Q2 2024 Netcompany Group A/S Earnings Call Transcript
Key Points
- Revenue grew by 10.2% in constant currencies in Q2 2024.
- Gross profit increased by 19.3% in constant currencies, with a gross margin improvement of 2.2 percentage points.
- Adjusted EBITDA grew 38.7% in constant currencies in Q2 2024.
- Netcompany Group A/S (NTCYF) won several significant new contracts, including a GBP 120 million contract in the U.K.
- The company increased its share buyback program for 2024 from DKK500 million to at least DKK700 million.
- Revenue in the U.K. declined by 16% compared to the same period last year.
- Churn rate in Denmark was 24% for the last 3 months, indicating higher employee turnover.
- Netcompany-Intrasoft's margin declined by 0.8 percentage points due to lower license revenue.
- Free cash flow improvement was partly due to the timing of Easter, which may not be sustainable.
- Revenue visibility for 2024 is lower compared to the previous two years, partly due to prolonged decision-making in the Danish public sector.
Welcome to Netcompany's interim report for the first six months of 2024. (Operator Instructions)
This call is being recorded. I will now hand the call over to your speakers. Please begin.
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Good day, and welcome to this presentation of Netcompany results for Q2 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. Before we get going, there are some important disclosures that I need you to read through, so could we please have Slide #2? I'll pause for 30 seconds here and let you all have a read-through of these important disclosures. With that, can we please go to Slide #3, please?
The topic of today's presentation is our performance for Q2 2024. I will walk you through the business highlights for the second quarter and our financial guidance for '24. And once I'm done, Thomas will go through the numbers in greater
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