ICT Q3 2019 results impacted by WEAK market developments

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Algemeen advies 30/10/2019 08:06
Key developments:
Revenue grew 13% to € 35.9 million (Q3 2018: € 31.8 million), organic revenue growth came in at 2%
EBITDA (Pre-IFRS 16) was down to € 2.0 million (Q3 2018: € 3.1 million), mainly impacted by weak market conditions in the industry
9M 2019
Revenue rose 25% to € 115.7 million (9M 2018: € 92.7 million), organic revenue growth of 7%.
Underlying EBITDA (Pre-IFRS 16) amounted € 9.0 million (9M 2018: € 8.9 million)
EBITDA (Pre-IFRS 16) amounted € 8.4 million (9M 2018: € 8.1 million)
FY 2019 EBITDA (Pre-IFRS 16) forecast at between € 10 and € 12 million

Jos Blejie, CEO of ICT Group N.V.: “After a strong first half of 2019, the third quarter was disappointing for ICT Group. In our business the third quarter is traditionally a quarter with uncertainties due to the summer breaks. Although we anticipated the high organic growth levels to level off in the second half of the year, we did not foresee the rate of deterioration in market conditions. Clients terminated a number of projects unexpectedly, impacting productivity in the third quarter. At the same time, we see increased momentum for our Software as a Service offerings, and we continue to invest in these innovative solutions. These upfront outlays do however impact the short term profitability. We expect the situation of the third quarter to stabilize in the fourth quarter. We have taken the necessary measures and have trust in the recovery of our margins. The anticipated lower productivity in the traditionally strong fourth quarter will however impact EBITDA in the fourth quarter. We therefore expect EBITDA for the full year 2019 to come in at between €10 to €12 million.”

tijd 16.20
ICT EUR 11,90 -1,30 vol. 50.462

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