WOOD Flash – Gradus: 2Q20 – COVID-19 impact on business stronger than expected
Gradus reported its 2Q20 results, which were weaker than we expected, on Friday (28 August), after the market closed. The company’s top line reached BGN 38.5m, -17% yoy, falling short of our forecast by 12%. Other revenues were down 24% yoy, to BGN 4.4m, BGN 0.4m below our numbers. On the EBITDA level, the company reported a loss of BGN 1.5m, vs. BGN 4.1m in profit a year earlier and our expectations of it breaking even. Consequently, the operating loss (-BGN 3.3m) was greater than we assumed (-BGN 1.7m). Finally, on the bottom line, Gradus reported a loss of BGN 3.4m, vs. our expectations of a -BGN 1.7m loss.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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