MUNICH (dpa-AFX) - IT service provider Nagarro expects slightly better business this year than recently. In 2024, the SDax-listed company is targeting sales in the region of one billion euros at constant exchange rates, as Nagarro surprisingly announced in Munich on Tuesday. For the past year, the IT service provider expects sales of around 915 million euros after several forecast reductions.

The operating margin, measured by adjusted earnings before interest, taxes, depreciation and amortization (EBITDA margin), is expected to be 14 percent in 2024. According to previous statements, Nagarro expects the margin to fall from 17.3% to 13% in 2023. The IT service provider has recently felt the effects of weak capacity utilization and has cut jobs.

According to its website, Nagarro will present detailed figures for the past year on April 16./niw/jha/