Move About Group (MOV) publishes Q3 2023 report.

Operations in the remaining units developed positively as a result of the efficiency programs implemented during the past year, especially in Sweden. However, mobileeee (Move About's German subsidiary) continues to show red numbers on the bottom line as the volume of fixed contracts is not yet satisfactory. Several major tenders from municipalities and regions have characterised the German market during Q3, which testifies to a good outlook for 2024.

The work in the Swedish subsidiary has been characterized by the negotiations with OKQ8 over the summer. At the end of September, these resulted in a letter of intent with OKQ8, which was followed by a final agreement on November 17 to take over the operations of Move About AB.

The deal strengthens Move About Group's liquidity by approximately SEK 27 million, funds that will be used to reduce the Group's working capital and repay the interest-bearing amount to Formue Nord of SEK 7.2 million.   

After repayment of these debts, liquidity in the Group is limited and the work to realize the industrial values in the Group continues in line with the Board's communication in the Q1 report 2023.

"It is of course sad not to be able to further develop the business after all the work to restructure the company, but at the same time we are very pleased that OKQ8 can now give both employees, suppliers and customers more stable conditions to be able to drive development forward. We can only conclude that the expansion that the Group launched a couple of years ago was not sustainable from a financial perspective as the capital market's horizon and risk appetite fell in line with higher interest rates and a generally more uncertain global climate," says Olof Jonasson, CEO of Move About Group AB.