(Oslo, Norway, 2 November 2023) Arribatec Group ASA (OSE: ARR, Arribatec) today reported revenues of NOK 131.8 million in the third quarter of 2023, up 11.5% from NOK 118.2 million in the corresponding quarter last year. EBITDA for the quarter was NOK 9.0 million (-6.7), an improvement of NOK 15.7 million. The company has secured several important contracts during the latest months and expects the development to continue.
“We have seasonality in our business, and the third quarter revenue numbers reflect summer holidays in all our main markets. Arribatec’s consultants and developers take time off during summer, and the same do our customers, who then are less available for project deliverables during the summer. Despite a slowdown in activity during the summer months, we are pleased to note a steady improvement in the EBITDA margin also in the third quarter. We are confident that we will see activity picking up again for the fourth quarter, and that our growth journey will continue” says Geir Johansen, CEO of Arribatec.
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Arribatec reported revenues of NOK 131.8 million (118.2) in the third quarter of 2023 and a positive EBITDA* of NOK 9.6 million (-6.7). The reported EBIT ended at a negative NOK 3.9 million (-6.7), with recognized recurring revenues of NOK 54.3 million (44.2). The company had NOK 40.2 million in cash and cash equivalents at the end of the quarter.
The Board of Directors financial report for the third quarter of 2023 is enclosed.
CEO Geir Johansen will present the results in a webcast at 9:00 a.m. CET. The webcast can be accessed through the following link:
Arribatec Q3 2023 - Arribatec Group
*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 354 people and has 17 offices in 1o countries. The company is listed on the Oslo Stock Exchange under the ticker code ARR.
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