent, adjusted for calendar effects. The positive result was primarily driven by higher average fees and a higher number of employees.
Seven out of eight business areas reported positive organic growth in the quarter, with six business areas also reporting higher EBITA levels, adjusted for calendar effects. Sweco Belgium and Denmark reported yet another quarter with strong growth and margins. The Netherlands reported a quarter with good growth and solid margin. Germany delivered a good quarter, a sign that it is continuing to develop in the right direction. Sweden reported strong organic growth, improved EBITA and a margin in line with last year, despite the negative calendar effects. Finland and Norway both delivered solid organic growth, with EBITA improvement in Finland and a slight decline in Norway, adjusted for calendar effects.
The market situation remains challenging in parts of the UK market and we noted negative growth and a negative EBITA in the quarter. The loss was partly driven by redundancy costs for actions taken to bring the UK business back on track.
Acquisitions and projects
In the third quarter, we acquired OJ Rådgivende Ingeniører, one of Denmark’s leading engineering firms in the building market with a turnover of SEK 400 million. The company has both public and private clients in healthcare, social housing, industry, offices, education and residential. With this acquisition, Sweco will almost double the size of the building business in Denmark and strengthen its geographical footprint as well as its position as a top engineering and architecture firm in the country. 
In Sweden, we strengthened our position in a strategic niche through the acquisition of Medins Havs och Vatten-konsulter. The firm has a turnover of SEK 37 million and 35 experts specialised in surveys of watercourses, lakes and seas. Expertise regarding aquatic environments is vital in the green transition and Sweco is noting increasing demand across Europe from clients in both the private and public sector. This acquisition will make Sweco the leading aquatic environment consulting firm in Sweden. 
The demand in the energy segment remains good across all markets. One key area in the energy transition is the redesign and development of energy grids. In the third quarter, Sweco Sweden was commissioned to support Svenska kraftnät with a review and upgrade of the Swedish electricity transmission system. In Germany, Sweco will support the development of the Rhine-Main-Link, a central grid to supply Germany with climate-neutral energy.
Focus on the green transition
Sweco’s role in the green transition in Europe provides a solid foundation for profitable growth. Our strong market position, diversified portfolio and decentralised business model continues to prove its strength in the third quarter. Our focus going forward is to continue taking proactive measures to mitigate challenges in the market, while capturing growth opportunities and improving our efficiency.”
Information meeting 
Sweco’s President and CEO Åsa Bergman and CFO Olof Stålnacke will present the report in a web cast and teleconference on October 27, 2023 at 09:00 CEST. The presentation will be held in English. Please go to this page for registration to participate. 
This disclosure contains information that SWECO is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 27-10-2023 07:20 CET.
For further information, please contact:
Olof Stålnacke, Chief Financial Officer, +4670 306 46 21, [email protected] E Olsson, Head of Press, +4670 557 33 26, [email protected] following files are available for download:
https://mb.cision.com/Main/1356/3863603/2389683.pdf
Sweco Q3 2023
https://news.cision.com/sweco/i/8c7a8419-cropped-1,c3232698
8C7A8419 cropped 1
 

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Rowenta, a brand of Groupe SEB, and Narwal Unveil Co-Engineered X-CLEAN 10 in Landmark Partnership

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PARIS, Oct. 22, 2024 /PRNewswire/ — Rowenta, a leader in high-performance home appliances under Groupe SEB, proudly announces its technology partnership with Narwal, a pioneer in home cleaning robotics. By combining Rowenta’s renowned craftsmanship and market influence with Narwal’s cutting-edge robotic technology, the new partnership is set to redefine home cleaning standards for European consumers. The collaboration introduces the Rowenta X-CLEAN 10, an Intelligent Cordless Vacuum and Wash Cleaner, showcasing both brands’ shared commitment to innovation and product excellence. Powered by Narwal’s state-of-the-art cleaning technology, this co-engineered innovation underscores the significance both brands place on the European market, reflecting their shared vision for future growth and advancement in home cleaning solutions. 

Strategic Alliance in Home Cleaning Excellence
As the world reference in small domestic equipment, Groupe SEB has a unique portfolio of top brands including Rowenta, Tefal, WMF and Krups… Rowenta, which celebrates 140 years of excellence this year, is one of its flagship brands and continues to drive innovation in household appliances. Rowenta’s success has been bolstered by its presence within Groupe SEB’s diverse ecosystem, allowing it to thrive in key categories such as Personal Care, Home Comfort, Linen Care and Floor Care, depending on markets in which the brand is implanted. In particular, its growing success in the Floor Care sector continues to be widely recognized, further strengthening its foothold in European homes.
Narwal, a leader in robotic cleaning technology, shares Rowenta’s commitment to “make consumer’s everyday life easier” with innovation. With a global team of over 700 researchers—more than half of its 1,400+ workforce—Narwal has developed intelligent cleaning solutions that serve over 3 million households worldwide. Ranked among the top five robotic cleaning manufacturers, Narwal achieved $200 million in sales within two years of its launch and continues to see double-digit growth.
This collaboration brings together two industry leaders, leveraging Narwal’s advanced cleaning technology to enhance Rowenta’s X-CLEAN 10. By merging Narwal’s expertise with Rowenta’s robust market presence and localized knowledge, this partnership underscores a mutual dedication to delivering innovative, high-quality products that meet the evolving needs of European consumers.
Rowenta X-CLEAN 10: The Next-level Floor Care Innovation
The Rowenta X-CLEAN 10, the first co-engineered product from the technology partnership with Narwal, showcases exceptional excellence through precision engineering and advanced technology. It features Narwal’s patented AI DirtSense™ technology, which intelligently adjusts water flow and suction based on dirt levels, ensuring thorough cleaning with minimal user intervention. Complementing this is the innovative L-shaped double-row staggered comb brush, leveraging Narwal’s expertise in anti-tangling technology.
Additionally, the X-CLEAN 10 delivers top-tier performance for flawless results in no time: Its self-propelled roller system offers an ultra-lightweight cleaning experience with only 0.8 kg in hand—with a flexible 180-degree design for ultimate reach. It also proposes a self-cleaning system built with an exclusive bi-directional hassle-free self-cleaning and self-drying system at the push of a button. Finally it is full Innovative solutions that make cleaning easier, including vocal assistance, user-friendly controls on an LED screen, real-time dirt tracking and more: A revolutionary cleaner that sets a new standard for cordless vacuum performance in European homes.
“We’re excited to partner with Rowenta and bring groundbreaking cleaning solutions to European consumers. Together, we look forward to introducing even more exceptional innovations in the future,” says Hower Wu, Senior Vice President, Narwal Robotics.
“We are very impressed by Narwal’s innovative technologies such as AI DirtSense™. Their expertise elevates the cleaning experience to an entire new level,” says David Jeanson, General Manager, Home, Linen and Personal Care, Groupe SEB.
About Narwal
Narwal is known for using its cutting-edge technology to realize its objective of bringing flawless floors to users. As one of the top five robotic cleaning manufacturers, the brand generated $200 million in sales within two years of launching its first product and has consistently maintained high double-digit annual growth since then. In H1 2024, Narwal expanded its international market sales volume by an impressive 750% year-over-year, serving over 3 million households globally. The company has secured significant investments from prominent backers, including Sequoia Capital, Hillhouse Capital, ByteDance (the parent company of TikTok), and Tencent. With a team of over 700 researchers and scientists —comprising more than half of its 1,400+ global workforce. In recent years, Narwal has achieved numerous breakthroughs across various fields and garnered prestigious international awards, including the CES Innovation Awards, Red Dot Awards, the Edison Gold Award, and a spot on Time Magazine’s 100 Best.
About Rowenta
At Rowenta, a brand born in Germany in 1909, we have been able to meet the consumer’s needs by combining performance that guarantee perfect results with features that take care of you.
We innovate everyday with new solutions that smooth out and purify all your clothes, appliances that take care of your hair and skin, efficient, easy-to-handle and quiet vacuum cleaners, and products that improve the indoor air quality, so you always look and feel at your best.
We are constantly seeking to optimize resource consumption in the development and use of our products to make Rowenta performance a more sustainable one. A performance that always gives the best results and makes your life easier every time and for a long time.
ContactAria Si – [email protected]
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Corporater named a market leader in Operational Resilience Software by Independent Research Firm

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STAVANGER, Norway, Oct. 22, 2024 /PRNewswire/ — Corporater, a global leader in software solutions for Governance, Risk, and Compliance (GRC) along with Performance Management (jointly addressed as GPRC), is proud to announce the recognition of being named a leader in Verdantix’s recently published “Operational Resilience Software Benchmark” research. The report states that “Corporater offers a first-of-its-kind governance solution for resilience”.

The Corporater software platform’s flexible structure and powerful capabilities offer end-to-end processes to conform with regulatory requirements, e.g., NIS2, SEC Sound Practices to Strengthen Operational Resilience, DORA, and UK Operational Resilience PS 21/3, and PRA 6/21 as Operational Resilience (OpRes) is emerging as a top priority for organizations worldwide.
The emphasis on governance, AI, process execution, and comprehensive risk capabilities sets the stage for Corporater’s integrated suite of GRC and Performance capabilities as a leading tool for a successful digital transformation of an organization’s resilience program, optionally part of a holistic, integrated GPRC program where operational resilience is one of several critical business objectives.
“In Corporater, we believe the GRC program should be business-integrated by design and thus aligned with business objectives and the performance against the objectives. Operational Resilience is business-integrated by design and is an excellent example of how an integrated GRC and Performance software can enable an organization’s resilience objective/obligation”, said Paul Greenhalgh, product owner for UK Operational Resilience Solution at Corporater.
“Corporater continues to set the standard for integrated enterprise GRC and Performance Management solutions,” said Owe Lie-Bjelland, GPRC Director at Corporater. “This recognition from Verdantix means a lot to us as we aim to empower organizations to not only manage risks and compliance effectively across the enterprise but also enhance overall business performance through a business-integrated GRC program.”
Access the report here.
For media inquiries, please contact:Corporater: [email protected]
About Corporater:
Corporater is a leading global provider of enterprise software solutions for Governance, Performance, Risk, and Compliance (GPRC) management. With more than 20 years of experience, innovation, and customer satisfaction, Corporater empowers medium and large organizations to achieve their objectives for effective GRC and Performance programs. Whether traditional GRC challenges such as enterprise risk, internal control system, IT risk, incident management, and Internal Audit or emerging challenges such as ESG or operational resilience, Corporater can deliver an integrated system on one platform. Visit corporater.com or follow us on LinkedIn.

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Happiest Minds positioned as a ‘Major Contender’ in Everest Group’s Cybersecurity PEAK Matrix® Assessment – North America 2024

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SAN JOSE, Calif. and LONDON and BENGALURU, India, Oct. 22, 2024 /PRNewswire/ — Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital . Born Agile’, Mindful IT Company, today announced that it has been positioned as a ‘Major Contender’ in the latest market evaluation report, Cybersecurity Services PEAK Matrix® Assessment 2024 – North America by Everest Group.

Ram Mohan C, CEO of Infrastructure Management & Security Services (IMSS), Happiest Minds, said, “Our approach to cybersecurity is strategic and holistic, integrating advanced services to address the full spectrum of threats across diverse IT environments. We have invested significantly in cybersecurity solutions, including AI-driven threat detection, Zero Trust architecture, Secure Access Service Edge (SASE), Gen AI security, quantum security, and advanced Security Operations Center (SOC) capabilities. At Happiest Minds, we continuously adapt to industry trends, embedding cybersecurity into every facet of our service delivery, innovation, and technology adoption, ensuring our customers are prepared to tackle the evolving challenges of today’s digital economy.”
Priya Kanduri, CTO of Infrastructure Management & Security Services (IMSS) and Head of Security Services, Happiest Minds, said, “This recognition highlights our strategic vision and unwavering commitment to delivering cutting-edge cybersecurity services to our customers. We have strengthened our talent pool and leveraged automation to address industry-wide skill gaps, ensuring robust and scalable security operations. Our relentless drive towards excellence in addressing the most pressing security challenges empowers us to deliver exceptional value to our customers. This accolade reinforces our perseverance in driving innovation in the cybersecurity landscape.”
About Happiest Minds Technologies
Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a Mindful IT Company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights. We do this by leveraging a spectrum of disruptive technologies such as: artificial intelligence, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, virtual/ augmented reality, etc. Positioned as ‘Born Digital. Born Agile’, our capabilities span Product & Digital Engineering Services (PDES), Generative AI Business Services (GBS) and Infrastructure Management & Security Services (IMSS). We deliver these services across industry groups: Banking, Financial Services & Insurance (BFSI), EdTech, Healthcare & Life Sciences, Hi-Tech and Media & Entertainment, Industrial, Manufacturing, Energy & Utilities, and Retail, CPG & Logistics. The company has been recognized for its excellence in Corporate Governance practices by Golden Peacock and ICSI. A Great Place to Work Certified™ company, Happiest Minds is headquartered in Bengaluru, India with operations in the U.S., UK, Canada, Australia, and the Middle East.
Media Contact:Kiran [email protected]
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