Q-FREE – THIRD QUARTER 2019 RESULTS
Q-Free delivered solid results in the third quarter of 2019. Revenues were up 12% and EBITDA was up 96% year on year. The improvements were driven by strong performance in the tolling and inter-urban segments. Liquidity and available cash also improved on the back of 36 MNOK in net cash flow from operations and a 10% reduction in net interest-bearing debt.
Highlights for Q3-19 include:
* 243 MNOK in revenues, up 12% YoY
* 31 MNOK in EBITDA (13% margin), almost a doubling from 16 MNOK in Q3-18. The number is positively impacted by 9 MNOK in reduced pension obligations
* 206 MNOK in order intake plus a new 80-130 MNOK ALPR frame agreement
* 1 091 MNOK in order backlog (excluding frame agreements), unchanged from Q3-18
* Improved financial situation due to 36 MNOK in net cash flow from operations combined with a 10 percent reduction in net interest-bearing debt
* 95 MNOK tolling contract in Thailand awarded in early October after closing of Q3-19
- With an increase in year-to-date revenues of 12% versus 2018 and a healthy backlog for the fourth quarter, we think Q-Free will deliver on its 2019 revenue target of at least 10 percent growth. We have recently won several contracts with solid margins, and the contract pipeline looks attractive. Multiple large contracts will be awarded in the coming months in markets where Q-Free has a strong market position, comments President & CEO in Q-Free, Håkon Volldal.
The live broadcast, starting at 9 AM CET, can be followed on
https://www.q-free.com/investor_relations/web-cast/
A recorded version will be available after the webcast has been concluded.
Enclosures: Q3-19 report, Q3-19 presentation
For further information, please contact:
President & CEO, Håkon Volldal: +47 977 19 973
CFO, Tor Eirik Knutsen: +47 950 50 062
About Q-Free
Q-Free is a leading global provider of ITS (Intelligent Transportation Systems) products and solutions for efficient, safe and environmentally friendly transportation. The company has approximately 385 employees, offices in 17 countries, and a presence on all continents. Headquartered in Trondheim, Norway, Q-Free is listed on the Oslo Stock Exchange under the ticker QFR.
www.q-free.com
Twitter:@Q-FreeASA