The Group’s growth journey slowed somewhat in the second half of 2023 due to projects being shifted into the first quarter of 2024. Owing to the holiday period in the fourth quarter of 2023, we saw seasonality with -6% year-on-year growth for the quarter. Overall, MastIT Group reported 11% revenue growth for the full year, and we see good opportunities to accelerate the growth rate in 2024. The Group’s EBITA profitability improved for the full year, and it is positive that the company achieved relatively strong organic growth alongside improved profitability, with an EBITA margin of 19% in Q4. The main drivers were a consistently strong cost structure combined with a higher share of in-house personnel in projects. Operating cash flow after changes in working capital improved significantly versus the prior year, reflecting profitable growth and the fact that a large portion of 2022 invoicing occurred at year-end with cash received at the start of 2023.

The outlook remains positive for the 5G rollout, upgrades of existing networks, the Huawei-to-Ericsson swap, and our ongoing service business. In the coming year, the company’s operations will expand geographically to include work in the southern parts of Sweden, where MastIT Group has previously had limited presence. This expanded responsibility from our customers is a clear mark of quality, confirming that we have become a central partner in securing their mobile infrastructure build-out.

During full-year 2023, the Group’s workforce corresponded to 81 FTEs, including various specialists and installers, consisting of both employees and external resources (contracted through subcontractors). Because the Group operates in a sector with seasonal variation, the workforce at times exceeded 100 people, while the number of directly employed staff at the company’s head office remained stable at around twenty throughout 2023.

We look forward to continuing our growth journey in 2024 and building a stable platform to become a national partnerfor the rollout of mobile infrastructure for Sweden’s network owners and operators.

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