The second quarter 2021 (second quarter 2020)
The first half of 2021 (first half of 2020)
Significant events in the second quarter of 2021
Significant events after the end of the quarter
Comments from CEO Martin Malm:
“The second quarter of the year was successful for Transcendent Group and I am very pleased to state that we are showing high growth and profitability.
Thanks to a greater demand for our services, and thus an increased occupancy rate in the quarter, we were already on 19 July able to communicate that we were demonstrating high growth. Total revenues in the quarter amounted to SEK 60.9 million, which is an increase of 23.0 percent compared with the corresponding period last year. Corresponding period last year was characterized by uncertainty linked to the pandemic. Our operating profit (EBIT) amounts to SEK 8.8 million, corresponding to an operating (EBIT) margin of 14.4 percent. I am particularly pleased with the combination of growth and profitability, as it illustrates the good underlying demand for GRC services in all our markets.
Growth is driven by a general increase in demand for GRC services with a clear trend in the increasing demand for services in the cyber security area. We have previously expressed that cyber security is an increasingly important topic for all companies, organizations and authorities and we now see how demand in the area is accelerating at a rapid pace. Transcendent Group is well-positioned to take advantage of the growing demand in the area.
With an increased occupancy rate, lower staff turnover and the recruitment of more experienced consultants who are ready to support our customers in the GRC area, I currently see no change of trend of our positive development curve. Given that we are increasing the pace of new recruitments in all markets, labour costs will increase during the second half of the year, but this is a prerequisite for continued growth. I estimate that we will also be able to deliver stronger operating margins and growing sales for the third quarter compared with previous seasonal patterns.”
Link to the report
The report is attached to this press release and is available at https://transcendentgroup.com/investor-relations/