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MeldingsID: 420456
Dato/tid 17.02.2017 07:00
Utsteder Itera ASA
UtstederID ITE
Instrument ITE
Marked OB
Kategori HALVÅRSRAPPORTER OG REVISJONSBERETNINGER / UTTALELSER OM FORENKLET REVISORKONTROLL
Informasjonspliktig   Informasjonspliktige opplysninger   Lagringspliktig melding
Vedlegg
Tittel The strategy is working
Tekst
Oslo, 17th February 2017: Itera achieved revenue growth of 10% in 
the fourth quarter of 2016 relative to the same period in 2015. This 
growth was achieved through its nearshore activities and its 
Norwegian consulting and IT hosting activities, while the revenue 
generated by Itera's Danish activities and its product companies in 
Norway decreased slightly. Itera achieved revenue growth of 7% for 
2016 as a whole. 

The Group reports operating revenue of NOK 117.6 million (NOK 106.6 
million) for the fourth quarter of 2016, which represents growth of 
10%. This revenue growth was largely achieved through the Group's 
consulting and IT hosting services, in addition to its nearshore 
services. Operating revenue for 2016 as a whole was NOK 423.6 
million (NOK 394.2 million), equivalent to growth of 7%.

The Group's total operating costs in the fourth quarter of 2016 were 
7% higher at NOK 104.4 million (NOK 97.8 million). Operating costs 
for 2016 as a whole totalled NOK 387.2 million (NOK 367.9 million). 

The operating result before depreciation and amortisation (EBITDA) 
for the fourth quarter of 2016 was a profit of NOK 18.2 million (a 
profit of NOK 14.2 million in Q4 2015), and the operating result 
(EBIT) before non-recurring items was a profit of NOK 13.2 million 
(a profit of NOK 8.8 million in Q4 2015). The operating margin was 
11.2% as compared to 8.3% in the fourth quarter of 2015.
 
The operating result before depreciation and amortisation (EBITDA) 
for 2016 as a whole was a profit of NOK 55.9 million (a profit of 
NOK 46.1 million in 2015), while the operating result (EBIT) before 
non-recurring items was a profit of NOK 36.4 million (a profit of 
NOK 26.4 million in 2015). The operating margin in 2016 was 8.6% 
(6.7%). Unadjusted EBIT before non-recurring items was NOK 35.7 
million (NOK 20.1 million).

Cash flow from operational activities was NOK 36.9 million (NOK 30.1 
million) in the fourth quarter of 2016 and NOK 48.4 million (NOK 
20.8 million) for 2016 as a whole. With regard to the fourth 
quarter, cash flow from operational activities was NOK 18.7 million 
more than EBITDA, and this was primarily due to an increase in 
accounts payable and other current liabilities. 

- We are successful with our strategy of offering a range of 
services that cover the customers' business needs from communication 
and consulting to development and operations, says Arne Mjøs, CEO of 
Itera. - The demand for our services is strong and we need to ramp 
up recruitment.  

The revenue from Itera's 30 largest customers grew by 12% in the 
fourth quarter of 2016 and accounted for 75% of the Group's 
operating revenue, up from 70% in the fourth quarter of 2015. 

The proportion of Itera's capacity that is located nearshore (its 
nearshore ratio) was 37% (35%) at the end of the fourth quarter. The 
Group has development centres in Slovakia and Ukraine and has a 
strategic target of achieving a nearshore ratio of 50% over the long 
term.

The Board of Directors has passed a resolution to propose an 
ordinary dividend of NOK 0.18 per share at the Annual General 
Meeting on 22 May 2017. It will also ask for its authorisation to 
approve possible additional dividends to be renewed.

For more information:
Arne Mjøs, CEO				Bent Hammer, CFO
+47 905 23 172 				+47 982 15 497
arne.mjos@itera.no			bent.hammer@itera.no 


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

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