Oslo, 25th August 2022: Itera continued its strong growth trajectory in the second quarter with an increase of 22% in operating revenue and an operating margin of 11.7%. The company is investing in three new offices in Central Europe to accommodate the increased demand for its proven distributed delivery model.
Itera reports operating revenue of NOK 183.5 million (NOK 150.8 million) for the second quarter of 2022, which represents a growth of 22%.
Itera is investing in three new offices in Central Europe to meet the increased demand for its internationally recognised distributed delivery model. While the company expects continued growth in its Ukrainian locations, the additional offices will provide an even higher total growth capacity than before the war.
Itera’s headcount at the end of the second quarter of 2022 was 661 as compared to 539 at the end of the second quarter of 2021. This represents an increase of 122 employees (23%) over the last 12 months, of which 19 during the second quarter of 2022.
Itera’s new Cloud Application Services unit is gradually gaining momentum in the market with several new cloud journey wins and an increasing pipeline of opportunities. A noteworthy new customer from the public sector is the Norwegian Directorate of Integration and Diversity (IMDi), which has entered into a long-term framework agreement with Itera with an expected value of 40-60 MNOK for the first two years.
In addition, Itera and Microsoft’s global consultancy division, Industry Solutions Delivery (ISD), have entered a unique cooperation agreement to increase sales and deliveries to selected customers.
- Most industries are accelerating their migration to the cloud. 95% of new digital workloads will be deployed on cloud-native platforms by 2025. Information Technology (IT) and Operational Technology (OT) are coming together, and the cloud is foundational to how organisations will be competitive going forward. Together with Microsoft, we will increase our capabilities for even larger digital transformation opportunities, says Arne Mjøs, CEO of Itera.
Total operating expenses in the second quarter of 2022 were 26% higher at NOK 162.0 million (NOK 128.4 million).
The operating result before depreciation and amortisation (EBITDA) for the second quarter of 2022 was a profit of NOK 28.8 million (NOK 28.6 million), giving an EBITDA margin of 15.7% (18.9%).
The operating result (EBIT) for the second quarter was a profit of NOK 21.5 million (NOK 22.5 million), giving an EBIT margin of 11.7% (14.9%).
- When I talk to executives, the need for speed and results is always one of their top priorities. Because speed is so important to our customers today, we often do multiple things at the same time to help our customers to build their digital business. Our Digital Factory at Scale encompasses all our services and tools, from digital strategy, customer experiences and cloud transformation journeys to cloud migration and modernisation, data-driven development, use of artificial intelligence and management of the entire product lifecycle. It’s all about doing more with less, says Arne Mjøs.
The revenue from Itera's 30 largest customers accounted for 82% of its operating revenue, which is eight percentage points higher than in the second quarter of 2021. New customers accounted for 10% of revenue.
For more information:
Arne Mjøs, CEO | arne.mjos@itera.com | +47 905 23 172
Bent Hammer, CFO | bent.hammer@itera.com | +47 982 15 497
About Itera – specialists in creating sustainable digital business
Itera creates sustainable digital business for innovative organisations in data-intensive market segments. The group delivers solutions and services in interdisciplinary teams within technology, strategic consulting, and design, and works in a distributed delivery model, with teams across national borders. For the past six years, Itera has been recognised as one of Norway's 25 most innovative companies, and its distributed delivery model was recognised as best in the world by the Global Sourcing Association (GSA) in 2018. The group has around 660 employees, working from offices in the Nordics and Central and Eastern Europe, and deliver digital solutions to around 20 countries worldwide. Itera is a listed company on the Oslo Stock Exchange under the ticker ITERA.