(Oslo, Norway, 19 August 2022) Arribatec Group ASA (OSE:ARR, Arribatec) today reported revenues of NOK 120.2 million in the second quarter of 2022, up 15% from NOK 104.4 million in the corresponding quarter last year, and an EBITDA of NOK – 11.5 million (1.8).
“We continue the growth and have increased our recurring revenue again compared to a year ago. Our partnership strategy underpins our overall growth, and we continue developing new and existing partnerships. We have reached the end of all of our main integration and structuring activities internally during the second quarter, and are gearing up for further growth on the platform that we have built“ says Geir Johansen, CEO of Arribatec.
Arribatec reported revenues of NOK 120.2 million in the second quarter of 2022 (99.2) and an EBITDA of NOK -11.5 million (1.8). The reported EBIT ended at a negative NOK 24.8 million (-6.2), with recognized recurring revenues of NOK 43.6 million (37.8). The company had NOK 55.7 million in cash at the end of the second quarter of 2022.
“During the second half of 2022, we expect to see higher revenue compared to first half, and an improvement in EBITDA. We have built internal infrastructure to accommodate higher revenue volumes, and have staffed up to accommodate the increased project work that we have ahead of us“ Johansen concludes.
The board of directors’ financial report for the second quarter of 2022 is enclosed.
*EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the 2021 second-quarter report on page 36.
Arribatec Group ASA will host a web presentation of the second quarter financial results 2022 on Friday, 19 August 2022, at 09:00 CET. The presentation will stream live at
https://www.arribatec.com/q2-2022/
ENDS
For additional information, please contact:
Geir Johansen, CEO, Arribatec Group ASA: +47 4771 0451
Martin Nes, Chairman of the Board, Arribatec Group ASA: +47 920 14 814
This information is considered to be inside information according to the EU Market Abuse Regulation and is subject of the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Geir Johansen, CEO, Arribatec Group ASA, on 19 August 2022 at 07:30 CET.
About Arribatec | www.arribatec.com
Arribatec is a software and consulting company headquartered in Oslo. With a customer-centric engagement model, combined with a deep system, integration, and domain competence, Arribatec builds long-term strategic partnerships with a broad customer base. Arribatec serves more than 1000 large entities spread over 25 countries and various industries, both in the private and public sectors. The company employs 445 people around the world and is listed on the Oslo Stock Exchange under the ticker code ARR.