During the third quarter of 2023, we have increased our focus on organizational development to meet current needs and plan for future growth opportunities in the industry. Group growth is affected by normal seasonality during the third quarter and has slowed somewhat, partly due to a shift of projects into the final quarter of the year. Overall, for the first three quarters, MastIT Group reports 22% revenue growth, and we see strong prospects for continued growth in Q4.

Despite the initial vacation period in Q3, we achieved EBITA profitability within the lower range of our new financial target, which is a sign of strength and confirms that the company’s operating model and structure are functioning effectively. We also report positive cash flows, demonstrating that the Group’s internal processes and methods continue to improve.

The company sees no signs of saturation in the ongoing 5G network rollout, where only about 18% had been completed (measured at the end of 2022). This demand means that MastIT Group is actively expanding through additional customer collaborations and partnerships. After the end of the period, MastIT Group also strengthened its geographic presence in the Stockholm region, having signed an agreement for a new office and logistics site in Skarpnäck, southern Stockholm.

As of September 30, 2023, MastIT Group had a workforce corresponding to 78 FTEs, including specialists and installers, consisting of both employees and external contractors. Because the Group operates in an industry with seasonal variations, the workforce has at times exceeded 100 personnel during 2023, while the number of directly employed staff at the head office in Karlskoga has remained stable at just over twenty.

During the period, an extraordinary general meeting was held, where Ernst & Young AB was appointed as the company’s Authorized Public Accountant, with Johan Eklund as engagement partner. MastIT Group’s new auditor, Johan Eklund, and the EY team in Karlstad bring extensive experience with publicly listed companies and acquisition-driven growth, which is viewed positively for the Group’s continued expansion and strategic ambitions.

For further information or to discuss potential future partnerships, please contact Michael Alex, CEO of MastIT Group.