same period last
year. This growth
was achieved through
its nearshore
activities, with a
double-digit revenue
growth, and through
the Norwegian
consulting and
product units. The
revenue generated by
Itera's Danish
activities and its
IT hosting
activities in Norway
decreased slightly.
The Group reports
operating revenue of
NOK 91.8 million
(NOK 88.7 million)
for the third
quarter of 2016,
which represents
growth of 3 percent.
This revenue growth
was largely achieved
through the Group's
nearshore services,
whereas sales of
hardware/software
decreased
significantly.
- We are satisfied
with the development
in those parts of
the businesses that
deliver the
strongest results.
Going forward, we
will focus on
bringing out more of
the potential of the
other operations,
says Arne Mjøs, CEO
of Itera.
The Group's total
operating costs were
up 3 percent to NOK
85.5 million (NOK
82.4 million) in the
third quarter of
2016.
The operating result
before depreciation
and amortisation
(EBITDA) for the
third quarter of
2016 was a profit of
NOK 11.0 million (a
profit of NOK 11.1
million in Q3 2015),
and the operating
result (EBIT) before
non-recurring items
was a profit of NOK
6.3 million (a
profit of NOK 6.4
million in Q3 2015).
The EBIT margin was
6.3 percent as
compared to 7.2
percent in the same
period last year.
Cash flow from
operational
activities was NOK
4.4 million (NOK 5.3
million) in the
third quarter of
2016. This is NOK
6.7 million less
than EBITDA, which
is due primarily to
a reduction in other
current liabilities.
- Itera is finding
the market position
that it has created
in collaboration
with its customers
to be strong, and
believes that the
Group has the right
knowledge,
experience and
approach to further
strengthen its
position: insight
into advanced
technology, a good
understanding of
business, and a
strong focus on
creating good user
experiences. The
Group's range of
services in
communication and
technology are more
relevant than ever
before, says Arne
Mjøs, CEO of Itera.
During the third
quarter Itera was
recognised as one of
the top-25 most
innovative
organisations in
Norway across all
sectors, along with
other strong brands
such as DNV GL,
Norwegian, Snøhetta,
Telenor, Statoil and
Schibsted.
The revenue from
Itera's 30 largest
customers grew by 9
percent in the third
quarter of 2016 and
accounted for 75
percent of the
Group's operating
revenue, up from 69
percent in the third
quarter of 2015.
The proportion of
Itera's capacity
that is located
nearshore (its
nearshore ratio) was
36 percent (33
percent) at the end
of the third
quarter. The Group
has development
centres in Slovakia
and Ukraine and has
a strategic target
of achieving a
nearshore ratio of
50% in the future.
For more
information:
Arne Mjøs, CEO
Bent Hammer, CFO
+47 905 23 172
+47 982 15 497
arne.mjos@itera.no bent.hammer@itera.no
About Itera - great
experiences for the
customer's customers
Itera is a
communication and
technology company
that delivers
services in the
strategy and
consulting, design
and development, and
operations and
management areas.
Its customers are
Nordic organisations
that aim to deliver
great user
experiences to their
customers, and that
see the instrumental
contribution that
innovation,
efficient
communication and
good technology use
can make to
achieving their
goals. Itera is
headquartered in
Oslo, and has about
400 employees across
the Nordics and in
Ukraine and
Slovakia. Itera is
listed on Oslo Stock
Exchange under the
ticker ITE.