Actic Group, a leading northern-European fitness club operator, reported Q2 sales in line with our expectations at SEK 138m (we estimated SEK 135m), implying a 12% y-o-y decrease. Pre-tax profit of SEK -40m was below our expectation at SEK -31m, mainly caused by higher personnel costs due to CEO leaving and fewer permits. We are therefore contemplating downgrading our full-year pre-tax forecasts by about SEK 10m.

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