Active governance and risk reduction limit the effects from Covid-19
Second quarter 2020 (second quarter 2019)
First half of 2020 (first half of 2019)
Significant events in the second quarter 2020
Significant events after the end of the second quarter 2020
Comments from CEO Martin Malm:
In the second quarter 2020, the world has to a large degree been characterised by the Covid-19 pandemic. Transcendent Group, as most other companies, has felt the pandemic’s effect on the market. Against that background, I am very satisfied that we despite this managed to increase revenue by slightly more than 3 percent in the first half of 2020. Compared to the second quarter 2019, revenue decreased by 2 percent, which shows that the pandemic’s effect on Transcendent Group after all has been quite limited.
The pandemic has increased the requirements on active governance and risk reduction. The measures that we introduced at the end of the first quarter is giving the desired effect, and with a focus on good cost control we have been able to navigate the cautious market. The measures have not yet come into full effect and will continue to contribute to a reduced cost base for the remainder of the year.
Our continued focus is to ensure profitability and liquidity. It is my strong belief that the underlying demand for our offering is strong and resilient, driven by clear megatrends which haven’t been affected significantly by Covid-19. The demands and expectations on compliance, governance and risk management among organisations and government agencies continue to increase and may accelerate further as a result of the increasing digitalisation during the pandemic. The changed way of working with a large degree of distance work causes increased exposure for data breaches and other harmful activities targeted towards companies. Therefore, it is my assessment that cyber security will continue to be one of the strongest areas within our offering with a large growth potential.
Link to full interim report
The full interim report is available in Swedish on https://transcendentgroup.com/investor-relations/.
For further information, please contact:
Martin Malm, CEO Transcendent Group
+46 73 335 94 26
This is information that Transcendent Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was sent for publication, through the agency of the contact person set out above, on 20 August at 08:00 (CET).
About Transcendent Group
At Transcendent Group you will meet experienced consultants in Governance, Risk and Compliance. Transcendent Group’s services provide security and opportunities for government agencies, businesses and other organizations in a variety of industries. The company was established in Stockholm in 2001 and has from the start built a differentiated offering based on a value-driven culture with experienced experts. Transcendent Group has been ranked as one of Europe’s, Sweden’s and Norway’s best workplaces in 2020 and has been a Great Place to Work since 2012. Transcendent Group has approximately 130 employees in 8 markets across Europe. Transcendent Group is listed on Nasdaq First North Premier Growth Market. The company’s Certified Adviser is Avanza Bank, +46(0)8-409 421 20, email@example.com. For more information, visit www.transcendentgroup.com.