(Oslo, Norway, 26 August 2021) Arribatec Group ASA (OSE:ARR, Arribatec) today reported revenues of NOK 104.4 million in the second quarter of 2021, up from NOK 30.6 million in the corresponding quarter last year, and an EBITDA of NOK 1.8 million (3.0). The company has an ambitious international growth strategy, reiterates the strong outlook, and expects the revenue run-rate at NOK 550 million going into 2022.
“The second quarter of 2021 was another busy period for Arribatec with solid revenue growth, integration of the acquired companies, and significant business development initiatives across the organization. We also entered into several important recurring revenue contracts, providing a solid platform for further growth and development, “ says Per Ronny Stav, CEO of Arribatec.
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Arribatec reported revenues of NOK 104.4 million in the second quarter of 2021 (30.7) and an EBITDA of NOK 1.8 million (3.0). The reported EBIT ended at negative NOK 6.2 million (1.8), with recurring revenues, RR, of NOK 37.8 million (4.7). The company has NOK 78.6 million in cash at the end of the second quarter of 2021.
“We will continue to invest in sales to fuel organic growth and take advantage of the cross and up-selling opportunities in the new combined organization The large backlog of projects combined with the robust pipeline will also require further recruitments. We expect to see the full effect from these initiatives on top- and bottom-line early 2022, “ Stav adds.
“For the third quarter, we expect similar financial performance as the second quarter. However, as recurring revenue continues to grow relatively to total revenue, the seasonal impact over time will be reduced. Combined with the organic growth and the realization of group synergies, Arribatec looks forward to further implementing our growth and expansion strategy. We see a robust market going forward and expect a revenue run-rate of NOK 550 million when entering 2022, “Stav concludes.
The presentation and the board of directors’ financial report for the first half of 2021 are enclosed.
*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 2021 second quarter report on page 26.
Arribatec Group ASA will present the second quarter financial results 2021 on Thursday 26 August 2021. The presentation will take place at Hotel Continental, Stortingsgata 24/26, Oslo at 08:30 CET.
The presentation will be held in Norwegian. For attendance at the presentation please send an e-mail to IR@arribatec.com.
ENDS
For additional information, please contact:
Per Ronny Stav, CEO, Arribatec Solutions ASA: +47 994 42 378
Geir Johansen, CFO, Arribatec Solutions ASA: +47 4771 0451
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 partnership with a broad customer base. Arribatec serves more than 900 large entities spread over 25 countries and various industries, both in the private and public sector. The company employs over 350 people, taken announced acquisition into account, with offices in 18 countries and is listed on the Oslo Stock Exchange under the ticker code ARR.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This stock exchange announcement was published by Geir Johansen, CFO, Arribatec Group ASA, on 26 August 2021 at 07:00 CET.
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