Q3 2024 Netcompany Group A/S Earnings Call Transcript
Key Points
- Netcompany Group AS (FRA:60N) reported a 10.4% revenue growth in Q3 2024, supported by recovery in Denmark and growth in Norway and the Netherlands.
- Gross profit increased by 24.5% in constant currencies, with a gross margin improvement of 3.4 percentage points compared to the previous year.
- Adjusted EBITDA grew by 40.1% in constant currencies, with the margin increasing by 3.9 percentage points to 19.1%.
- The company secured several new contracts, including a case management system for the Norwegian Ministry of Foreign Affairs and a new cash benefit system in Denmark.
- Netcompany Group AS (FRA:60N) increased its share buyback program for 2024 from DKK700 million to DKK800 million and initiated a new program of DKK250 million.
- Revenue in the UK declined by 7.2% due to slower than anticipated ramp-up on larger engagements.
- Employee churn in Norway increased, impacting the overall employee growth rate.
- The company experienced delays in payment from the Greek government, affecting working capital.
- Free cash flow was impacted by higher work in progress due to fixed fee projects with stretched payment milestones.
- The company faces challenges in hiring and retaining talent in the UK and Norway, which could affect future project delivery.
Hello and welcome to Netcompany interim report for the first nine months of 2024.
[Operator Instructions]
I'll now turn the call over to your speakers. Please begin.
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Good day and welcome to this presentation of Netcompany's results for Q3, 2024.
My name is Andre Rogaczewski and I'm the CEO and co-founder of Netcompany and I'm joined today by our CFO, Thomas Johansen.
And before we get going, there are some important disclosures that I need you to read through. So could we please have slide number two, please.
I will pause for thirty seconds here and let you all have a read through of these important disclosures.
And with that, can we please go to slide number three, please.
The topic of today's presentation is our performance for Q3, 2024.
I will walk you through the business highlights for the third quarter and our financial guidance
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