Financial results for Q1 2024 released
Revenue growth of 12.2%, an operating profit margin of 5.2% – and full-year financial outlook maintained.
Revenue growth of 12.2%, an operating profit margin of 5.2% – and full-year financial outlook maintained.
Every year, alongside our annual report, we issue a Sustainability Report (COP report), outlining the progress and direction of our sustainability activities.
The Group improved business and financial performance throughout the year and delivered on the outlook, which was upgraded in August, 2023.
The positive trajectory from the first half of 2023 continued through the third quarter. The improvement of performance is in line with the upgraded guidance provided in August and emphasizes the positive direction set with the new strategy.
For the past many years, corporate sustainability work and reporting have been more or less ungoverned and unaudited (under the Non-Financial Reporting Directive). Soon, with EU’s Corporate Sustainability Reporting Directive (CSRD) coming into effect in January 2024, the scope of requirements will be significantly extended, impacting up to 50,000 European companies.
NNIT completed the transformative divestment of its infrastructure operations to become a highly specialized IT services provider and generated growth and improved earnings entailing an upgrade of the 2023 outlook on August 26.
NNIT completed the carve-out and divestment of its infrastructure business on April 28. The Group delivered solid business performance, generating revenue growth of 16% (11% organic) to DKK 413 million in Q1 2023 and improved the operating profit margin significantly to 4.9% on the back of higher revenue and utilization.
Besides continuing our existing initiatives, 2022 included important extensions of our efforts, among which is our commitment in august to the Science Based Targets initiative, and a significant increase in our GHG Scope 3 reporting.
NNIT set out to enable future growth in 2022 and launched strategic initiatives to unlock the Group’s full business potential as a specialized IT consulting business focused on the two core business areas of Life Sciences Solutions and Cloud & Digital Solutions with a strong and consolidated Global Delivery Center and streamlined operations.
NNIT continued to execute on the carveout of the Group’s infrastructure business and sustained the efforts to consolidate global delivery capabilities in Q3 2022 while seeing improved earnings in line with expectations.
NNIT announced the transformative divestment of the Group’s infrastructure business, initiated the carve-out process and continued the efforts to consolidate global delivery capabilities in Q2 2022, which was marked by slower-than-expected sales performance. The temporary suspension of NNIT’s full-year outlook is maintained.
In Q1 2022, NNIT saw a decline in revenue and earnings mainly due to a temporary decline in capacity utilization. Positively, a number of significant contracts were signed, and strategic initiatives progressed as planned. Outlook for the full-year is maintained.
In Q4, we saw continued strong growth within the Life Sciences International business while performance within the Private & Public segment remained weak. Once again, our Winning Solutions strategy gained traction, as it now constitutes 55% of NNIT’s revenue compared to 46% in the same period last year.
In Q3, we saw continued strong growth within the Life Sciences International business, and we strengthened this business further with the addition of SL Controls. Once again, our Winning Solutions strategy gained traction, as it now constitutes 54% of NNIT’s revenue compared to 46% in the same period last year.
In Q2, we saw continued strong growth within the Life Sciences International business, and we strengthened this business further with the addition of SL Controls. Once again, our Winning Solutions strategy gained traction, as it now constitutes 52% of NNIT’s revenue compared to 44% in the same period last year.
In Q1, we experienced continued strong growth within the International Life Sciences business, with Excellis performing to plan. Our Private & Public business started to see positive momentum in relation to the Winning Solutions strategy, which now constitutes 49% of NNIT’s revenue.
In January, we published our Corporate Responsibility Report including the goals we reached in 2020, but more importantly, the report outlines how we will increase our focus on our responsibility in relation to our surroundings.
NNIT concluded 2020 in line with the financial guidance. Q4 contributed an organic double digit, profitable growth within the Life Sciences International business. The acquisition of Excellis positively added further growth.
NNIT’s Q3 was driven by double digit profitable growth in the international life sciences segment. The Novo Nordisk Group impacted the growth negatively as expected. In addition, the Private & Public business contracted in Q3.
The NNIT Group provides a wide range of IT consulting services internationally. In Denmark, where the Group HQ is based, we are one of the leading IT consultancies, servicing both private and public sector customers across all industries. In the rest of Europe, Asia and USA, we are solely focused on companies within life sciences.
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