News

Jeroen Hellenberg, August 24, 2017

Interim report 2017

First half result under pressure
Growth in public sector

Highlights H1 2017

  • Net result EUR 1.0 million (H1 2016: EUR 3.0 million);
  • EBITDA EUR 7.0 million (H1 2016: EUR 8.3 million);
  • EBITDA margin 4.0% (H1 2016: 4.7%);
  • One-off items with a positive impact of EUR 3.1 million;
  • Revenue down 2.7% at EUR 172.9 million (H1 2016: EUR 177.8 million);
    • Revenue in the Netherlands down 5.1%;
    • Revenue in Belgium/Luxembourg up 4.6%;
  • Overhead reduction in the Netherlands almost complete;
  • Lieven Verhaevert appointed CEO Ordina Belgium/Luxembourg.

Highlights Q2 2017

  • EBITDA EUR 2.7 million (Q2 2016: EUR 3.7 million);
  • EBITDA margin 3.2% (Q2 2016: 4.2%);
  • Revenue down 3.6% at EUR 84.7 million (Q2 2016: EUR 87.9 million);
    • Revenue in the Netherlands down 5.2%;
    • Revenue in Belgium/Luxembourg up 1.0%;
  • Net cash position improved to EUR 2.2 million (net cash position at end-Q2 2016: EUR 0.1 million);
  • Score of 96% on the Giarte outsourcing recommendation index.

Jo Maes, CEO Ordina, about the results
“The market demand for IT expertise and solutions remains high. The pressure on revenue in the second quarter was largely due to a reduction in the number of employees when compared to the same period last year. Ordina once again recorded growth in the public sector for the first time since 2014, both in the Netherlands and in Belgium/Luxembourg. Revenue growth levelled off somewhat in Belgium/Luxembourg in the second quarter due to a temporary increase in availability. The operation continues to record a healthy return.

Productivity declined in the first half compared to the same period of 2016. The streamlining of the management of our company has resulted in improvements in recent months. In addition, we are continuously training and retraining our employees, so we can provide the expertise that is in high demand in the market. Our recruitment campaign ‘Do you look beyond the code?’ has resulted in an increase in the influx of new employees in the Netherlands of more than 20% compared to 2016. The recruitment and retention of professionals are our top priorities for 2017 in view of our ambition to grow with our own employees. To respond more effectively to market demands, we have focused our market strategy on five core propositions. Our ‘High performance teams’ concept has been well-received by our clients. Ordina is ahead of the market with this concept. In the coming period, we will also launch and upscale the remaining four propositions.”

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