ECIT AS ("ECIT" or the "Company") will publish its interim financial report for the second quarter of 2024 (April – June) and the first half year of 2024 (January – June) on 23 September 2024. Today, ECIT publishes a trading update as per H1 2024, as further detailed below (please refer to attached document):
Key figures and ratios (NOKm) Q2, 2024/ Q2, 2023/ Growth, 2024/ H1,2024/
H1,2023/ Growth,2024
Revenue 980/ 877/ 11.7 %/ 1,979/ 1,739/ 13.8 %
EBITDA 144/ 122/ 16.8 %/ 256/ 237/ 7.3 %
Total Revenue growth 11.7 %/ 24.5 %/ - / 13.8 %/ 25.2 %/ -
Organic revenue growth 3.1 %/ 6.0 %/ - / 3.4 %/ 8.4 %/ -
EBITDA margin 14.7 %/ 13.9 %/ - / 12.9 %/ 13.6%/ -
Peter Lauring, CEO:
Second quarter performance is fairly in line with expectations. Negative Easter 2024 effects in Q1 2024 was positively offset in Q2 2024. H1 2024 holds one working day less than H1 2023. The (negative) effect is expected to be offset (positive) in H2 2024.
3.4% organic revenue growth for the first six months of the year was based on an acceptable growth in the F&A and Tech Divisions, whereas the projects and Hardware parts of the IT Division continue to face more challenging market conditions.
First half-year EBITDA at NOK 256 million (237) with a margin of 12.9% (13.6%). The general cost savings program announced in February 2024 is progressing as expected and the P&L effects will gradually become more visible throughout 2024.
About ECIT
Founded in 2013, ECIT supports a large customer base with accounting, payroll, and IT services. ECIT has a proven model for acquisitions, combining proximity to customers, local entrepreneurship and the strength of a larger international group. ECIT has a full year proforma revenue of 3.7 billion NOK per Q1 2024 and more than 2,600 employees across ten countries. M&A has been key to drive the Company's growth as ECIT has completed more than 135 acquisitions since 2013. Read more at www.ecit.com
For further information please contact:
Mads Skovgaard, Group CFO
mskovgaard@ecit.com
+45 2780 4942
ECIT AS - Trading update H1 2024. Company announcement No. 248
