2023-11-07
Strong Revenue Growth for Consid in Q3
The IT and communications company Consid presents a very strong revenue growth for the third quarter of 2023, despite a weaker economy in Sweden and globally. The revenue increases by nearly 17 percent, reaching MSEK 524. Meanwhile, the company continues to hire at a high pace. Over 400 people have been hired during the first nine months of the year.
“Consid has proven to be a reliable player in the midst of economic turmoil. Despite the prevailing challenges, such as a recession and high inflation, our strategy has shown positive results. While many other companies are cutting costs and laying off employees to navigate through the crisis, we are investing our way out of the recession,” says Peter Hellgren, CEO of Consid.
The economic forecast for Sweden gives cause for reflection. The impact of high inflation and rising interest rates on household purchasing power poses challenges for many. The adjustments made by the Central Bank (Riksbank) in its policy rate are an attempt to address these challenges but have already affected borrowing costs and investments.
According to the Swedish National Institute of Economic Research (Konjunkturinstitutet, KI), there will likely be a gradual improvement in the economy from the second half of 2024, but it will take until 2026 for the Swedish economy to reach “cyclical balance.”
According to the report, the Riksbank’s policy rate may be raised once more and then remain stable until the third quarter of 2024 when the Riksbank will begin reducing interest rates again. By that time, inflation will have approached 2 percent, and the outlook for inflation is still pointing downwards. The lower inflation contributes to a weak upward turn in the economy from the second half of next year.
Despite a challenging economic situation, Consid has signed numerous new contracts this year and has managed to maintain a rapid pace of recruitment. Additionally, over the past year, Consid has expanded into Denmark, Germany, Poland, and Finland, with previous openings of offices in Denmark.
“Of course, we have also felt the impact of the economic downturn, but when many others are scaling back their operations and letting employees go, we are doing the opposite. We have also opened offices in about ten new locations in Sweden,” says Peter Hellgren.
Thanks to a balance between customers in the public sector and large private entities, the demand for Consid’s services has steadily increased in recent years. Exposure to a single customer is less than five percent.
Now that the figures for the first three quarters of 2023 have been disclosed, it turns out that Consid has experienced a significant increase in revenue. During the third quarter, Consid generated SEK 524 million in revenue, compared to last year’s SEK 450 million, marking an increase of nearly 17 percent. Over the first nine months of this year, the company achieved SEK 1,891 million in revenue, in contrast to SEK 1,492 million for the first three quarters of 2022. This represents a substantial growth of 26.7 percent.
Up to this point, Consid has hired over 400 new employees and has now surpassed 1,900 employees.
“Our industry is strongly affected by a talent shortage. Despite that, our recruiters maintain a breakneck pace in hiring new talents for Consid. It’s an incredible testament to our strength,” says Peter Hellgren.
