Oslo, 28th April 2015: The revenue generated by Itera's
consulting services continued to grow in the first quarter
of 2015, while the IT hosting activities experienced a lower
level of activity, as was expected. The planned actions to
improve the profitability of Itera's IT hosting activities
in Norway were carried out in the first quarter of 2015, and
have had the desired effect on earnings. As previously
announced, it has been decided that Itera's IT hosting
activities in Sweden are to be sold, and the sales process
is underway.
The Group reports operating revenue of NOK 113.9 million
(112.4) for the first quarter of 2015, representing growth
of 1%.
The Group's operating costs totalled NOK 111.1 million
(110.0) in the first quarter of 2015, representing an
increase of 1%.
The operating result before depreciation (EBITDA) for the
first quarter of 2015 was a profit of NOK 7.7 million (a
profit of NOK 7.8 million in Q1 2014)
The operating result before non-recurring items (EBIT) for
the first quarter of 2015 was a profit of NOK 2.8 million (a
profit of NOK 2.4 million in Q1 2014)
As previously communicated, non-recurring costs totalling
NOK 2.0 million were recognised in the first quarter of 2015
due to an unprofitable department in Itera's IT hosting
activities in Norway being closed down.
Itera's cash flow from operations in the first quarter of
2015 was negative by NOK 8.1 million (negative by NOK 10.7
million in Q1 2014). The negative cash flow from operations
in the first quarter of 2015 can be attributed to seasonal
variations.
The revenue from Itera's 30 largest customers grew by 9% in
the first quarter of 2015 and accounted for 66% of the
Group's operating revenue, up from 64% in the first quarter
of 2014.
- The Group experienced good order inflows in the first
quarter. Delivery agreements with a combined value of NOK
170 million were signed with customers such as PRA Group,
Hjort, Simonsen Vogt Wiig, Selvaag, the Norwegian Defence
Estates Agency, the Municipality of Ski, OBOS and Østfold
Energi. Most of the agreements constitute extensions or
enlargements of existing relationships, which confirms that
the customers find it value adding to cooperate with Itera,
says Arne Mjøs, CEO of Itera.
The Group's headcount at the end of the first quarter of
2015 was 437 as compared to 464 at the end of March 2014.
This represents a decrease of approximately 6%. Some of the
reduction is due to an unprofitable department in Itera's IT
hosting activities in Norway being closed down, while the
rest is a result of natural departures that have not been
replaced with new resources.
For more information:
Arne Mjøs, CEO
+47 905 23 172
arne.mjos@itera.no