Tessin Nordic

Tessin reports a strong third quarter

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Stockholm, Sweden – Tessin Nordic AB (publ), the biggest alternative property financing platform in the Nordics, today published operating results for the third quarter of 2020, which delivered revenue growth and profit despite the economic uncertainty caused by the coronavirus pandemic.

“When we took the difficult decision in mid-March to gird Tessin for an uncertain time due to the escalating Covid pandemic, there were probably few who predicted that we would close the third quarter with a new monthly sales record”, says Tessin CEO and co-founder Jonas Björkman. “Our growth demonstrates the strength of our business model, clearly signalling the substantial need for alternative sources of financing for property development”.

Tessin has grown rapidly since 2014 and is strengthening its position in 2020 as the biggest provider of alternative financing to the real estate sector in the Nordics and among the market leaders in Europe. Net sales have risen by 25.3 percent to date in 2020 to SEK 26.8 million [21.4] and Tessin is reporting third-quarter operating profit of SEK 0.3 million [-4.0]. For the nine-months period, the loss after tax improved to SEK 0.1 million [-3.6]. Tessin brokered SEK 177 million [187] in loans to property developers during the quarter. The short-term furloughs decided by the company earlier in the year ended on 31 July 2020 for all employees.

Key financial data for the period:

July–September 2020

  • Net sales rose by 2.6 percent to SEK 8.8 million [8.6].
  • EBIT improved to SEK 0.3 million [-4.0].
  • Profit after tax for the period was SEK 0.1 million [-3.6].
  • Basic and diluted earnings per share were SEK 0.02 [-0.63].
  • Tessin brokered SEK 177 million [187] in loans to property developers during the quarter.

January–September 2020

  • Net sales rose by 25.3 percent to SEK 26.8 million [21.4].
  • EBIT improved to SEK -8.1 million [-13.7].
  • The loss after tax for the period improved to SEK -7.8 million [-11.4].
  • Basic and diluted earnings per share were SEK -1.28 [-2.03].
  • Tessin brokered SEK 482 million [460] in loans to property developers during the period and had brokered loans of SEK 2,393 million in total by the end of the period.

“After yet another strong quarter, I can say without hesitation that we are delivering what we promise. This feels particularly important now that our journey towards a listing on NASDAQ First North Premier has moved into a new and more intense phase. The timetable for a listing in early 2021 remains firm. As always, my highest priority is to build the best and strongest company possible to create optimal conditions for a successful listing and favourable value growth for our shareholders”, says Jonas Björkman

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About Tessin Nordic

Tessin Nordic
Tessin Nordic
Olof Palmes gata 31
111 22 Stockholm

08-410 560 70https://tessin.com/sv/

Tessin Nordic AB (publ) (”Tessin”) is the biggest alternative property financing platform in the Nordics. Tessin serves those who want to place capital directly in real estate without any complicated fee structures and intermediaries. In Tessin, investors, along with others, invest in different types of real estate projects and at the same time receive a good return on their capital.

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