Revenue growth of 6%; COVID-19 impact limited in Q1
Highlights Q1 2020
Revenue in Q1 2020 up 6% to € 41.6 million (Q1 2019: € 39.4 million), organically flat
EBITDA decreased 7% to € 4.5 million (Q1 2019: € 4.8 million) due to lower productivity levels
COVID-19 impact was limited in Q1, effects will be more significant as of April.
Due to the uncertainty of the extent and duration of the crisis, the full year impact cannot be estimated yet
Multiple precautionary measures taken to cut costs and to preserve cash
Decision not to distribute 2019 dividend

Key figures
(in € millions) Q1 2020 Q1 2019 ?
Revenue 41.6 39.4 6%
EBITDA 4.5 4.8 -7%


Jos Blejie, CEO of ICT Group N.V.:
“After a weak fourth quarter last year we saw productivity levels slowly but steadily improving over the first quarter of 2020, on balance resulting in organic revenue coming in at the same level as the first quarter last year. Obviously, COVID-19 is having an unprecedented impact on economic activities since mid-February, also in some of the markets ICT is operating in. The impact on the performance of ICT was still rather limited in the first quarter of 2020. Around 95% of our activities for our clients can be done remotely.

Nevertheless we anticipate that the impact will deepen the longer the lockdown measures continue. Although our order portfolio is currently well filled and we benefit from being well-diversified in both activities and exposure to various sectors, we notice a slowdown in order intake. Therefore we expect that it will become more challenging to sustain performance levels at the level of the first quarter. Particularly secondment services will be affected. Our projects in R&D Engineering and vital infrastructures are less sensitive to a sudden economic downturn, but might follow suit if the economic uncertainty persists.

We remain confident that we are well positioned to benefit when economic activity rebounds. Our measures are geared at increasing our business agility, whilst working to retain our professional workforce. This will allow us to weather the current crisis, and remain well positioned to benefit quickly when business activities return to normal levels.”

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ICT EUR 6,56 -44ct vol. 11.356