Atea Q3 2024 financial report and presentation
Atea returned to sales and profit growth in Q3 2024, driven by new customer agreements and improving market conditions across most product categories.
Gross sales increased by 5.4% to NOK 11.3 billion. Currency fluctuations had a positive impact of 4.9% on sales growth in Q3 2024.
Total revenue (IFRS) grew by 3.1% to NOK 8.0 billion. Hardware revenue grew by 3.3%, software revenue increased by 12.3% and services revenue by 1.4% from last year. Growth was strong across all major product categories except for networking and AV solutions.
EBIT in Q3 2024 increased by 3.0% to NOK 307 million. Net profit after tax grew by 5.7% to NOK 192 million. The number of full-time employees at the end of Q3 2024 was 8,006, down by 1.3% or 105 FTEs from last year.
Cash flow from operations was an inflow of NOK 112 million, compared with an outflow of NOK 301 million last year. Atea had a net debt balance of NOK 108 million at the end of Q3 2024, as defined by its loan covenants.
“As previously forecast, Atea’s business performance steadily improved during the third quarter of 2024, with increased sales, profitability and cash flow,” commented Atea CEO Steinar Sønsteby. “Our sector is emerging from a cyclical downturn, and we expect growth to pick up across our business during the coming quarters with stronger demand for IT investment.”
The interim report and presentation are available at:
www.atea.com/financial-reports/
A webcast of management's presentation of the financial results is available at:
www.atea.com/financial-reports/2024/webcast-q3-24/
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 88 cities with over 8,000 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 35 billion (EUR 3.1 billion) in 2023 and is listed on Oslo Stock Exchange. www.atea.com