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Ordina closes 2017 in profit; revenue growth in second half of the year
Key developments FY 2017
Net profit EUR 3.1 million (2016: EUR 5.0 million);
EBITDA EUR 14.5 million (2016: EUR 15.1 million);
EBITDA margin 4.2% (2016: 4.4%);
Revenue up 0.4% at EUR 344.9 million (2016: EUR 343.6 million);
Revenue the Netherlands declined 0.7% to EUR 254.3 million (2016: EUR 256.1 million);
Revenue Belgium/Luxembourg increased 3.5% to EUR 90.5 million (2016: EUR 87.5 million);
Redundancy costs came in at EUR 5.9 million (2016: EUR 6.0 million);
Net cash position rose to EUR 10.9 million (year-end 2016: EUR 2.7 million);
Proposal to pay a dividend of 2 euro cents (EUR 0.02) per share (60% of net profit);
Number one in Secondment & Outsourcing category in MT1000;
High score (96%) in Giarte Outsourcings recommendations index.
Key developments Q4 2017
EBITDA EUR 4.9 million (Q4 2016: EUR 4.3 million);
EBITDA margin 5.4% (Q4 2016: 5.1%);
Revenue up 7.2% at EUR 90.2 million (Q4 2016: EUR 84.2 million);
Revenue the Netherlands increased 8.0% at EUR 66.7 million (Q4 2016: EUR 61.8 million);
Revenue Belgium/Luxembourg up 4.9% at EUR 23.5 million (Q4 2016: EUR 22.4 million);
Growth at our clients in the public sector and in financial services.
Jo Maes, Ordina CEO, on the results
“We closed 2017 with a profit after a positive fourth quarter in which revenue in the Netherlands was up on the back of a strong increase in business among clients in the public sector and financial services. Belgium/Luxembourg once again performed strongly.
For the full year 2017, we noted modest revenue growth and a lower return. Results came under pressure in the first half of the year, but improved in the course of the second half. The improvement in the second half of the year is encouraging and was driven by persistent demand in the market, higher productivity and lower costs due to the now completed effectiveness and efficiency programme. Our cash position was higher at year-end 2017.
Over the past year, we focused on revenue growth and the recruitment of new employees. Thanks to extra efforts on the recruitment front, we hired more new employees than ever before in 2017. Staff turnover remained high throughout the year, particularly in the Netherlands. The dynamic employment market means the retention of our professionals remains a top priority.
Delivering added value to our clients as an IT and business partner is a key development. Our business propositions play an important role in this. They enable us to translate technology into solutions for business issues. In 2017, we booked some excellent results with each of these propositions; for instance, we now have more than 60 High performance teams working for clients. This has resulted in recognition in the market. For instance, Ordina secured first place in the category Secondment & Outsourcing of the MT1000 ranking and a high recommendation score in the Giarte survey.”