Q3 2024 Zalaris ASA Earnings Call Transcript
Key Points
- Zalaris ASA (FRA:81Y) achieved its fifth consecutive quarter of all-time high revenues, reaching NOK340 million, a 22% year-on-year growth.
- The company reported a significant increase in EBIT, standing at NOK37 million, a 55% increase from the previous year.
- Strong market success with renewals of existing agreements and new signings, particularly in the Nordics and Germany.
- Managed services grew by 27%, reaching a new all-time high, with Germany leading the growth at 40% year-over-year.
- The company maintained a strong operating cash flow of NOK48 million, up from NOK15 million last year.
- Professional services revenue decreased by 1.8% year-on-year, mainly due to the partial completion of a large consulting project in the UK.
- Net profit for the period was NOK8.3 million, a decrease from NOK13.4 million last year.
- Personnel expenses increased due to a 55% year-on-year rise in the number of FTEs, impacting overall costs.
- Higher costs were incurred due to the use of external payroll partners and strategic project-related expenses.
- The strategic review process is ongoing, with no specific timeline provided for its conclusion.
Good morning. I am Hans-Petter Mellerud, the CEO and Founder of Zalaris. Joining me today for this webcast presentation of Zalaris' Q3 2024 results is our CFO, Gunnar Manum. We are using Teams for this purpose and hope that you will find it informative and engaging. (Operator Instructions) Please note that the presentation is being recorded. You can access the recording in the Investors section of our website.
First, we'll look at some of the highlights of the quarter. In Q3 2024, Team Zalaris delivered its fifth consecutive quarter of all-time high revenues, reaching NOK340 million an increase from NOK278 million in Q3 of last year. This signifies a 22% year-on-year growth in action and 19% in constant currency. We are now almost at NOK1.4 billion in annualized revenue, well ahead of our target of becoming a NOK1.5 billion company by 2026 as defined as an aspiration just a year ago. EBIT stood at 10.9% amounting to NOK37 million, which is a 55% increase from NOK23.6 million in the same period last year.
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