Invoicery Group (FRILAN) Q2 2024 earnings summary

Executive summary

• Revenue grew 10.2% in Q2 2024 year-over-year to 466 MSEK, driven by strong Workforce Management growth.

• Net income improved to 3.3 MSEK in Q2 from a loss of -6.4 MSEK last year, aided by absence of one-time listing costs.

• Swedish market accounted for 94% of Q2 revenue, increasing 11.2% to 440 MSEK.

• First shareholder dividend paid post-listing; board expanded with a new member.

Financial highlights

• Q2 2024 revenue: 466 MSEK (up 10.2% YoY); H1 2024 revenue: 846 MSEK (up 7.5% YoY).

• Q2 EBITDA: 4.8 MSEK (from -5.3 MSEK YoY); Q2 EBITDA margin: 1.04% (from -1.25%).

• Q2 operating income: 4.0 MSEK (from -6.4 MSEK YoY); Q2 net income: 3.3 MSEK (from -6.4 MSEK YoY).

• H1 2024 net income: 1.8 MSEK (from -7.4 MSEK YoY); EPS Q2: 0.11 SEK (from -0.22 SEK YoY).

• Cash at period end: 71.7 MSEK (from 59.1 MSEK YoY); equity: 46.1 MSEK (from 41.7 MSEK YoY).

Outlook and guidance

• Continued focus on digital marketing and organizational efficiency to support growth and profitability.

• Ongoing review of international operations to ensure controlled expansion and long-term profitability.