Press release -
Financial results for Q2 2024 released
Solid organic growth of 11%, profitability continued to improve, and important strategic milestones reached.
Please refer to nnit.com - Investors for the full company announcement re the financial results for Q2 2024.
CEO Pär Fors comments:
“We are pleased to see that our key strategic choice of becoming a pure-play IT consulting business is paying off. Significant wins in early Q3 underlines that we are on the right path. As a whole, the business continued to grow, and profitability increased whilst we continue to take important steps on the transformational journey we initiated last year.”
Highlights
- Financial performance continued to improve during the second quarter with organic growth at 11.0% meaning NNIT is capturing market share, specifically in Denmark and Europe. Growth was seen across all regions, with the exception of Region US, which continued to be negatively impacted by the temporary decline in the data migration business, despite gradual improvements.
- Group operating profit margin excluding special items ended at 6.7%, which is an 0.8%-point increase compared with last year. The improvement in profitability was partly driven by leveraging the cost base due to the top line increase, and partly due to the tight cost control and efforts made in Region Asia during the first quarter.
- Important steps on our transformative journey continued with the new global ERP and HR systems going live, on-track completion of the IT separation of the infrastructure business, and re-location of offices in Czech Republic and China and our headquarters in Denmark.
- Confirming full-year financial outlook for organic revenue growth of around 10% and group operating profit margin excl. special items of between 8 to 9%.
Financial overview – selected key figures
Outlook
The current financial outlook announced is confirmed. NNIT’s organic revenue growth is expected to be around 10% with a group operating profit margin excl. special items of between 8-9%. The organic growth is expected to be back-end loaded meaning low-single digit growth in Q3 and double-digit growth in Q4. Group operating profit margin excl. special items is expected to gradually improve compared with the first half year margin result.
Full company announcement is available at https://www.nnit.com/investors-media/investors/
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NNIT is a leading provider of IT solutions to life sciences internationally, and to the public and private sectors in Denmark
We focus on high complexity industries and thrive in environments where regulatory demands and complexity are high.
We advise and build sustainable digital solutions that work for the patients, citizens, employees, end users or customers.
We strive to build unmatched excellence in the industries we serve, and we use our domain expertise to represent a business first approach – strongly supported by a selection of partner technologies, but always driven by business needs rather than technology.
NNIT consists of parent company NNIT A/S and Group companies SCALES, Excellis Health Solutions and SL Controls. Together, these companies employ more than 1,700 people in Europe, Asia and USA.
Read more at www.nnit.com
