15.05.2018
adesso AG DE000A0Z23Q5
DGAP-News: adesso AG: Successful first quarter of 2018 with continuation of growth momentum and earnings increase
DGAP-News: adesso AG / Key word(s): Quarterly / Interim Statement
adesso AG: Successful first quarter of 2018 with continuation of growth
momentum and earnings increase
15.05.2018 / 07:29
The issuer is solely responsible for the content of this announcement.
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adesso AG: Successful first quarter of 2018 with continuation of growth
momentum and earnings increase
* Sales grow by 17 % to EUR 88.6 million
* EBITDA rises to EUR 7.2 million (previous year: EUR 5.2 million)
* Earnings per share: EUR 0.52 (previous year: EUR 0.37)
* Full-year forecast confirmed
adesso AG increased its sales revenues to a new record level in the first
quarter of 2018 compared to the prior quarter and the previous year.
Operating earnings EBITDA rose disproportionately. Solid capacity
utilisation contributed to this trend, with a focus on billable customer
hours in Germany, further licensing and maintenance proceeds from the
in|sure product family and positive income development at adesso's foreign
subsidiaries.
Business development
adesso made a good start to the year in a positive market environment and
continued the growth trend observed in previous quarters. In the first
quarter, adesso increased its sales for IT consulting, software development
and licensing for own products by 17 % compared to the previous year to EUR
88.6 million, thereby setting a new quarterly record. Employee growth
through new hires in the previous and current year, coupled with the
successful acquisition of a number of new projects and customers, led to
rising sales revenues in the IT Services segment. Project business involving
the in|sure insurance software was developed further. Additional licensing
sales and maintenance proceeds were also generated in this segment,
resulting in a 47 % increase in sales revenues year on year.
The number of employees in the adesso Group increased year on year by a
further 526, or 23 %, in the first quarter to 2,832. The high rate of
organic growth of 4 % was carried forward into the first quarter of 2018.
Income development
Despite having two fewer working days compared to the previous year,
operating earnings rose more sharply than sales at 40 % to EUR 7.2 million
(EBITDA Q1/2017: EUR 5.2 million and Q4/2017: EUR 9.0 million), resulting in
an EBITDA margin increase from 6.8 % to 8.1 %. The increase in the margin
was primarily due to an improvement in earnings generated by foreign
subsidiaries, the continued focus on billable customer hours in Germany and
higher licensing and maintenance proceeds attributable to the in|sure
product family. Expenses for the development of own modules increased as
planned.
Depreciation and amortisation increased by 11 % to EUR 2.1 million. Due to
the investment in start-up soccerwatch.tv, income from investment activities
declined to EUR 0.1 million; income from financing activities remained
roughly on a par with the previous year. Pre-tax profit stood at EUR 5.1
million (previous year: EUR 3.3 million), consolidated earnings came to EUR
3.2 million (previous year: EUR 2.2 million) and earnings per share amounted
to EUR 0.52 (previous year: EUR 0.37, +39 %).
Additional figures and information
adesso held liquid assets of EUR 43.4 million as of 31 March 2018 (previous
year: EUR 38.7 million; 31.12.2017: EUR 46.5 million). Interest-bearing
financial liabilities amounted to EUR 44.6 million, compared with EUR 45.7
million in the previous year. Equity rose by EUR 2.6 million to EUR 69.6
million in the first quarter. Additional indicators can be downloaded in
table form under Investor Relations on the adesso website at
https://www.adesso-group.de/en/investorrelations/.
FABIS, which was acquired in the first quarter of 2018, has been
successfully integrated into the company. The first joint services have been
offered to adesso customers in the insurance segment.
The newly founded subsidiaries in Bulgaria (Sofia) and Spain (Barcelona)
began business operations in March and April respectively and only had a
minor impact on the consolidated financial statements in the first quarter.
Outlook
The order situation and market environment suggest that adesso will continue
to develop positively and so, assuming the continued increase in investment
in the development of own products, the full-year forecast of a rise in
sales to at least EUR 350 million and an increase in operating earnings, or
EBITDA, to over EUR 27.7 million has been confirmed. Second-quarter earnings
are expected to be down significantly on the first quarter as it has the
lowest number of working days and many opportunities for long weekends by
combining bank holidays and annual leave, as was the case in the previous
year. Activities centred on making an additional acquisition have been and
will continue to be pursued.
The Executive Board
Contact:
Martin Möllmann
Manager Investor Relations
Tel.: +49 231 7000-7000
E-Mail: [email protected]
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15.05.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: adesso AG
Stockholmer Allee 20
44269 Dortmund
Germany
Phone: +49 231 7000-7000
Fax: +49 231 7000-1000
E-mail: [email protected]
Internet: www.adesso-group.de
ISIN: DE000A0Z23Q5
WKN: A0Z23Q
Listed: Regulated Market in Frankfurt (General Standard);
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Stuttgart, Tradegate Exchange; London
End of News DGAP News Service
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