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Aug 1, 2022
Profit warning: Qt Group Plc lowers its net sales outlook for the full year 2022 and publishes preliminary figures from the second quarter of 2022
According to the preliminary figures, which have not been audited, Qt Group’s net sales in the second quarter of 2022 were approximately EUR 37 million. Compared to the second quarter of 2021, net sales increased approximately 9 percent and approximately 2 percent at comparable exchange rates. EBIT in the second quarter was approximately EUR 9 million and the operating profit margin was approximately 24 percent.
According to the preliminary figures, which have not been audited, Qt Group’s net sales in the first half of 2022 increased approximately 20 percent to EUR 69 million. At comparable exchange rates, net sales increased by approximately 13 percent. EBIT in the first half of 2022 was approximately EUR 14 million and the operating profit margin was approximately 20 percent.
During the second quarter, it became evident that various uncertainty factors, such as increasing energy prices, high inflation, and general economic slowdown, increased cautiousness in customer behavior, especially in Asia. Some significant projects were postponed or only partially executed, which lead to revenue from developer licenses and consulting to remain below the company targets.
Despite increased uncertainty, demand for the company’s solutions is at a good level. The company estimates that its net sales growth will be considerably stronger in the second half of 2022 than in the first half of 2022. However, impacted by the first half-year results, the company estimates that its full-year net sales in comparable exchange rates will be below the previously published outlook.
As the company’s guidance for its net sales is given in comparable currencies, it is to be noted that the impact of foreign exchange rates on the full-year net sales will be significant, assuming that foreign exchange rates remain at the end of June level. Due to the changes in foreign exchange rates, the reported net sales growth will be significantly stronger than the net sales growth at comparable exchange rates.
The company estimates that if the uncertainty factors in the market environment would continue and spread, the impact on growth and net sales figures of individual quarters may be even more significant. In the long term, Qt Group’s possibilities to continue strong net sales growth are still very good.
New outlook for 2022
Qt Group estimates that its full-year net sales for 2022 will increase by 20–30 percent year-on-year at comparable exchange rates and that the operating profit margin will be 20–30 percent.
Previous outlook for 2022
Qt Group estimates that its full-year net sales for 2022 will increase by 30–40 percent year-on-year at comparable exchange rates and that the operating profit margin will be 20–30 percent.
The company will publish its 2022 Half-Year Report on Thursday, August 4, 2022 at 3:00 p.m. EEST and will provide more detailed information on the financial performance of the second quarter and first half of the year 2022.
Qt Group will organize a news conference on August 4, 2022, at 4:00 – 5:00 pm EEST in Helsinki, Finland (Studio Eero, Töölölahdenkatu 2), and as a live webcast at www.qt.io/investors CEO. Juha Varelius and CFO Jouni Lintunen will be presenting the results. An on-demand recording will be available soon after the event. Analysts and investors can ask questions live at the event or via conference call.
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