Vitec presents new financial goal and ambitions for sustainability
The Board has decided to update the Group's financial goals and ambitions for sustainability work. Objective and business concept have also been adjusted.
“Our new goals are in line with our strategy for long-term and sustainable profitability. Increasing our focus on sustainability strengthens our business concept. Our greatest opportunity to influence is through our products and how we act as a company and our ambition is to integrate sustainability throughout the value chain to continue to deliver on our brand promise, To rely on – today and tomorrow,” says Olle Backman, CEO Vitec Software Group.
Financial goals:
• Profitability / growth (revised): Operating margin shall increase gradually and over time and at Group level amount to at least 20%.
• Dividend (unchanged): Equivalent to at least 1/3 of the net profit.
Objective and business concept:
• Objective: "To be a profitable and sustainable growth company that develops and acquires vertical software companies."
• Business concept: "To contribute to the success of our customers by developing and providing standardized and niched business-critical software."
Vitec also raises its ambitions for the Group's sustainability work. Based on our updated focus areas, a number of new key figures have also been added that affects:
• Product investments and information security
• Social sustainability
• Reduced footprint
Read more about our work in upcoming sustainability and annual report.
For more information, please contact
Olle Backman, CEO, Vitec Software Group AB (publ), olle.backman@vitecsoftware.com, +46 70 632 89 93
Patrik Fransson, Investor Relations, Vitec Software Group AB (publ), patrik.fransson@vitecsoftware.com, +46 76 942 85 97
Disclaimer
This information is information that Vitec Software Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.02 a.m. (CET) on Friday, February 11, 2022.
About Vitec
Vitec is market leader for Vertical Market Software in the Nordic region. We develop and deliver standard niche software. Vitec grows through acquisitions of well-managed and well-established software companies. The Group's overall processes together with the employees' in-depth knowledge of the customer's local market enables continuous improvement and innovation. Vitec has 1,020 employees, is listed on Nasdaq Stockholm and had net sales of SEK 1,571 million in 2021. Find more at www.vitecsoftware.com.