Q1 revenue declined by 25% y/y, with its core AurDel consumer goods and IT/Tech distribution division recording a 30% y/y top-line contraction and operating losses of SEK 6m (Q1/23: adj. LBIT of SEK 5m). Gross margin at 21.5% bettered our 19.6% forecast (+1.9pp) and is up 4.3pp from 17.2% in Q1 last year. Group LBIT of SEK 18m compares with our SEK 6m estimate. Increasing PL sales, with higher margins, should lift group profitability ahead. Our current mid-point is SEK 10.50.

https://research.sebgroup.com/corporate/reports/127086

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