Infront ASA (INFRNT) today announced its interim results for Q3 2020. Operating revenue was EUR 28.6 million (EUR 25.3 million), an increase of 13% from the same quarter last year. The increase reflects the inclusion of vwd Group in the entire quarter.
“Infront continued making substantial progress in the post-merger integration of vwd Group, during the third quarter of 2020. It has now been more than a year since this transformative acquisition, and we are proud of having successfully rebranded and become one united company.
When it comes to integration efforts, we can now clearly see the impact of our cost-synergies. This has also been our primary focus over the last twelve months. While much of the focus up until now has been on realizing cost savings, we also see strong growth-potential within the medium- to long-term. We will achieve this by boosting our sales efforts, cross-selling products across regions and finally: develop and tailor our offering even further towards our large user-base.
We are just seeing the beginning of what lies ahead of us.
In September, we launched an important internal project. Our target is to obtain full commitment from all our employees to set ambitious goals for how they can contribute in making Infront reach its strategic objectives. The initial phase is encouraging, and management is impressed with how committed our employees are in contributing to the future success of Infront.
The COVID-19 lock-down that was imposed during March 2020 was difficult for all of us. Having adapted the way we work to accommodate our customers’ needs, we are prepared for any new measures taken by local authorities. Regardless of what happens, we remain confident that our product offering, business model and employees remain strong and committed to overcome a prolonged work-from-home environment,” said Kristian Nesbak, CEO and founder of Infront.
Adjusted EBITDA was at EUR 5.8 million compared to EUR 2.9 million in Q3 2019. Reported EBITDA was EUR 5.7 million (EUR -0.9 million).
Infront generates most of its revenue from recurring subscription contracts for its services which represented about 97% of total sales for Q3 2020.
The interim report and presentation are also available on the investor relations pages at www.infrontfinance.com/investor-relations.
“Infront continued making substantial progress in the post-merger integration of vwd Group, during the third quarter of 2020. It has now been more than a year since this transformative acquisition, and we are proud of having successfully rebranded and become one united company.
When it comes to integration efforts, we can now clearly see the impact of our cost-synergies. This has also been our primary focus over the last twelve months. While much of the focus up until now has been on realizing cost savings, we also see strong growth-potential within the medium- to long-term. We will achieve this by boosting our sales efforts, cross-selling products across regions and finally: develop and tailor our offering even further towards our large user-base.
We are just seeing the beginning of what lies ahead of us.
In September, we launched an important internal project. Our target is to obtain full commitment from all our employees to set ambitious goals for how they can contribute in making Infront reach its strategic objectives. The initial phase is encouraging, and management is impressed with how committed our employees are in contributing to the future success of Infront.
The COVID-19 lock-down that was imposed during March 2020 was difficult for all of us. Having adapted the way we work to accommodate our customers’ needs, we are prepared for any new measures taken by local authorities. Regardless of what happens, we remain confident that our product offering, business model and employees remain strong and committed to overcome a prolonged work-from-home environment,” said Kristian Nesbak, CEO and founder of Infront.
Adjusted EBITDA was at EUR 5.8 million compared to EUR 2.9 million in Q3 2019. Reported EBITDA was EUR 5.7 million (EUR -0.9 million).
Infront generates most of its revenue from recurring subscription contracts for its services which represented about 97% of total sales for Q3 2020.
The interim report and presentation are also available on the investor relations pages at www.infrontfinance.com/investor-relations.
