M&As: Many Tuck-In Acquisitions and Cognizant ESG

/ April 14, 2021

ER&D vendors continue to be very active in M&As, with many tuck-in acquisitions. AFRY is now in full acquisition mode with six transactions in 2021 YTD. Competitor Sweco has also accelerated with four transactions. Accenture has made an unusual transaction by taking over a manufacturer of industrial automation and robots in Brazil for Accenture Industry X. Finally, Cognizant acquired a significant German automotive ER&D vendor, ESG.

An Integrated AFRY: Repositioned around Digital and Sustainability

/ March 15, 2021

AFRY recently unveiled its strategy: the company plans to become more integrated and positioned around digital technologies and sustainability. AFRY has suffered in the past few years of a lack of organic growth. In 2019, right before the pandemic, the company grew organically by 1.9%, underperforming most competitors. Then came 2020, and AFRY handled the crisis well, with an organic decline of only 6.4%

Europe Has Entered its Second Lockdown. A Look at Financial Implications

/ November 1, 2020

Europe has now entered its second lockdown. The lockdowns have different restrictions levels and different lengths. The UK and France are running for the full month of November. Officials in the two countries have, however, warned the lockdown might last longer, until Christmas at least.

AFRY Protected Well Its Bottom Line In Q3

/ October 30, 2020

AFRY, once again, protected its bottom line during the pandemic. The company limited its Q3 2020 EBITA margin decline to 40 bps to 6.7%. AFRY reduced its expenses by SEK 480m in Q3, a level similar to QA (SEK 490m).

AFRY Hit by Collapse in Automotive Engineering Demand in Q2

/ July 14, 2020

No surprise. AFRY had a terrible Q2 2020: revenues were down by 9.2% yoy at CC/CS. The Industry and Digital Solutions Division led the decline (with revenues down yoy at 16.3% at CC/CS). The Division suffered in the automotive sector, whose revenues collapsed by 40% during the quarter.

AFRY Declines Organically in Q4

/ February 8, 2020

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ÅF Pöyry Changes Its Brand to AFRY

/ November 27, 2019

Swedish ER&D service vendor ÅF Pöyry changed its brand to AFRY, the amalgamation of ÅF and pöyRY. Meanwhile, its legal name will remain ÅF Pöyry.

ÅF Pöyry Suffers from The Economic Conditions in Q3 2019

/ October 30, 2019

ÅF Pöyry’s revenue growth (yoy, at CC/CS) continued to decelerate this quarter, declining from +8% in Q1 to +1% in Q3 2019, despite the positive impact of an additional working day (+90 bps on revenue growth during the quarter). The company suffered from the same issues as in Q2: a slowdown in the automotive sector from its largest automotive client, (impacting Industrial & Digital Solutions Division) and delayed decision-making in the Infrastructure Division in Denmark.

Is ÅF Pöyry an ER&D service vendor?

/ March 13, 2019

Several readers reacted to the birth on February 22, 2019, of ÅF Pöyry. They argue that ÅF Pöyry has become a building engineering-centric firm and now shares more with the likes of Sweco, Arcadis, or SNC Lavallin in Canada, than with Altran, or HCL Tech.

Pöyry completes its recovery in 2018

/ February 16, 2019

We looked at the 2018 results of Pöyry, its last financials before its acquisition by ÅF. The results confirmed that Pöyry has succeeded in its recovery: its 2018 revenues were up 10.9% in 2018, to EUR 580m, and its adjusted EBIT margin was 7.5%, up 250 bps.

2018: A Year in Review

/ January 3, 2019

2018 was an eventful year: the top ER&D vendors accelerated their M&A activities. Alten continued to deploy its business model. HCL Tech’s ERS unit had a superb year