IT Competence Group SE, an IT services group listed in the m:access midmarket segment on the Munich Stock Exchange, has published its results for the fourth quarter of 2018 and preliminary unaudited results for fiscal year 2018. The company closed 2018 with the best result in the entire history of the company.
 
The company generated revenues of approximately EUR 7.0 million in the final quarter of last year (revenue for Q4 2017: EUR 5.2 million), thus achieving a 35% growth in revenue. Not only did revenues increase, but earnings grew significantly as well. The EBITDA in the final quarter of 2018 amounted to approximately EUR 0.5 million (EBITDA for Q4 2017: EUR 0.05 million).
 
According to the current unaudited figures, the company generated EUR 24.3 million in revenue for 2018 as a whole (revenue for 2017: EUR 22.0 million), representing an increase of approximately 10%. The operating result (EBITDA) amounted to approximately EUR 1.5 million (EBITDA for 2017: EUR -0.7 million), which is the highest value ever achieved in the history of the company. The EBITDA margin of 6% is also a record value and underlines the company’s success in transforming itself from an IT personnel service provider to a digital transformation partner.
 
The company boosted its profitability by changing its revenue mix, which involved moving revenues in the direction of managed services with recurring revenues. Management plans to consolidate this effect in the current and future fiscal years as well.
 
At the same time, the company has succeeded in transforming the operating income almost completely into a positive cash flow. For 2018 as a whole, the cash flow from ongoing business activities was approximately EUR 1.3 million. On the reporting date, liquid funds had increased by more than EUR 1 million to EUR 2.2 million.
 
The volume of orders on December 31, 2018 amounted to approximately EUR 15.7 million, which represents a further increase of approximately EUR 1.2 million compared with the reporting date in the previous year.
 
Wolfgang Wagner, Board member at IT Competence Group, explains: “So far, we have started 2019 as planned, with very positive results and early successes. We will continue to follow the course we set in 2016 again this year and systematically develop our service portfolio. We will start to see the effects of the 2017/2018 switch to sustainable business with recurring revenues in 2019: Results will be spread more equally across the quarters instead of being concentrated in the second half of the year as was previously the case.”
 
As announced in November 2018, the company wants to boost its performance indicators further in the current year. For 2019, the Board anticipates revenue of more than EUR 26 million, with an EBITDA of at least EUR 1.5 million.
 
The final figures will be published together with the annual report in April 2019.
 
For further information, please contact:
 
IT Competence Group SE
Investor Relations
 
Phone: +49 89-244118-300
Fax: +49 89-244118-310
info@it-competencegroup.com