Proact IT Group's Q2 report showcased the UK as a beacon amidst economic turbulence in other regions.
Despite a decrease in pre-tax profits to SEK 34.4m, revenues improved by 9.2% half-yearly, and 4.2% quarterly to SEK 1,201.7m.
The UK demonstrated a 31.5% surge in Q2 revenues, helping to mitigate a tough Q1.
System revenues saw a 56.9% jump, while services improved by 15.4% due to increasing cloud demand. However, the consulting sector experienced a slight downturn.
CEO Jonas Hasselberg (pictured) said: “During the second quarter of 2023 we have generally seen good demand in several markets," but he also acknowledged a dip in performance, saying that "the second quarter ended with a decrease of 6% and an organic decrease of 9% compared with a record quarter last year.
“All Business Units except the UK showed an organic decline, to a large extent because of a strong comparison quarter, and primarily in Germany, also weaker demand connected to the uncertain macroeconomic situation.”
Hasselberg noted a cost-cutting programme focused on administrative expenses, stating it provides “room to invest in future growth in the markets and segments where we continue to see good demand and compensates for the inflationary cost increases we have seen.”
He shared that the programme has led to SEK 20m in restructuring costs, stating that the firm is “strategically well positioned for continued growth in revenues and profits going forward."