Oslo, 29th October 2014: The Group now experiences a
more stable situation than in the first half, which
was negatively affected by the situation in Ukraine.
Reduced revenue in the first half has now turned to a
sequential growth in the third quarter and a revenue
at the same level as last year.
Operating revenue amounted to NOK 102.3 million
(102.5) in the third quarter and NOK 329.5 million
(340.1) year to date. The revenue in the third
quarter ended on the same level as last year, but had
a decrease of -3 percent year to date.
The operating expenses in the third quarter amounted
to NOK 99.8 million (97.8) and NOK 323.4 million
(325.2) year to date. This represents an increase of
2 percent in the third quarter. The increase is
related to the establishment of the new development
center in Bratislava. The total operating expenses
decreased by -1 percent compared to last year.
Operating profit before depreciation (EBITDA)
amounted to NOK 7.7 million (10.0) in the third
quarter, corresponding to a margin of 7.6 (9.7)
percent. Operating profit (EBIT) amounted to NOK 2.5
million (4.7) in the third quarter, which corresponds
to a margin of 2.4 (4.6). EBIT year to date amounted
to NOK 6.1 million (14.9), corresponding to a margin
of 1.8 (4.4) percent.
The cash flow from operations amounted to NOK -3.2
million (4.0) in the third quarter and NOK -1.0
million (21.9) year to date.
The 10 largest customers accounted for 42 percent of
the total revenues in the third quarter, up from 39
percent in the corresponding period last year. The
growth of the five largest customers was 10 percent
year to date, while the growth of the 10 largest
customers was 4 percent year to date compared to the
same period last year.
The public sector is a particular priority for the
Group. During the quarter, Itera signed new or
expanded agreements with customers like the Norwegian
Environment Agency, the City of Oslo, the National
Police Immigration Service, Statsbygg, the Norwegian
Agriculture Agency, the Language Council of Norway
and the Norwegian Defence Estates Agency (NDEA).
- The public sector is undergoing a major
transformation. The ambition is that public
administration in general will communicate digitally
with citizens. The sector will be in need for
competence within technical development, service
design and communications for many years to come, and
Itera is well positioned through our range of
services, says Arne Mjøs, CEO of Itera.
By the end of the quarter, the number of employees
was 465 compared to 453 in the third quarter last
year. This represents an increase of 3 percent.
The nearshore ratio was 33 (29) percent by the end of
the third quarter.
Arne Mjøs, CEO
+47 905 23 172
arne.mjos@itera.no
Torunn Havre, CFO
+ 47 909 43 403
torunn.havre@itera.no
Ane Gjennestad, CCO
+47 90 55 60 77
ane.gjennestad@itera.no