Financial highlights second quarter

  • Net sales increased by 12.9% to SEK 227 m (201), organic growth was 8.5% and acquired growth accounted for 2.3%. Currency effect was 2.1%.
  • EBITA amounted to SEK 54 m (70) with EBITA margin of 23.9% (35.0%). Items affecting comparability amounted to SEK 20 m (0).
  • Adjusted EBITA amounted to SEK 74 m (70) with adjusted EBITA margin of 32.6% (35.0%).
  • Net result amounted to SEK -1 m (20), impacted by items affecting comparability of SEK 20 m (0).
  • Earnings per share amounted to SEK -0.01 (0.21). Earnings per share after dilution amounted to SEK -0.01 (0.20).
  • Adjusted operating cash flow amounted to SEK -20 m (38).

CEO Pontus Bodelsson comments on the quarter:

We deliver on an increased demand for our services, with strong growth coming from both our segments. During the second quarter we have invested resources in preparing for the European expansion. We expect a decision from the Spanish Antitrust Authority in September, and we are ready to complete the acquisitions.

Delivering on increasing demand for our services

In the second quarter, our net sales growth was 12.9%. Due to an increasing legal complexity in society, we experience a strong demand for our services, which drives the strong organic growth of 8.5% in the quarter. Our customers need fast access to deep knowledge, and our content and network of authors and experts provide our customers the needed trust and efficiency. The growth is a result of selling more licenses, to new customers and to existing customers. Our stand-alone entities within EHS and workflow tools are delivering in line with expectations.

The adjusted EBITA margin was 32.6% in the second quarter, lower than the corresponding period the previous year. In the second quarter, we have prepared our organisation to grow into a European player with relating operational costs. We’ve chosen to optimise our business for European expansion in collaboration with third parties, to let our Nordic businesses focus on growth.

At the end of June, our leverage was at the low level of 0.9x, with a solid cash balance as we are prepared to close the acquisitions in France, Spain and Portugal.

Creating possibilities for tomorrow

With customer centricity, innovation and deep content, we enable our customers to make better decisions, faster. As we grow into a European player, we strive to become the first choice in legal knowledge. We intend to continue investing in solutions to our present and future customers’ challenges of today and possibilities for tomorrow, as well as continue strengthening our existing legal platforms.

In Denmark, our newly launched municipality solution has been well received and we have received new orders during the second quarter. More than ten municipalities now use our municipality service with related products.

In Sweden, our growth comes from sales to new customers and upselling to existing customers. We have launched a news service on the JUNO platform analysing the most important news within different legal areas.

In Norway, DIBkunnskap’s new document management solution “dflow” has been well received among customers. DIBkunnskap has also continued its launch of its IFRS service on the Swedish market.

In France, our newly acquired business Echoline continues to perform in line with expectations, with solid growth on the European EHS market.

Ready for European expansion

We are prepared to complete the acquisitions of legal information-based businesses in France, Spain and Portugal. During the summer, the Spanish Antitrust Authority has continued its requests for information and their evaluation of the intended acquisitions in Spain. The process has progressed in line with our expectations, and a decision from the Spanish Antitrust Authority is expected in the course of September.

We have during the first six months 2022 been working on our merger plan with relevant workstreams, ensuring a successful integration. As part of the workstream process, we have invested in our organisation for the European expansion.

conference call on 18 August

A webcasted telephone conference will be held at 09.00 a.m. CEST today, where CEO Pontus Bodelsson and CFO Jonas Olin will present the report and answer questions.

You can follow the presentation via webcast and ask questions in written form on the following page:

The presentation will also be available on

To participate in the conference via telephone, and thereby be able to ask questions verbally, please dial in on any number below a couple of minutes before the start of the call:

SE: +46 8 505 163 86
UK: +44 20 319 84 884
US: +1 412 317 6300 with pin code 4882838#

The presentation material and the report will be available before the conference starts at  An on-demand version will also be available after the presentation.

For more information, please contact:
Pontus Bodelsson, President and CEO
Telephone: +46 709 957 002

Jonas Olin, CFO
Telephone: +46 730 402 595

Erik Berggren, Head of Investor Relations
Telephone: +46 707 597 668

This press release contains inside information that Karnov Group AB (publ) is required to make public pursuant to the EU Market Abuse Regulation (MAR) and information that Karnov Group AB (publ) is required to make public pursuant to the Swedish Securities Market Act. The information was submitted for publication by the contact person below on 18 August 2022 at 8.00 am CEST.