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MeldingsID: 400213
Dato/tid 27.04.2016 07:30
Utsteder Itera ASA
UtstederID ITE
Instrument ITE
Marked OB
Informasjonspliktig   Informasjonspliktige opplysninger   Lagringspliktig melding
Tittel Profit improvement and growth
Oslo, 27th April 2016: Itera continued the strong trend from 
the end of 2015 and achieved good growth and profitability 
improvements at all continuing units in the first quarter of 

Easter fell in the first quarter of 2016. In addition to 
more holiday taken, this meant that there were 2.5 fewer 
working days in the first quarter of 2016 than in the first 
quarter of 2015. This impacted operating revenue and 
profitablity. Taking into account the fact that Easter was 
in the first quarter of this year and the second quarter of 
last year, the Group achieved a good improvement in growth 
and profitability.

Pro forma operating revenue was NOK 104.1 million (99.3) for 
the first quarter of 2016, equivalent to revenue growth of 
5%. In percentage terms Itera's Danish and nearshore units 
achieved the strongest revenue growth, but revenue was also 
up at all the Group's Norwegian units.

The pr forma operating result before depreciation and 
amortisation (EBITDA) for the first quarter of 2016 was a 
profit of NOK 11.0 million (a profit of NOK 9.8 million in 
Q1 2015), and the operating result before non-recurring 
items (EBIT) was a profit of NOK 6.1 million (a profit of 
NOK 5.1 million in Q1 2015). The EBIT margin was 5.9% as 
compared to 5.1% in the first quarter of 2015.

Cash flow from operating activities was NOK -3.5 million 
(-8.1) for the first quarter of 2016.

A key part of Itera's strategy is to maintain and develop 
the Group's largest and most strategic relationships across 
national borders and areas of expertise. Itera has a strong 
customer portfolio in the Nordic region, where many 
customers are served from more than one of Itera's various 

Like previous quarters, the Group is experiencing that 
digitization is a rapidly growing market trend, with 
interest and demand in virtually all industries and sectors. 
Customers are committed to delivering great user experiences 
to their customers, and request the ability to innovate, a 
"lean" development approach and a range of competencies 
spanning over communications, technology and service design. 
This makes the Group well positioned to continue to build a 
strong position in the area.

- The simplification of the Group with a reduced number of 
delivery units has helped to reinforce the positive trend 
from the end of last year, as planned. We are very satisfied 
with the development in the continuing units, with strong 
performance particularly in Denmark and in our nearshore 
operations, says Arne Mjøs, CEO of Itera.

The revenue from Itera's 30 largest customers grew by 6% in 
the first quarter of 2016 and accounted for 71% of the 
Group's operating revenue, up from 68% in the first quarter 
of 2015.

The proportion of Itera's capacity that is located nearshore 
(its nearshore ratio) was 36% (29%) at the end of the first 
quarter. The Group's development centre in Bratislava 
provides great flexibility with regard to meeting the target 
of achieving a nearshore ratio of 50% in the future.

For more information:
Arne Mjøs, CEO
+47 905 23 172 				
Bent Hammer, CFO
+47 982 15 497

About Itera - great user experiences for the customers' 
Itera is a communication and technology company that 
delivers services in the strategy and consulting, design and 
development, and operations and management areas. The 
customers are Nordic organisations that aim to deliver great 
user experiences to their customers, and that see the 
instrumental contribution of innovation, efficient 
communication and good technology use can make to achieving 
their goals. Itera is headquartered in Oslo, and has about 
450 employees across the Nordics and in Ukraine and 
Slovakia. Itera is listed on Oslo Stock Exchange under the 
ticker ITE.

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