Interim report January – March 2022
- Cash and cash equivalents amounted to SEK 3,438.4M (3,467.9) on 31 March 2022.
- Operating profit was SEK -2.4M (-0.6).
- Profit after tax was SEK -2.4M (-0.6).
- Earnings per share was SEK -0.07 (-0.19).
After two years of economic and political stimuli to cope with the corona pandemic, market conditions changed dramatically during the first quarter of the year. Sharply rising inflation, expected interest rate hikes, component shortages, rising commodity prices, and lastly – sadly – Russia’s invasion of Ukraine caused stock markets to fall. The SIX Return Index fell by a total of approximately 13 per cent in the first quarter.
Tech stocks were among the more exposed on the stock market. The Nasdaq Composite Index was down in mid-March by as much as 20 per cent. At the time, almost two thirds of companies listed on the index had fallen more than 25 per cent, and approximately 43 per cent had fallen more than 50 per cent. The threat, risk, and expectation of rising interest rates indiscriminately hit speculative and unprofitable “tech companies” in particular. Since then, we have seen some degree of recovery.
These changing market conditions also affected the transaction market. The number of IPOs decreased sharply as many planned IPOs were pushed into the future or cancelled. Even less capital raising activity was conducted by listed companies through so-called accelerated bookbuild. However, M&A activity remained relatively high, albeit lower than the record year of 2021.
ACQ is capitalised by institutional owners and operates under the transparent guidance of an experienced and long-term company builder. Against the backdrop of an increasingly uncertain market situation, I believe that this makes ACQ an interesting alternative and future partner.
CEO ACQ Bure