AFRY Launches AFRY X, Its New Digital Division

/ November 21, 2021

mployees from the other five divisions. It has approximately a revenue of SEK 1bn (USD 110m) and 800 employees. AFRY is gradually ramping up its digital investments and expects to spend SEK 100m in 2022, up from SEK 50m in Q1-Q3 2021.

SII: Simply the Best this Quarter

/ November 10, 2021

II was simply the best this quarter. The France-headquartered ER&D services vendor had its revenues up 24.0% yoy (at cc/cs) in Q3 2021/Q2 FY22. SII matched Alten’s excellent performance (+24.0% at cc/cs) despite relatively demanding comps. Unlike peers, SII had limited exposure to automotive and aeronautics. In FY21, its revenues were only slightly down, by 1.5% at cc/cs. SII, therefore, managed to grow its Q2 FY22 revenues despite relatively demanding comps (-4.5%). Alten’s decline during the same quarter was 9.4% yoy.

More Diversification And Sustainability Ahead For Ricardo

/ November 1, 2021

Ricardo announced in September its priorities for the years to come: further client diversification, a focus on Asia and North America, a continued refresh of its service portfolio, and sustainability in all its forms. These priorities are very much in line with Ricardo’s strategy in the past few years.

Will Alten Be A Significant Clinical Trials CRO?

/ August 31, 2021

ER&D services largest pure-play, Alten, has ambitions as a clinical trials contract research organization (CRO). During Q2 2021, the company completed the acquisition of Cmed. Cmed, a clinical trial CRO based in the UK. It is a small firm with EUR 20m in revenues and 180 consultants. It has specialized in oncology, immuno-oncology, cell therapy, and rare disease.

Alten: A Big Rebound in Q2

/ August 18, 2021

Alten impressed investors with its Q2 rebound: revenues had a big rebound (+19.7% yoy at cc/cs) to EUR 714m. We had anticipated this solid rebound: the comps were very favorable (Q2 2020 was down 18.4% yoy organically).

Modis Comes Into the Light with Akka

/ August 15, 2021

Modis came into the light two weeks ago when Adecco announced the acquisition of Akka. Modis is a decently large IT services firm with 2020 revenues of EUR 2,179m. It is little-profitable with an adjusted EBITA margin of 5.7% (2019: 6.3%). Like everyone, the company faced headwinds in 2020, with revenues down 9% in 2020 (2019: -3%).

Sweco: Is Sustainability Good Enough?

/ July 21, 2021

Sweco had a relatively mild financial performance in Q2 2021 with a 2% yoy growth at cc/cs to SEK 5,643m (USD 649m). The company did not benefit from favorable comps (Q2 2020: +2% yoy at cc/cs). Sweco suffered from its lower utilization rate and headcount

Accenture Gets Big in Germany with Umlaut

/ June 15, 2021

Accenture made a big move with the acquisition of Umlaut, an ER&D vendor headquartered in Germany. The transaction comes as a surprise: umlaut brings EUR 350m in revenues. It is the first sizable acquisition that Accenture made for Industry X. Up to now