- Q2 2018 revenue increased 7% to NOK 68.1 million from NOK 63.5 million in Q2 2017
- Steady revenue and user growth experienced in all regions
- Positive topline developments in South Africa and UK with revenue up 26% and 16%, respectively compared to Q1 2018
- Continued positive contribution from the acquisition of Inquiry Financial Europe AB and SIX transactions
- Adjusted for foreign exchange translation effects revenue in period was NOK 69.7 million
- EBITDA increased 171% to NOK 11.0 million from NOK 4.0 million in Q2 2017
- Driven by higher revenues across all segments, increased gross margin and stable operating expenses
- Adjusted EBITDA decreased 11% to NOK 10.7 million from NOK 12.4 million in Q2 2017 due to higher Opex mainly driven by larger customer base and increased investments in sales, marketing and product development
- 17% increase in number of paying terminals and solutions users to 17.7k from 15.1k in Q2 2017
Oslo, 24 August 2018: Infront ASA (INFRNT) today announced its interim results for Q2 2018. Group operating revenue for the quarter was NOK 68.1 million (NOK 63.5 million). The growth of 7% from the same period of last year was driven by higher sales and prices across the group, growth in new markets led by South Africa and UK, the inclusion of external revenues from the acquisition of Inquiry Financial Europe AB, as well as continued positive impact from the SIX transactions. Unfavorable foreign exchange rate developments year-over-year had a negative impact on revenue of NOK 1.6 million in the reporting currency (NOK). EBITDA was NOK 11.0 million in Q2 2018, compared to NOK 4.0 reported for the same period last year, or NOK 12.4 million after adjusting for IPO related costs in Q2 2017.
“We experienced good growth in terminals and solutions subscribers across all regions, including the UK and South Africa in the second quarter. This was reflected in continued revenue growth despite currency headwind caused by a weaker Swedish krona. Interest for our retail web technology solutions remains strong from leading financial institutions across the Nordics, and we expect to see several growth opportunities for the rest of 2018”, said Kristian Nesbak, CEO and Founder of Infront.
Infront generates the vast majority of its revenue based on recurring subscription contracts for the products. Recurring revenue represented 99% of total sales in Q2 2018.
Please find the full financial report and presentation enclosed.
For further information please contact:
Kristian Nesbak, CEO of Infront, +47 940 04 000
Max Hofer, CFO of Infront, +47 971 48 953
The interim report and presentation are also available on the investor relations pages at www.infrontfinance.com/investor-relations
Financial professionals in more than 50 countries rely on Infront for global real-time market data, trading, news, and analytics covering key markets. Infront's proven solutions are driven by our clients' business needs and have been developed by industry experts over 25 years. The Infront Professional terminal is the most flexible and intuitive terminal within the financial market, helping institutions reduce costs, adapt to fast changing market requirements, and work more efficiently with the increasing amounts of information available. Infront ASA is listed on the Oslo Stock Exchange and has offices in seven countries. Read more at www.infrontfinance.com