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ECIT (ECIT) investor relations material
ECIT Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary23 Sep, 2024
Executive summary
Revenue for H1 2024 reached NOK 1,979 million, up 13.8% year-over-year, with 3.4% organic growth and 10% M&A-driven growth, despite one less working day.
EBITDA for H1 2024 was NOK 256 million (margin 12.9%), up 8% in absolute terms but margin slightly down from 13.6% last year, impacted by macroeconomic headwinds.
Adjusted profit for H1 2024 was NOK 86 million, down from NOK 95 million, mainly due to higher financial expenses and amortisations.
Cost savings program is progressing as planned, with expected materialization in EBITDA.
A voluntary offer of NOK 10 per share was launched in September 2024, expiring 1 October 2024.
Financial highlights
Q2 2024 revenue was NOK 980 million, up 11.7% year-over-year; organic growth 3.1%, M&A growth 9.4%.
EBITDA: NOK 256 million (12.9% margin); EBIT: NOK 132 million (6.7% margin).
Adjusted diluted EPS for H1 2024 was NOK 0.11 (down from 0.12); free cash flow NOK 125 million (down from 165 million), mainly due to net working capital fluctuations.
Net interest-bearing debt increased to NOK 827 million from NOK 481 million, driven by increased subsidiary ownership and acquisitions.
Increased financial expenses due to higher debt and interest rates.
Outlook and guidance
Cost-saving initiatives are expected to further improve EBITDA.
Macroeconomic headwinds are likely to continue impacting IT division growth, especially in projects and hardware.
Free cash flow is expected to recover as net working capital effects reverse in Q3.
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Frequently asked questions
ECIT AS is a Norway-based company that offers a broad range of services across three main divisions: Information Technology (IT), Finance & Accounting (F&A), and Technology solutions. The company's IT services include managed services, cloud solutions, and IT consulting, focusing on improving clients' operational efficiency. In the F&A sector, ECIT provides accounting, payroll, management consulting, HR services, and financial reporting. Its technology division develops software applications, particularly for financial and accounting automation. The company is headquartered in Fornebu, Norway, and its shares are listed on the Oslo Stock Exchange.
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