It’s not easy for Smart in Finland, and given that performance, Admicom’s revenue development for the beginning of the year (+2%) has been quite reasonable. Smart’s revenue in Q2 was down about -8% and H1 was down -11%. Of course, the scale of their business in Finland is significantly smaller than Admicom’s, so a direct comparison is not entirely straightforward.
Based on H1, I updated the charts for the Nordic trio (Admicom, Lemonsoft, and Smartcraft). The downward revenue growth trend is starting to level off (could we be at the bottom now?), and profitability remains stable. In the beginning of the year, each company has generated nice free cash flow relative to their EBITDA.
