2020 Q1 Update
First Quarter, January–March 2020
- License revenue amounted to SKr 409 million (Q1 '19: SKr 295 million), an increase of 39 percent (36 percent in constant currency).
- Maintenance revenue was SKr 558 million (Q1 '19: SKr 448 million), an improvement of 25 percent (22 percent in constant currency).
- Consulting revenue amounted to SKr 583 million (Q1 '19: SKr 512 million), an increase of 14 percent (11 percent in constant currency).
- Net revenue totaled SKr 1,765 million (Q1 '19: SKr 1,410 million), an improvement of 25 percent (22 percent in constant currency).
- Adjusted EBITDA was SKr 318 million (Q1 '19: SKr 259 million), an improvement of 23 percent (18 percent in constant currency).
Message from the CEO
Despite the economic headwinds presented by the Covid-19 pandemic, license revenue grew 39% compared to Q1 2019. Recurring revenues were also steady as customers depend on their IFS solutions to run their most mission critical business processes. On the back of this strong revenue development in Q1, EBITDA remains stable and is underpinned by ongoing initiatives to improve the IFS cost base. These initiatives support the short-term EBITDA performance while enabling our business to quickly rebound once the global lockdowns are eased. By taking prudent cost-control measures, we are building further resilience into the business, which we believe could see downward pressure through the next two quarters. Our ongoing focus remains fixed on taking precautions not only to protect our staff and community, but to ensure our customers continue to receive the stellar product, service and support they deserve.
Chief Executive Officer