Strong performance in challenging environment
Infront ASA (INFRNT) today announced its interim results for Q2 2020. Operating revenue was EUR 28.4 million (EUR 10.9 million), an increase of 160% from the same quarter last year. The increase reflects the inclusion of vwd Group.
“The second quarter of 2020 was both challenging and eventful for everyone at Infront. First and foremost, I am proud of how our employees responded to the lock-down and how fast we all adapted to working from home. I am also satisfied with how the COVID-19 outbreak has had little impact on our short-term projects. In May 2020, Infront successfully rolled out an MVP of the IPT-terminal to several of our clients in the DACH region. This marks a major step in our integration efforts, as our long-term goal is to offer similar products and solutions to clients, across regions.
While the current marked environment is marked by uncertainty, we remain optimistic about the future. Finance professionals need the right tools to make the right decisions. By focusing on offering state-of-the-art products and solutions at highly competitive prices, Infront will continue to be the smart alternative.” said Kristian Nesbak, CEO and founder of Infront.
Adjusted EBITDA was at EUR 5.0 million compared to EUR 2.1 million in Q2 2019. Reported EBITDA was EUR 4.1 million (EUR 1.0 million).
Infront generates most of its revenue from recurring subscription contracts for its services which represented about 98% of total sales for Q2 2020.