Webstep Q1 2018: Strong start of 2018 for Webstep
(Oslo 9. may 2018) A record high order book and increased capacity resulted in a strong first quarter for Webstep ASA, with 8.6 per cent revenue growth year over year. Demand for core services remains high and drives high utilization and a continued strong order book.
“I am very pleased to see that our employer branding and recruitment efforts are paying off. The growth in the first quarter demonstrates that we have increased our revenue capacity”, says Mr Kjetil Bakke Eriksen, CEO of Webstep ASA.
Webstep ASA reports continued profitable growth in the first quarter of 2018 with total consolidated revenues of NOK 174.9 million, up 8.6 per cent from the same quarter last year.
Consolidated EBITDA for the first quarter amounted to NOK 23.9 million, slightly down from the corresponding quarter last year, mainly due to calendar effects. The EBITDA-margin was 13.7 per cent.
Consolidated net profit for the first quarter was NOK 17.7 million, up from NOK 15.8 million in the same quarter last year. The improvement is due to decrease in depreciations and reduced finance costs following the refinancing in the fourth quarter of 2017.
Total equity at 31 March was NOK 371.1 million and included the dividend of NOK 1.50 per share, which was approved by the general meeting on 24 April.
Cash flow from operations in the quarter was NOK 23.9 million, up from NOK 15.4 million in the first quarter of 2017.
The strong market fundamentals and the high demand for Webstep’s Core Services continued in the first quarter in all locations. The systematic and successful recruitment efforts have proven successful and has laid the basis for further profitable growth in 2018, but Webstep sees a certain risk of increased employee churn in 2018, driven by the high demand for digitisation and digitalisation expertise, where access to the experts with the right skills is a key success factor.
“Hunting for new employees to meet your customers’ high demand is a great position to be in. Yet it is also a challenge; the high market activity creates even tougher competition in attracting IT experts. Everyone is in the market for IT competency these days, and we must constantly make strong efforts to attract and retain the best people,” Mr Bakke Eriksen continues.
Contact details for further information:
Anders Løken, Chief Financial Officer
Cell: +47 977 69 200
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Webstep ASA is a provider of consultancy services to the private and public sector, with the IT expertise necessary to deliver the most demanding digitalisation and IT services.The Webstep Group employs approximately 400 employees in Norway and Sweden, of which more than 360 are expert consultants. Since its establishment in 2000, Webstep has delivered profitable growth. The company offers its services to more than 200 customers annually and has been recognised for its work environment.