(Oslo, Norway, 11 May 2023) Arribatec Group ASA (OSE:ARR, Arribatec) today
reported revenues of NOK 150 million in the first quarter of 2023, up 19% from
NOK 126.0 million in the corresponding quarter last year. EBITDA for the
quarter was NOK 5.3 million (-6.2), an improvement of NOK 11.5 million. The
company has secured several important contracts during the latest months, and
expects the development to continue.
"We are pleased to report another record high quarterly revenue of NOK 150
million, in particular since the growth is entirely organic. Moreover, an EBITDA
improvement of more than NOK 11 million compared to a year ago bodes well for
the quarters to come," says Geir Johansen, CEO of Arribatec.
Arribatec reported revenues of NOK 150.0 million (125.9) in the first quarter
of 2023 and a positive EBITDA* of NOK 5.3 million (-6.2). The reported EBIT
ended at a negative NOK 6.3 million (-18.9), with recognized recurring revenues
of NOK 50.9 million (46.8). The company had NOK 61.9 million in cash at the end
of the first quarter in addition to NOK 20.0 million in an unutilized revolving
credit facility.
"We are now reaping the benefits from the investments in structure, tools,
processes and procedures we made in 2021 and 2022. 19% organic growth since a
year ago coupled with a healthy pipeline of new potential projects, shows that
we have built a company that can take on growth, and do so in a profitable and
controlled manner. In short, we have done what we said we would do, " Johansen
concludes.
The Board of Directors' financial report for the first quarter of 2023 is
enclosed.
CEO Geir Johansen will present the results in a webcast at 9:00 am CET. The
webcast can be accessed through the following link:
https://www.arribatec.com/q1-2023/
*EBITDA and other alternative performance measures (APMs) are defined and
reconciled to the IFRS financial statements as a part of the APM section of the
2023 first-quarter report on page 34.
ENDS
For additional information, please contact:
Geir Johansen, CEO, Arribatec Group ASA: +47 4771 0451
Martin Nes, Chairman of the Board, Arribatec Group ASA: +47 920 14 814
About Arribatec | www.arribatec.com
Arribatec is a software and consulting company headquartered in Oslo. With a
customer-centric engagement model combined with a deep system, integration, and
domain competence, Arribatec builds long-term strategic partnerships with a
broad customer base. Arribatec serves more than 1700 companies spread over 25
countries and various industries in the private and public sectors. The company
employs over 370 people with offices in 17 countries and is listed on the Oslo
Stock Exchange under the ticker code ARR.