Nyherji announces profitability and year-on-year revenue increase of 16% for H1 2015
Q2 consolidated revenues increase by 19% year-on-year, with all subsidiaries profitable
Nyherji Group (NYHR.IC), Iceland’s leading IT services provider, today announced its Q2 and H1 2015 results with net profit of ISK 69 million in the second quarter and ISK 111 million for the first half of 2015.
• Goods and services sold in the second quarter rose to ISK 3.386 billion (19% revenue growth compared to Q2 2014) and ISK 6.649 billion for the first half year (16% revenue growth compared to H1 2014) [Q2, 2014: 2.853 billion; H1, 2014: 5.712 billion]
• Gross profit amounted to 830 million (24.5%) in Q2 and 1.638 billion (24.6%) in the first half [Q2 2014: 749 million (26.3%), H1 2014 1.502 billion (26.3%)]
• Net profit for the second quarter amounted to 69 million and 111 million in the first half [Q2 2014: 69 million, H1 2015: 125 million]
• EBITDA amounted to 227 million (6.8%) in the second quarter and 452 (6.8%) in the first half [Q2 2014: 207 million (7.3%), H1 2014: 398 (7%)]
• Operating performance was positive for all companies in the group in the first half
• Positive results for the last six quarters
"This has been a productive first half for Nyherji and its subsidiaries,” commented Finnur Oddsson, Group Chief Executive, “The group's performance in the first half of the year is above budget and has improved on the same period last year. I am pleased to see strong revenue growth year to year both from domestic sales and also with our TEMPO subsidiary, where foreign income continues to build rapidly. The business has added hundreds of new customers in the last quarter, and in the light of increased activity we are also expecting to ramp up staff in TEMPO considerably this year. To support further product development, organization growth and marketing abroad, we intend to place 25% of the equity in TEMPO in Q3 of this year. We have promising developments in Nyherji’s other subsidiaries, in particular coming from sales of new and exciting human resources and payroll solutions from Applicon Iceland and banking solutions from Applicon Sweden."
OPERATING RESULTS, H1 2015: See attachment.