January–March 2024 in brief:
- Net sales were approximately
EUR 21.2 million (2023: 20.2), representing an increase of 4.8% - The operating margin was approximately
EUR 2.6 million (2023: 2.5), which shows an increase of 4.6% - Operating profit was
EUR 1.8 million (2023: 1.7), representing an increase of 7.3% - The order backlog at the end of the review period was
EUR 68.8 million (2023: 76.3),
representing a decrease of 9.8%
Key figures of the group, IFRS | |||
. | Jan 1–Mar 31, 2024 | Jan 1–Mar 31, 2023 | Change |
Net sales, EUR thousand | 21,186 | 20,223 | 4.8% |
Growth of net sales | 4.8% | 19.2% | |
Operating result before depreciation and amortization (EBITDA), EUR thousand | 2,601 | 2,487 | 4.6% |
percentage of net sales | 12.3% | 12.3% | |
Operating profit/loss (EBIT), EUR thousand | 1,836 | 1,712 | 7.3% |
percentage of net sales | 8.7% | 8.5% | |
Earnings before taxes, EUR thousand | 1,743 | 1,311 | 33.0% |
percentage of net sales | 8.2% | 6.5% | |
Earnings, EUR thousand | 1,378 | 1,036 | 32.9% |
percentage of net sales | 6.5% | 5.1% | |
Order backlog | 68,819 | 76,293 | -9.8% |
Net gearing | 19.2% | 33.1% | -13.9% |
Net gearing without IFRS 16 | 8.8% | 16.4% | -7.5% |
Equity ratio | 53.9% | 47.3% | 6.7% |
Equity ratio without IFRS 16 | 57.1% | 51.3% | 5.8% |
Active personnel on average during the review period* | 579 | 567 | 2.1% |
Active personnel at the end of the review period* | 583 | 572 | 1.9% |
Earnings per share (EUR) | 0.04 | 0.03 | 32.9% |
*)
Innofactor’s future outlook for 2024
Innofactor’s net sales and operating margin (EBITDA) in 2024 are estimated to increase from 2023, during which net sales were
CEO
Net sales in the first quarter of 2024 amounted to
In accordance with our previous assessment, the market situation remained challenging in the first quarter of 2024. New sales were challenging during the first quarter, but we were successful in our sales activities particularly with regard to the extensions of existing customer accounts. Our invoicing rate fell short of our target due to the challenging demand situation.
We are confident that the market conditions will improve and we want to maintain our competitiveness when demand turns to growth again. In our tendering activities, we have not priced our services below our cost. We are adapting our operations with a conservative approach. We have reduced, and continue to reduce, the use of subcontracting, especially in
Innofactor’s aim is to be the leading provider of organizations’ digital transformation in each of the Nordic countries. We believe in our chosen Nordic strategy and in reaching our long-term goals. This requires perseverance and determination from the company's management and employees as well as investors.
Strategy and its realization in the review period
Innofactor’s strategy comprises our purpose, mission, vision, strategic choices, values, working principle, and long-term financial goals.
Our purpose: Innovating to make the world work better
Our mission: Driving the modern digital organization
Our vision: Leading Nordic digital transformation partner in the Microsoft ecosystem
Our strategic choices:
- The most competent Nordic teams
- Productized and specialized offering
- Proactive and agile way of working
- Innovation with top customers
Our values:
- Accountability
- Empowerment
- Innovation
- Customer
Our working principle: Our principle is to put people first in everything we do. We want to provide solutions that make our customers’ everyday work and life run smoothly and bring a smile to their faces.
Employer Value Proposition: Be the real you
Our long-term financial goals:
- To achieve annual growth of about 20 percent, the majority of which is intended to be achieved by organic growth
- To achieve about 20 percent EBITDA in relation to the net sales
- To keep the cash flow positive and secure good financial standing in all situations.
Innofactor’s net sales in the first quarter amounted to
The operating margin (EBITDA) was 12.3 percent of net sales (2023: 12.3%). In the period under review, the operating margin increased by 4.6 percent year-on-year. Profitability has remained at the previous level, and attention and efforts by the management are needed to reach the long-term target of approximately 20 percent.
Innofactor’s operating cash flow for the review period January 1–March 31, 2024, was
Espoo,
Board of Directors
Additional information:
CEO
tel. +358 50 584 2029
sami.ensio@innofactor.com
Briefings concerning the Interim Report for January 1–March 31, 2024
A briefing in Finnish concerning the Interim Report will be held for media, investors and analysts on the same day at 10:00 Finnish time, at the company’s premises at Keilaranta 9, Espoo. The report will be presented by CEO
Please register for the briefing in advance by sending an e-mail to ir@innofactor.com.
The presentation materials will be available on Innofactor’s website after the briefing.
Distribution:
NASDAQ
Main media
www.innofactor.com
Attachment
- Innofactor Plc's Interim Report for January 1–March 31, 2024 (IFRS)
© OMX, source