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02 May 2017

Ordina N.V. publishes results first quarter 2017

Weak first quarter; Recruitment and retention priority to meet rising demand

Highlights Q1

  • EBITDA falls to EUR 4.3 million (Q1 2016: EUR 4.6 million);

  • EBITDA margin declines to 4.8% (Q1 2016: 5.1%);

  • Revenue declines by 1.8% to EUR 88.2 million (Q1 2016: EUR 89.9 million);

  • Revenue the Netherlands down 5.1% at EUR 64.7 million (Q1 2016: EUR 68.1 million);

  • Revenue Belgium/Luxembourg up 8.3% at EUR 23.5 million (Q1 2016: EUR 21.7 million);

  • Net debt position improved to EUR 2.5 million (Q1 2016: EUR 10.9 million);

  • Net profit virtually unchanged at EUR 1.7 million (Q1 2016: EUR 1.8 million);

  • Continuation recruitment campaign ‘Do you look beyond the code?’.

Jo Maes, CEO Ordina, about the results

“The results of the first quarter mark a modest start to the year. The revenue growth in Belgium and Luxembourg could only partly offset this decline. In the Netherlands, we continue to face a shortage of the employees we need to meet the growing demand. We have therefore made our top priorities for 2017 the recruitment and retention of professionals.
To support our recruitment efforts, we are continuing our recruitment marketing campaign ‘Do you look beyond the code?’. We expect it to be some time before we can return the number of employees to the desired level in the current highly competitive market.”

The increase in revenue in the public sector was driven by Belgium/Luxembourg. In addition, we also saw a levelling off of the decline in the public sector in the Netherlands, as we are increasingly capitalising on the IT outsourcing framework contracts we acquired in 2016. The shortage of employees is particularly severe in the financial services sector, where revenue showed a strong decline. The growth in the industry sector was driven by our strong position among existing clients in the logistics sector and our large clients in Belgium/Luxembourg. We recorded a modest increase in revenue in the healthcare sector.

In recent years, we have successfully made our innovations relevant to the business. We have used this to define Ordina-wide propositions that meet market demand. We will continue to accelerate and upscale the marketing of these propositions in the coming period.”

Ordina N.V. press release results first quarter 2017