Oslo ,15 February 2024 : The fourth quarter forItera was characterized by an organic growth of 8%, strong cash flow from operations and an adjusted operating profit margin of 9.5%. While the pace of spending and the overall business landscape has changed, the fundamental importance of digital technology has not. -Itera demonstrates its resilience through solid financial performance despite a more challenging market. Although the overall macro environment remains somewhat uncertain, we are optimistic about the future and the opportunities we will create for our people, customers and company, saysArne Mjøs , CEO ofItera .Itera reports revenue ofNOK 222.1 million (NOK 205.5 million ) for the fourth quarter of 2023, which represents a growth of 8%. For the year as a whole, revenue wasNOK 871.6 million (NOK 735.8 million ), which represents a growth of 18%. - Customers who have made significant progress on cloud migration are now investing to modernize and innovate across the cloud continuum, extending the cloud to the edge and using data and AI to unlock greater value with more opportunities still ahead, saysArne Mjøs .Itera's headcount at the end of the fourth quarter of 2023 was 758 as compared to 698 at the end of the fourth quarter of 2022. This represents an increase of 60 employees (9%) during the last 12 months. - We continued to invest in developing our people, our international expansion outsideNorway and our strategic growth areas, such as Cloud and Application Services that will provide more long-term managed services and subscription revenue, saysArne Mjøs . -Itera had a record order intake equivalent to a book-to-bill ratio of 1.7 in the fourth quarter. Our expansion inSweden is progressing well, with a leading European energy company entering as a new customer with large potential forItera , Mjøs continues. The revenue fromItera's 30 largest customers accounted for 84% of its operating revenue, which is 2 percentage points higher than in the fourth quarter of 2022. New customers, defined as customers won during the last 12 months, accounted for 6.1% of revenue. The adjusted operating result before depreciation and amortization (EBITDA) for the fourth quarter of 2023 increased by 5% to a profit ofNOK 29.5 million (NOK 28.2 million ), giving a margin of 13.3% (13.7%). For the year as a whole, adjusted EBITDA wasNOK 113.7 million (NOK 109.0 million ) with a margin of 13.0% (14.8%). The adjusted operating result (EBIT) for the fourth quarter increased by 8% to a profit ofNOK 21.1 million (NOK 19.4 million ), giving a margin of 9.5% (9.5%). EBIT for the year as a whole wasNOK 81.4 million (NOK 77.2 million ) with an EBIT margin of 9.3% (10.5%). Returning cash to shareholders is an ongoing objective, and the company's track record of dividend payout twice a year reflects its commitment to providing value to shareholders. The first dividend payout in 2024 is proposed by the board to beNOK 0.40 per share. - Our company's performance demonstrates its resilience. We are strategically at our strongest point in history, and I will attribute this success to the incredible contributions of our people, says Mjøs. For more information:Arne Mjøs , CEO | arne.mjos@itera.com | +47 905 23 172Bent Hammer , CFO | bent.hammer@itera.com | +47 982 15 497 AboutItera - specialist in sustainable digital transformationItera is a leading international tech company that helps businesses and organisations to accelerate their sustainable digital transformation. We have a holistic ability to bring digital to the core of their business because of our full range of services in digital strategy and consulting, customer experience, technology, and cloud operations. Our integrated services and multi-disciplined teams meet customer needs rapidly and at scale through our world-class distributed delivery model across borders and ourDigital Factory at Scale, doing more for less. Working from our 14 offices in the Nordics and Central andEastern Europe , we serve customers in 20 countries worldwide.Itera is a listed company on theOslo Stock Exchange under the tickerITERA .
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