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).
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.