Increased profit and strong cash flow for HiQ
Net sales for the first third quarters of the year are SEK 1 355.8 million. Operating profit for the same period is SEK 164.4 million. During the third quarter of the year, sales is SEK 390.2 (395.0) million, operating profit increases with 7.5 % to SEK 43.1 (40.1) million and operating margin increases to 11.0% (10.1%). Cash flow for the first three quarters of the year amounts to SEK 183.0 million and liquid assets total SEK 150.5 million. During the second quarter, as announced earlier, we divested our holding in Westend Affärscentrum Oy, which is our former office space in Finland. The divestment generated a profit of SEK 22.8 million.
“During the third quarter, the profit, margin and cash flow are growing, during a seasonally weak quarter with lots of holidays and little time available. In comparison with the three first quarters previous year, we increase revenue, net profit, margin and cash flow”, says Lars Stugemo, President and CEO of HiQ.
Demand for our services is generally good. Our classic R&D and IT businesses are strong and deliver good results.
“We do it good, we win important frame agreements and we still have more potential”, says Stugemo.
Among the news during the quarter we see that the Swedish Tax Agency appoints HiQ as the clear first choice in its procurement of consultancy services. HiQ also win procurements by the Swedish Armed Forces, SVT and the Swedish Legal, Financial and Administrative Services Agency. We sign a new important IT framework agreement with our long-term client Saab, and we initiate a collaboration with Orkla Foods.
“I am glad and proud that we win these strategically important procurements. We see this as clear recognition that our services are in demand and our quality is good”, says Stugemo.
Technological development continues at full speed. We live our lives constantly connected and our behaviors change in pace with the increasing speed of online transmissions, processors being faster and applications multiply. As a natural consequence of increased digitalisation, the demand for integration services and platforms is growing. Which means that our systems integration operations and licensing business for our Frends integration platform continues its strong growth.
“Frends licence sales are continually increasing and we are making investments to meet demand throughout the Nordics”, says Lars Stugemo.
HiQ's President and CEO, Lars Stugemo, will present the report today, Thursday, 24 October, at 09:00 CET
at HiQ's office at Katarinavägen 15, 7th floor, in Stockholm.
The report can be downloaded from www.hiq.se.
For more information, please contact:
Lars Stugemo, President and CEO of HiQ, tel: +46 8 588 90 000, e-mail: lars.stugemo@hiq.se
Erik Ridman, Head of Communications HiQ, tel: +46 70-750 80 60, e-mail: erik.ridman@hiq.se
This information is information that HiQ International AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person above, at 07.30 CET on 24 October 2019
HiQ helps to make the world a better place by using technology, design and communication solutions to make people’s lives simpler and better. We are the perfect partner for everyone eager to achieve results that make a difference in a digital world. Founded in 1995, HiQ has close to 1s600 specialists in four countries and is listed on the Nasdaq Stockholm MidCap list. For more information and inspiration, please visit www.hiq.se