Kreate's revenue decreased in Q1 in line with our expectations, with earnings down year-on-year. In our view, the first half of the year will be weak, and growth will be weighted towards the end of the year, reflecting the typical seasonality of the industry.

Kreate published its Q1 report this morning, which was slightly weaker than our expectations in terms of figures. Revenue decreased almost exactly as we expected, but the earnings level in Q1 was slightly softer than our forecasts. On a positive note, Kreate's order book grew more strongly than we had expected.

We expect the revenue decline to have continued in the first quarter, driven by a weaker order book, but we estimate that profitability improved as project margins recovered and pricing pressure eased.

This morning, Kreate released its Q4 report, which was fully in line with our expectations. As expected, revenue was down in Q4, but margins and absolute earnings improved slightly year-on-year.