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Q3 2020 adjusted EBITDA of EUR 5.8 million (EUR 2.9 million)
- EBITDA of EUR 5.7 million (EUR -0.9 million) with only limited restructuring items during the quarter
- Quarterly P&L impact of cost-synergies with vwd Group reaching EUR 1.1 million
- Reduced other operating expenses (e.g. marketing and travelling), due to COVID-19
vwd Group integration moving forward according to plan
- Combining the best of Infront and vwd Group
- Aligning and tailoring product portfolio toward sell-side, buy side, corporates and other clients
- Establishing the Infront Professional Terminal across all our geographies
Adapted to new working environment, following COVID-19 outbreak
- Continued focus on employee health and complying with local guidance
- Focus on developing and delivering state-of-the-art products and solutions, regardless of our market- and work-environment
Oslo, 13 November 2020
Infront ASA (INFRNT) today announced its interim results for Q3 2020. Operating revenue was EUR 28.6 million (EUR 25.3 million), an increase of 13% from the same quarter last year. The increase reflects the inclusion of vwd Group in the entire quarter.
“Infront continued making substantial progress in the post-merger integration of vwd Group, during the third quarter of 2020. It has now been more than a year since this transformative acquisition, and we are proud of having successfully rebranded and become one united company.
When it comes to integration efforts, we can now clearly see the impact of our cost-synergies. This has also been our primary focus over the last twelve months. While much of the focus up until now has been on realizing cost savings, we also see strong growth-potential within the medium- to long-term. We will achieve this by boosting our sales efforts, cross-selling products across regions and finally: develop and tailor our offering even further towards our large user-base.
We are just seeing the beginning of what lies ahead of us.
In September, we launched an important internal project. Our target is to obtain full commitment from all our employees to set ambitious goals for how they can contribute in making Infront reach its strategic objectives. The initial phase is encouraging, and management is impressed with how committed our employees are in contributing to the future success of Infront.
The COVID-19 lock-down that was imposed during March 2020 was difficult for all of us. Halfway into the fourth quarter of 2020, the near future remains uncertain. Having adapted the way we work to accommodate our customers’ needs, we are prepared for any new measures taken by local authorities. Regardless of what happens, we remain confident that our product offering, business model and employees remain strong and committed to overcome a prolonged work-from-home environment,” said Kristian Nesbak, CEO and founder of Infront.
Adjusted EBITDA was at EUR 5.8 million compared to EUR 2.9 million in Q3 2019. Reported EBITDA was EUR 5.7 million
(EUR -0.9 million).
Infront generates most of its revenue from recurring subscription contracts for its services which represented about 97% of total sales for Q3 2020.
Webcast:
Infront will present the Q3 2020 results at 10.00 CEST today hosted by CEO Kristian Nesbak and CFO Max Hofer via a Microsoft Teams Event. The presentation will be held in English.
Follow this link to access the webcast: https://bit.ly/3eG5VGl
There will be a Q&A session right after the presentation, please send questions to ir@infrontfinance.com or post them through Microsoft Teams. A recording of the presentation will be available on the website shortly after the webcast has ended.
For further information please contact:
Kristian Nesbak, CEO of Infront, +47 940 04 000
Max Hofer, CFO of Infront, +47 971 48 953
The interim report and presentation are also available on the investor relations pages at www.infrontfinance.com/investor-relations
About Infront:
Infront offers a powerful combination of global market data, news, analytics and trading tools. With the recent acquisition of vwd Group, Infront’s product coverage also includes data and feed solutions, solutions for portfolio management and advisory, regulatory compliance as well as publication and distribution solutions. Our more than 3,000 customers and over 90,000 professional users benefit from the highest level of expertise in regulation, private wealth, market data and the frictionless interaction of the diverse solutions and products covering their complete workflow. Approximately 500 employees apply their expertise to meet the challenges of our clients, ensuring they continuously receive the best solutions and services.
Infront is listed on the Oslo Stock Exchange.
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