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Stable second quarter , despite challenges April - June 2021 January - June 2021 Net revenue amounted to SEK 820 ( 780 ) million , Net revenue decreased by 5 % to SEK 451 ( 472 ) million . In local currencies the decrease was 1 % . Last year's second quarter was clearly positively impacted by Covid - 19 effects . equivalent to a growth of 5 % . In local currencies , growth was 9 % . The first half year of 2020 was positively impacted by Covid - 19 related effects . ■ ■ ■ ■ EBITDA totaled SEK 42 ( 53 ) million . Adjusted EBITDA was SEK 43 ( 54 ) million , equivalent to a margin of 9.5 % ( 11.4 % ) . Operating profit ( EBIT ) was SEK 31 ( 43 ) million . Adjusted operating profit ( EBIT ) totaled SEK 32 ( 44 ) million and the adjusted operating margin was 7.0 % ( 9.4 % ) . Cash flow for the period was SEK -407 ( 119 ) million , which was primarily explained by the repayment of previous financing . Earnings per share before dilution was SEK 0.54 ( 0.47 ) and SEK 0.54 ( 0.47 ) after dilution . Profit / loss for the period amounted to SEK 21 ( 16 ) million , positively impacted by a lower financial net , which was SEK -5 ( -21 ) million , mainly related to the changed financing structure . SEKm ( unless stated otherwise ) Net revenue Growth ( % ) ¹ Growth in local currencies ( % ) ¹ Gross profit 2 Profit after variable costs ¹ Overhead costs¹ Adjusted EBITDA¹ Adjusted operating profit ( EBIT ) ¹1 3 Items affecting comparability¹ 3 EBITDA¹ Operating profit ( EBIT ) ³ Profit / loss for the period Gross margin ( % ) ¹ Profit after variable costs ( % ) ¹ Adjusted EBITDA ( % ) ¹ Adjusted operating margin ( EBIT ) ( % ) ¹ -5 % -1 % 209 103 -60 43 32 -1 42 31 21 Pierce Group A3 ( publ ) | Corp. ID numoor : 556967-4392 ■ Apr - Jun 2021 451 46.3 % 22.8 % ■ ■ EBITDA totaled SEK 61 ( 62 ) million . Adjusted EBITDA was SEK 72 ( 64 ) million , equivalent to a margin of 8.8 % ( 8.2 % ) . Operating profit ( EBIT ) was SEK 38 ( 45 ) million . Adjusted operating profit ( EBIT ) totaled SEK 50 ( 46 ) million and the adjusted operating margin was 6.1 % ( 5.9 % ) . Cash flow for the period was SEK -62 ( 86 ) million , primarily comprised of proceeds from the new share issue executed in conjunction with the listing , less the repayment of previous financing . Earnings per share before dilution was SEK 0.59 ( 0.07 ) and SEK 0.59 ( 0.07 ) after dilution . Profit / loss for the period amounted to SEK 22 ( 2 ) million . 2020 472 39 % 39 % 1 ( 28 ) 216 110 -57 54 44 -1 53 43 16 45.8 % 23.4 % 11.4 % 9.4 % Jan - Jun 119 2021 820 5 % 9 % 385 190 -118 72 50 -11 61 38 22 PIERCE Interim report January - June 2021 47.0 % 23.2 % 8.8 % 6.1 % -62 2020 780 28 % 27 % 354 175 -111 64 46 -2 62 45 2 9.5 % 7.0 % Cash flow for the period -407 ¹ Alternative performance measures ( APM ) , see pages 21 - 26 for definitions and purpose of these measurements . ² Variable costs refers , in addition to cost of goods sold , to variable sales and distribution costs . These include direct marketing costs as well as other direct costs and correlates essentially with net revenue . Other direct costs mainly consist of freight , invoicing and packaging . Operating profit ( EBIT ) includes depreciation and amortisation . Amortisation attributable to business acquisitions¹ were SEK 1.5 million during the last twelve months and financial year . 45.4 % 22.5 % 8.2 % 5.9 % Jul 2020 Jun 2021 1,563 10 % 15 % 86 741 373 -228 145 101 -26 119 75 19 47.4 % 23.9 % 9.3 % 6.4 % -167 This is a translation of the Swedish original of Pierce Group's interim report for the period 1 January - 30 June 2021. In the event of any discrepancies between the two versions , the original Swedish version shall apply . Jan - Dec 2020 1,523 23 % 24 % 711 358 -221 137 97 -17 121 81 -1 46.7 % 23.5 % 9.0 % 6.4 % CEO's comments on the financial development " The second quarter was stable , despite challenges from the pandemic . Our KPI's developed well , while net revenue in local currencies decreased by 1 percent . This is primarily due to last year's exceptionally strong second quarter with a growth of almost 40 percent , clearly driven by Covid - 19 related effects . Compared to two years ago , Q2 2019 , the average growth ( CAGR ) in local currencies was 17 percent . Adjusted EBIT during the second quarter was SEK 32 million , equivalent to an adjusted EBIT margin of 7.0 percent . This was SEK 13 million lower than in the previous year . However , we estimate that EBIT during last year's Q2 was positively impacted by pandemic effects exceeding SEK 15 million , primarily due to the high level of sales . The pandemic's impact on customer behavior , together with continued stock availability shortages and delivery disruptions , as well as increased shipping and raw materials prices , imply that it continues to be challenging to navigate in the short term . " -19