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MBXP - reservation of bad debt loss and ongoing actions

The MBXP subsidiary Paygoo has made a MSEK 4.4 reservation for bad debt loss and inventory write down in conjunction with bankruptcy proceedings of one of its Mastercard issuing partners, which will affect the results of this year’s third quarter negatively. The Paygoo operations going forward have been secured and are not affected.

In July and August, MBXP developed positively compared to Q2, with higher sales of experience products, lower redemptions, and balanced costs of retailing. We expect that Q3, excluding the write down of MSEK 4.4, will be a more normalized quarter in terms of profitability for MBXP.

As already communicated, Awardit´s Group CEO Erik Grohman has taken over as acting CEO of MBXP. An interim CFO has also joined the company. He will work in parallell with the present CFO for the coming three months, at which time the present CFO will leave the company. The former CEO and deputy CEO of MBXP (both founders) are no longer employed or with the company.

As a result of MBXPs poor profitability in the first half of 2023 an internal audit for the period of 2021-2023 has been initiated, with special focus on periodization of revenues and costs between 2022 and 2023. The audit aims to provide a correct and fair view of what should constitute the basis of the earn-out calculation for MBXP.

For further information, contact:
CEO:      Erik Grohman
Phone:  +46 761 80 55 12
E-mail:   erik.grohman@awardit.com

About Awardit
Awardit helps businesses increase revenue and profitability by implementing and operating loyalty programs, incentive programs and gift card programs targeting B2B & B2C customers.  Awardit provides customers with program platforms on SaaS-basis, content in the form of commerce opportunities, partner networks as well as third party distribution of gift cards. The programs are normally provided on white label basis but Awardit also operates several private labels.  Awardit is the largest company and platform in the Nordics in the sector. 
 
The company’s shares trade on Nasdaq First North Growth Market (AWRD). The company’s Certified Adviser is Aqurat Fondkommission AB, reachable at ca@aqurat.se or 08-684 05 800. 

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MBXP - reservation of bad debt loss and ongoing actions

Datum 2023-09-25, kl 17:30
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MBXP - reservation of bad debt loss and ongoing actions
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