- Q3 2018 revenue increased slightly by 1% to NOK 68.3 million from NOK 67.4 million in Q3 2017
- User growth in all regions
- Strong performance in South Africa and UK, new sales emerging in Finland
- Positive contribution from Infront Web Technology solutions
- Revenue adjusted for foreign exchange translation effects was NOK 70.2 million
- EBITDA of NOK 11.1 million, up from NOK 7.5 million in Q3 2017
- Adjusted EBITDA decreased to NOK 11.0 million from NOK 14.1 million in Q3 2017 on the back of higher employee costs and other operating expenses due to investments in future growth
- 16% increase in number of paying terminals and solutions users to 17.8k from 15.3k in Q3 2017
- Launch of “Nordic Core Consensus” with five leading Nordic investment banks to provide high-quality consensus estimates to IR customers and the participating banks
Oslo, 9 November: Infront ASA (INFRNT) today announced its interim results for Q3 2018. Group revenue was NOK 68.3 million (NOK 67.4 million), an increase of 1% from the same quarter last year, 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 Infront Data AB, as well as continued positive impact from the SIX transactions. In Q3 2018, approximately 61% of revenue was recognized in foreign currencies. These moved in an unfavourable direction measured year-over-year, which had a negative impact on revenue of NOK 2.0 million in the reporting currency (NOK).
EBITDA was NOK 11.1 million in Q3 2018, an increase of 48% compared to the same quarter last year (NOK 7.5 million). Adjusted EBITDA decreased 21% to NOK 11.0 million from NOK 14.1 million in Q3 2017 on the back of higher employee costs and other operating expenses due to investments in future growth. Q3 2017 EBITDA included IPO- and M&A-related costs of NOK 6.6 million.
“We added new terminal and solutions subscribers across all regions in Q3 2018. Another quarter of strong growth in UK and South Africa confirmed traction in two important new markets, and we were pleased to see our Helsinki office also contributing to new sales. Implementation of our retail web technology solutions at SEB progressed well and interest is strong from other leading financial institutions. Recently, we also launched a new, innovative consensus service with five leading Nordic Investment banks that addresses uncertainties created by MiFID II. We expect further growth ahead driven by new solutions, a growing pipeline of organic growth opportunities and an intensified focus on accretive M&A opportunities,” said Kristian Nesbak, CEO and Founder of Infront.
Infront generates most of its revenue based on recurring subscription contracts for the products. Subscription revenue represented 99% of total sales in Q3 2018.
Please find the full financial report and presentation enclosed.
CEO Kristian Nesbak and CFO Max Hofer will present the results via a live webcast at 11.00 CET at: https://infrontfinance.com/ir/webcast-q3-2018/
It will be possible to ask questions via e-mail during the presentation. Send your questions to email@example.com. The presenters are also available for questions after the presentation, please schedule a time via the same email. A recording of the presentation will be available on the website shortly after the live webcast has ended.
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
Infront provides a unique combination of global market data, news, analytics and trading tools. As separate offers or as an integral part of the Infront Professional Terminal, Infront's services help buy-side and sell-side institutions grow their businesses, reduce costs, adapt to fast changing market requirements and work more effectively with ever-increasing amounts of information. Over 20,000 subscribers worldwide rely on Infront's services. Infront is listed on the Oslo Stock Exchange and has offices in seven countries. Read more at www.infrontfinance.com