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MeldingsID: 388092
Dato/tid 29.10.2015 08:00
Utsteder Itera ASA
UtstederID ITE
Instrument ITE
Marked OB
Informasjonspliktig   Informasjonspliktige opplysninger   Lagringspliktig melding
Tittel Continued improvements in profitability
Oslo, 29. october 2015: As in the first two quarters 
of this year, good improvements were seen in the third 
quarter in the profitability of Itera's consulting 
activities in Norway and Denmark. Weaker figures were 
generated by Itera's consulting activities in Sweden. 
The Norwegian operating activities shows growth and a 
solid operating margin due to long-term and targeted 

The Group reports operating revenue of NOK 94.0 
million (96.0) for the third quarter of 2015.

The Group's operating costs totalled NOK 89.5 million 
(93.4) in the third quarter of 2015, representing a 
decrease of 4% relative to the same period last year.

The operating result before depreciation (EBITDA) for 
the third quarter of 2015 was a profit of NOK 9.3 
million (a profit of NOK 7.7 million in Q3 2014).

The operating result before non-recurring items (EBIT) 
was a profit of NOK 4.5 million (a profit of NOK 2.6 
million in Q3 2014).

Itera's cash flow from operations in the third quarter 
of 2015 was NOK 5.3 million (-3.2). There were changes 
to working capital which, in conjunction with the 
improvement in profit, led to an improvement in cash 
flow from operations relative to the third quarter of 

The revenue from Itera's 30 largest customers grew by 
2% in the third quarter of 2015 and accounted for 70% 
of the Group's operating revenue, up from 68% in the 
third quarter of 2014.

- We have had a long-term and determined focus over a 
long period in order to improve profitability, and are 
satisfied to see results. We have well-defined plans 
ahead to ensure that the positive trend remains stable 
where it today is good, and to turn around the trend 
in Sweden, says Arne Mjøs, CEO of Itera.

Agreements were signed with customers such as 
Storebrand Livsforsikring, Eika, KLP, Santander, the 
Norwegian Defence Estates Agency, PRA Group, 
Norconsult, Lovisenberg Diakonale Sykehus, If, the 
Norwegian Agriculture Agency, OBOS Forsikring and VPS. 
A high proportion of these agreements are extensions 
or expansions of existing commitments. This is in line 
with the company's strategy, which is to develop long-
lasting relationships with customers that have the 
potential to purchase the whole range of services 
offered by Itera. 

The Group's headcount at the end of the third quarter 
of 2015 was 401 as compared to 429 at the end of the 
same quarter in 2014. This represents a decrease of 
12%. Some of the reduction is due to the closure of an 
unprofitable department in Itera's IT hosting 
activities in Norway as previously announced, and the 
nearshore ratio has also been somewhat lower.

The proportion of Itera's capacity that is located 
nearshore (its nearshore ratio) was 31% (33%) at the 
end of the third quarter. The Group's development 
centre in Bratislava provides flexibility with regard 
to meeting the target of achieving a nearshore ratio 
of 50% in the future. 

For information:
Arne Mjøs, CEO 
+47 905 23 172

Bent Hammer, CFO
+47 982 15 497

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