Oslo, 22 August: Infront ASA (INFRNT) today announced its interim results for Q2 2019. Group revenue was NOK 105.9 million (NOK 68.1 million), an increase of 56% from the same quarter last year, driven by higher sales and prices across the group, full revenue recognition from Infront Italia, as well as continued growth in new markets led by South Africa and UK.
Q2 2019 EBITDA included vwd Group transaction-related costs of NOK 10.1 million. Adjusted EBITDA increased to NOK 20.8 million from adjusted EBITDA of NOK 10.7 million in Q2 2018. Before implementation of IFRS 16, adjusted EBITDA amounted to NOK 18.6 million compared to NOK 10.7 million in adjusted EBITDA for the same period last year. The increase was mainly due to the inclusion of Infront Italia.
On 17 July, Infront completed the acquisition of vwd from a fund managed by The Carlyle Group to create the leading European financial market solutions provider. The acquisition of vwd was initially announced on 11 April 2019. The final purchase price was approximately EUR 130 million on an enterprise value basis financed through the issue of a four-year EUR 105 million bond in April and an over-subscribed NOK 242.6 million rights issue that was completed in June.
“We are building a very strong platform for future growth across European and international markets with a highly competent organisation and state-of-the-art solutions. The integration process is underway; we have started to explore cross- and upselling opportunities from an expanded product range, and we are capturing significant cost synergies. As a top-three provider of financial terminals in Europe, we are uniquely positioned to offer innovative, value-adding products and services to both existing and new customers.,” said Kristian Nesbak, CEO and Founder of Infront.
vwd Group will be included in Infront’s financial accounts from the third quarter of 2019. As a result of the acquisition, the Board of Directors of Infront has unanimously voted to change the presentation currency in the group’s consolidated financial statements from Norwegian kroner (NOK) to Euro (EUR) from Q3 2019.
Infront generates most of its revenue based on recurring subscription contracts for the products. Subscription revenue represented 99% of total sales in Q2 2019.
Please find the full financial report and presentation enclosed.
CEO Kristian Nesbak and CFO Max Hofer will present the results via a webcast at 10.00 CEST at: https://infrontfinance.com/ir/webcast-q2-2019/
Please send any questions to firstname.lastname@example.org. 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 offers a powerful combination of global market data, news, analytics and trading tools. With the recent acquisition of vwd Group, Infront’s product coverage also includes data and feed solutions, solutions for portfolio management and advisory, regulatory compliance as well as publication and distribution solutions. Our combined 3,600 customers and over 90,000 professional users benefit from the highest level of expertise in regulation, private wealth, market data and the frictionless interaction of the diverse solutions and products covering their complete workflow.
More than 500 employees in 14 countries across Europe and South Africa apply their expertise to meet the challenges of our clients, ensuring they continuously receive the best solutions and services.
Infront is listed on the Oslo Stock Exchange.