Atea Q1 2021 financial report and presentation
Atea, the leading provider of IT infrastructure products and services in the Nordic and Baltic regions, reports record high revenue and EBIT for the first quarter. The financial results were driven by a strong turnaround in the Danish business and record high operating profit in all other countries.
Strong revenue and profit growth
Atea’s revenue in Q1 2021 was NOK 10.0 billion - an increase of 11% from last year, with growth across all lines of business. EBIT grew to NOK 176 million - up from NOK 32 million last year.
“Atea has been running on all cylinders,” commented Atea CEO Steinar Sønsteby. “Our business in Denmark has greatly improved since its reorganization last year, and all other countries have reported record high operating profit. All lines of business – hardware, software and services – are showing growth, with particularly strong sales of hardware. At the same time, our operating costs are well below last year.”
Turnaround in Atea Denmark
Atea Denmark showed major progress in its turnaround during the first quarter of 2021. Revenue grew by 40%, based on strong sales of hardware and consulting services. EBIT was breakeven in Q1 2021, compared with an operating loss of DKK -90 million in Q1 2020.
Strong Financial Position
Atea had a positive net financial position (cash, less interest bearing debt) of NOK 263 million at the end of Q1 2021, compared with a net debt of NOK 519 million last year. Cash flow from operations was NOK 557 million higher than last year, in what is seasonally a negative quarter for cash flow.
The interim report and presentation are available at:
https://www.atea.com/investors/financial-reports/
A webcast of management's presentation of the financial results is available at:
https://www.atea.com/investors/financial-reports/2021/webcast-q1-21/
For further information, please contact:
Steinar Sønsteby, CEO Atea ASA, mobile (+47) 930 55 655
Robert Giori, CFO Atea ASA, mobile (+47) 934 09 188
About Atea
Atea is the leading supplier of IT infrastructure in the Nordic and Baltic regions. Atea is present in 84 cities with over 7,000 employees in Norway, Sweden, Denmark, Finland, Lithuania, Latvia and Estonia. Atea delivers hardware and software from leading global vendors, and provides consulting and technical services to support its customers with the design, implementation and operation of their IT environments. Atea had revenue of approximately NOK 40 billion (EUR 4 billion) in 2020 and is listed on Oslo Stock Exchange. www.atea.com