Sitowise Group Plc, Half-year Report 1 January – 30 June 2022, 17 August 2022 at 8:30 am

Q2: Double-digit growth in net sales continued

April–June in brief (Q2)

  • Net sales increased by 11% to EUR 51.7 (46.5) million.
  • Organic net sales grew by 4% (-5%).
  • Adjusted EBITA was EUR 4.9 (5.9) million, or 9.5% (12.7%) of net sales.
  • The order book increased by 21% to EUR 169 (140) million.
  • Leverage (net debt / adjusted EBITDA) rose as a result of acquisitions and was 2.7x (1.5x).
  • Sitowise carried out three acquisitions. In June, the Group was joined by two Finnish companies, Bitcomp Oy, an IT expert in SaaS solutions for the forest and natural resources sector, and the renovation specialist Rakennuttajakaari Oy, and a Swedish company, the electrical design firm E60 Elkonsult AB.
  • The personnel survey conducted in May indicated that willingness to recommend Sitowise as an employer had risen further and employees were very satisfied with managerial work.

January–June in brief (H1)

  • Net sales increased by 13% to EUR 100.9 (89.3) million.
  • Organic net sales grew by 5% (-3%).
  • Adjusted EBITA was EUR 10.1 (10.6) million, or 10.1% (11.9%) of net sales.
  • In the client survey conducted at the beginning of the year, the willingness to recommend remained at a good level, in addition to which 94% of respondents would reselect Sitowise as their supplier.
  • Sitowise carried out a total of five acquisitions. In addition to those mentioned above, in January Sitowise acquired the Swedish infrastructure design agency Mavacon AB and completed the acquisition of VRT Finland Oy’s business focusing on 3D construction inspection.

The figures in this report are unaudited.  Comparative figures for the corresponding period of the previous year are in brackets. This report has been published in Finnish and English. If there are any differences between the English translation and the original Finnish version, the Finnish report shall prevail.


In the second quarter, Sitowise’s net sales grew by 11 percent, while organic growth was 4 percent. Overall growth was supported by the acquisitions completed after June in 2021, as the acquired companies have developed favorably also after the acquisitions.

During the quarter, we made exceptional investments in personnel events and training as well as customer meetings – this had a clear impact on our profitability due to both direct costs and the lower utilization rate. In the second quarter, adjusted EBITA declined to EUR 4.9 (5.9) million and represented 9.5% (12.7%) of net sales. In addition to the lower utilization rate, profitability was burdened by COVID-19 sickness absences, which remain high, but have leveled off after April.

In June, we announced three strategically significant acquisitions, thanks to which the Group grew by a total of 135 new experts. In our Digital Solutions business area, we achieved a major growth spurt and doubled the net sales of our SaaS business consisting of recurring revenue agreements by acquiring Bitcomp Oy, Finland’s leading pioneer in the forest and natural resources sector. In the Buildings business area we created Finland’s largest expert organization specializing in renovation by acquiring Rakennuttajakaari Oy. In Sweden, we continued to expand our service offering by acquiring the electrical design specialist E60 Elkonsult AB. Acquisitions will continue to play a key role in our strategy going forward, too. We are looking for growth-focused and financially well performing companies that are a good fit with our strategy and culture. This will enable us to serve our clients even better and to grow profitably.

After two years of the COVID-19 pandemic, it has been important to support employee encounters and customer work. For this reason, the above-mentioned significant internal investments in employees made during the quarter have been necessary and important both for personnel satisfaction and for supporting growth. Although the past two years have been challenging to employees, their satisfaction has remained high. Our employees’ willingness to recommend Sitowise as an employer increased for the fourth year running – in the personnel survey conducted this spring, our eNPS was 30 (28). An expert organization must pay particular attention to personnel satisfaction, and I’m pleased to see that our continued focus on our employees during the recent years has had visible results.


EUR million 4–6/2022 4–6/2021 1–6/2022 1–6/2021 1–12/2021
Net sales 51.7 46.5 100.9 89.3 179.3
EBITA, adjusted 4.9 5.9 10.1 10.6 21.1
% of net sales 9.5% 12.7% 10.1% 11.9% 11.8%
EBITA 3.3 4.7 6.8 8.7 18.5
Result for the period 1.6 3.4 2.7 2.6 7.9
Cash flow from operating activities before financial items and taxes 2.1 3.1 9.0 8.4 22.8
Net debt 58.2 29.9 30.9
Net debt / EBITDA, adjusted 2.7x 1.5x 1.4x
Equity ratio, % 42.9% 47.8% 46.0%
Earnings per share (EPS), EUR 0.04 0.10 0.07 0.07 0.22
Number of personnel, average 2,115 1,960 2,080 1,935 1,969


Market outlook

The stable growth in the demand for design and consulting services to create sustainable societies is supported by megatrends such as urbanization, renovation backlog, sustainability, and digitalization.

During the second quarter of the year, demand across all our business areas remained good. However, the uncertainty in the market brought by the war in Ukraine, material availability issues, energy availability challenges, and inflationary pressures could potentially affect the short-term decision-making of Sitowise’s clients.

Guidance (unchanged)

Sitowise Group estimates that both net sales and adjusted EBITA in euros will increase compared to 2021.

Long-term financial targets (unchanged)

The Board of Directors of Sitowise Group has set the following long-term financial targets:

  • Growth: Annual growth in net sales of more than 10 percent, including acquisitions;
  • Profitability: Adjusted EBITA margin of at least 12 percent;
  • Leverage: Net debt / adjusted EBITDA should not exceed 2.5x, except temporarily in conjunction with acquisitions; and
  • Dividend policy: Sitowise targets paying a dividend corresponding to 30–50 percent of net profit.


There have been no significant events since the review period.


Sitowise Group’s Q3 interim report will be published on 2 November 2022.


The briefing will be streamed at Written questions can be submitted through the webcast. Presentation material and a recording of the event will be available at after the event.

Conference call

It is also possible to dial-in to the briefing 5–10 minutes before the start of the event by calling a number below and entering the PIN code 67943791#

Finland Toll-Free: 0800 523 163
Finland Toll: +358 9 8171 0310
United Kingdom Toll-Free: 0800 358 9473
United Kingdom Toll: +44 3333 000 804
US Toll-Free: +1 855 85 70686
US Toll: +1 631 913 1422
Sweden Toll-Free: 0200 883 685
Sweden Toll: +46 856 642 651

International access numbers and further instructions available here.


Heikki Haasmaa, CEO,, tel. +358 50 304 7765
Heidi Karlsson, CFO,, tel. +358 40 759 3320
Minttu Vilander, Chief Communications and Corporate Responsibility Officer,, tel. +358 40 575 6660


Nasdaq Helsinki Ltd
Key media


Sitowise is a Nordic expert in the built environment and digital solutions. We provide design and consulting services to enable more responsible and smarter urban development as well as smooth transportation.  We operate in three business areas in Finland and Sweden: real estate and buildings, infrastructure, and digital solutions.

We want to raise the bar for intelligence and sustainability, and that is why our vision is to be the most responsible partner in developing thriving and sustainable living environments. Sitowise has grown rapidly and profitably in recent years. The Group’s net sales in 2021 were approximately EUR 179 million and the company employs more than 2,000 experts. Sitowise Group Plc is listed on Nasdaq Helsinki under the trading symbol SITOWS.

Downloadable material