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Proact strives to give the shareholders, investors and financial analysts transparent, relevant and accurate information to increase knowledge of the Group’s operations and share

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Proact Annual Report 2023 published

· Annual Report 2023 available for download and printed version available for order · The Annual Report 2023 publication consists of Proact’s Financial report 2023, the Sustainability Report 2023 and the Corporate Governance Report 2023

Proact Annual Report 2022 published

· Annual Report 2022 available for download and printed version available for order · The Annual Report 2022 publication consists of Proact’s Financial report 2022, the Sustainability Report 2022, the Remuneration Report 2022 and the…

Year-end report 2022

Strong organic growth and good profitability

Proact Annual Report 2021 published

· Annual Report 2021 available for download and printed version available for order · The Annual Report 2021 publication consists of Proact’s Financial report 2021, the Sustainability Report 2021, the Remuneration Report 2021 and the…

Year-end report 2021

Strong cloud services revenues and good demand despite delivery delays

Year-end report 2020

Very strong result and good development in contracted cloud services

Jonas Hasselberg CEO Proact

Solna 12 July, 2024

A positive quarter with both growth and increased profitability

Comments from the CEO of Proact

2024 continues to develop positively and during the second quarter we have had solid growth, good profitability and a strong cash flow.

Recurring contracted revenues continue to increase as well as gross margins. In general, we are seeing increased demand in most of our markets, partly because of a more stable macroeconomic situation, but mainly driven by our customers’ need to continue to digitalise their operations, strengthen cybersecurity and increase the use of artificial intelligence.

Higher growth in the quarter

Revenue increased during the quarter to SEK 1,272 million (1,202), corresponding to growth of 5.8 per cent, of which 5.5 per cent was organic. The services business continues to develop positively, with organic growth of 2.8 per cent in the quarter thanks to a good increase in sales of cloud and support services, offset by lower sales of consulting services.

New cloud service agreements were signed amounting to SEK 134 million (116) and recurring revenue from contracted cloud and support services increased by 5.4 per cent to an annual rate of SEK 1,771 million (1,679).
The systems business also continued to develop positively with good growth. We are seeing increased demand in all our markets, with a number of substantial deals in Business Unit Central and Business Unit Nordics & Baltics contributing to the strong quarter.

Continued strong profitability development

Proact continues to show improved profitability. Adjusted EBITA increased by 19 per cent to SEK 97 million (81) in the second quarter, corresponding to a margin of 7.6 per cent (6.8). The improved profitability is mainly driven by the gross margin, which increased to 25.2 per cent (22.6) during the quarter – an effect of internal efficiency improvements and better scalability in cloud service delivery. The positive development in earnings is also reflected in our cash flow from operating activities, which amounted to SEK 130 million (129) during the quarter.

Our financial position is thus very strong, and the Board of Directors has today decided to continue to acquire own shares in accordance with the decision taken by the AGM in May.

Increased focus on security and cloud solutions

Cybersecurity continues to be a prioritised area for both us and our customers. In April, it was announced that Proact became the world’s first partner to NetApp to deliver their new security services, further strengthening our position in cybersecurity.

There are constant changes in cybersecurity legislation. With the EU implementing a directive aimed at increasing information and cybersecurity protection in organisations providing essential and digital services to the society. A wider range of sectors are affected, including most of the public sector. In addition, for the financial sector, a new EU regulation will enter into force next year to ensure that financial organisations have put in place the necessary safeguards to address cyber threats and other IT risks. These new regulations will be further drivers of growth in the markets where Proact’s expertise and services are in demand.

Focused strategy addressing macro trends

The major macro trends continue to provide us with favourable conditions, both in the short and long term. There is a great demand for digitalisation, which is becoming more and more business critical. The volumes of critical data are increasing rapidly, as are the demands for safe and secure data management in the cloud. We are optimistic about the market development and our ability to meet customer needs of hybrid cloud solutions, security and AI.

world. We see good opportunities to continue to grow organically, both with our existing customers but also by winning new ones. With a solid financial position and strong cash flow, we also see the possibility of complementary acquisitions in existing markets in Europe when the opportunity arises.

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