• Net sales was TSEK 79 609 (42 869)
• Cash flow from operating activities was TSEK 34 093 (-16 325)
• Profit after financial items was TSEK 38 948 (15 176)
• Profit after tax was TSEK 35 667 (13 887)
• Earnings per share, before dilution, were TSEK 1,35 (0,59)

The entire quarterly report is available at: https://intellego-technologies.com/sv/rapporter/

A message from the CEO
INTELLEGO HAS HAD a flying start to 2024 with record growth and profit in the first quarter. In addition, operating cashflow also reached record levels. These results come from our long-term focus on our customers and partners, where close collaborations lead to the best products in the market in each category.

Approximately 70% of the group revenue in Q1 came from reoccurring customers which is good indication that the groups different products are sold and used by end users on a regular basis. Daro Group delivered good results and we expect Daro will show sales growth of 15% in 2024 and greater profit growth as its gross margins continue to increase. Daro is expected to exceed the targets set by Daro and Intellego, largely due to Daro’s increased focus on its Specialist Lighting (e.g. for ospitals and prisons) and UV & Water divisions. During 2023, Daro Group made significant investments in product development and sales, laying the foundation for its long-term development.

Our new subsidiary, Yuvio, with its focus on capital equipment sales and dosimeters, is developing well. Yuvio’s business model is different from direct sales of dosimeters, in that it is based on capital equipment sales which then drive dosimeter sales. Yuvio is already in the process of making several transactions with customers which will be evident in the coming quarters. Based on this early success there might be causes to invest further into this field. Through Yuvio, transactions will more often be conducted by leasing capital equipment, which will give the business visible, contracted, monthly cashflow over several years. Through Yuvio, Intellego will have an increasing direct access to the end users within healthcare, IPs (Infection Prevention) and EVS (Environmental Services) staff, and to significantly further increase the usage of Intellegos dosimeters, further securing the long-term growth of the business.

In Q1, Daro made a small acquisition of UV Light Technology Limited which will accelerate the business across the UV spectrum including UVC disinfection and sales of relevant equipment together with dosimeters. UV Light Technology contributed 45,000 GBP in revenue during Q1 (March only). Its agreed purchase price was 437 500 GBP. The actual payment made was 496 902,81 GBP once all adjustments were agreed and accounting to the cash in the business and UV Light Technology had annual revenue of approximately 510 000 GBP in 2023 and made a profit of 82 500 GBP. The intention with this acquisition is to accelerate growth in the group. Daro sees significant opportunities to increase both revenue and profit in UV Light Technology.

In Q1, the group utilized our existing credit line to draw 15 million SEK. These funds were used for the UV Light Technology acquisition and long-term investments in the group.

On the organisational front, Intellego continues to make progress in terms of setting up the long-term structure for a global group. This is being done by improving compliance and governance, led by our Chairman Greg Batcheller, who has extensive experience in this area, with the aim of being up-listing ready in the event the company decides to apply to move up on NASDAQ Stockholm or to another market. Intellego has also decided to appoint a new CFO, Petra Olofsson. Petra has been the head of Intellego Technologies AB’s accounting for the past year and has extensive experience in finance. She has, among other things, worked as an auditor at EY. Petra will work as an external CFO to Intellego for the time being.

The global collaboration we have with a multinational partner in the curing market continues to develop well, where Intellego has now been invited to start the onboarding process to become a registered global supplier. This is a very important step towards a long-term global relationship with this partner.

Growth is expected to continue in 2024 and Intellego and Daro see several attractive expansion possibilities which we are keen to capitalise on, both organically and through acquisitions, using existing sources of funds. The year continues to develop well for the group and market interest continues to grow, which is evident from the increasing, larger commercial discussions the group has with customers. The Intellego group continues to grow into a global company, and we are investing heavily in that growth. This will be our focus for the foreseeable future. As a sign of this, we have previously communicated 2024 financial goals for the group of over 300 million SEK in revenue and over 110 million SEK in EBIT, which we hereby reaffirm.

Stockholm 30th April 2024
Claes Lindahl, CEO