(Oslo, Norway, 30 April 2024) Arribatec Group ASA (OSE: ARR, Arribatec) today reported revenues of NOK 144.6 million in the first quarter of 2024 down 3.6% % from NOK 150.0 million in the corresponding quarter last year. EBITDA for the quarter ended at break-even (5.3), a 5.3 million reduction compared to the same quarter last year. Adjusted EBITDA came in at NOK 1.1 million. During the first quarter of the year, the company signed 430 new contracts and scope extensions for a combined value of NOK 138 million.
“During Q1 we saw a slight reduction in activity compared to the first quarter in 2023. This reduction partly stems from Easter moving from Q2 in 2023 to Q1 in 2024, thus less consulting hours were delivered in Q1 this year. Business Services in region Nordics on the other hand, had a record high revenue and EBITDA in the first quarter. This comes on the back of delivering services to existing Unit4 customers, and more importantly, projects delivered with software from other partners; Hypergene, Visma and Rambase, and our own InstiPro software,” says Geir Johansen, CEO of Arribatec.
Arribatec reported revenues of NOK 144.6 million (150) in the first quarter of 2024 with recognized recurring revenues of NOK 59.8 million (50.9). EBITDA was at break-even (5.3) for the first quarter, with adjusted EBITDA at NOK 1.1 million. The reported EBIT ended at a negative NOK 11.1million (-6.3). The company had NOK 39.6 million (39.4) in cash at the end of the first quarter 2024.
The Board of Directors’ financial report for the first quarter of 2024 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 2024 first quarter report on page 30.
Arribatec Group ASA will host a web presentation of the first quarter financial results 2024 on Tuesday 30 April 2024 09:00 CET. The presentation will be streamed at
https://www.arribatec.com/arribatec-q1-2024/
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
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 1700 companies spread over 25 countries and various industries in the private and public sectors. The company employs over 380 people with offices in 11 countries and is listed on the Oslo Stock Exchange under the ticker code ARR.