Press release -
Financial results for Q4 and FY 2023 released: Improved business and financial performance
The Group improved business and financial performance throughout the year and delivered on the outlook, which was upgraded in August 2023.
Please refer to nnit.com - Investors for the full company announcement re the financial results for Q4/FY 2023.
CEO Pär Fors comments:
"2023 was a transformative year for NNIT as we relaunched our company as a pure-play IT consulting business highly specialized in global life sciences and the public sector in Denmark. We accelerated momentum throughout the year, confirming our confidence in the new strategic roadmap and enabling us to deliver on the promise of increased revenue and profitability. Looking into 2024, we see ample opportunities for growth within the life sciences space and a solid pipeline within the public sector in Denmark."
2023 key highlights
- Revenue grew by 15.2% (organic growth of 10.8%) to DKK 1,728 million following solid performance on existing engagements and onboarding of new customers across life sciences globally and the public and private sectors in Denmark.
- NNIT improved the operating result before special items significantly to DKK 116 million compared to a loss of DKK 7 million 2022 and lifted the operating profit margin before special items to 6.7% from -0.5% in 2022. Progress was driven by higher activity and capacity utilization combined with cost reductions.
- Special items amounted to DKK 69 million against DKK 278 million in 2022 and related mainly to earn-out payments.
2024 outlook
- NNIT expects to maintain the momentum from 2023 and continue to deliver organic revenue growth and profitability improvements in 2024 driven by good traction with customers and positive effects of efficiency measures.
- The Group expects to generate organic revenue growth of around 10% through expansion of engagements with existing customers and onboarding of new customers.
- The operating profit margin before special items is expected to increase to 8-9% based on improved capacity utilization, positive effects of increased use of nearshore and offshore capabilities, and by leveraging the regional structure and internal financial steering introduced in 2023.
Full company annopuncement is available at https://www.nnit.com/investors-media/investors/
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NNIT is a leading provider of IT solutions to life sciences internationally, and to the public and enterprise sectors in Denmark
We focus on high complexity industries and thrive in environments where regulatory demands and complexity are high.
We advise and build sustainable digital solutions that work for the patients, citizens, employees, end users or customers.
We strive to build unmatched excellence in the industries we serve, and we use our domain expertise to represent a business first approach – strongly supported by a selection of partner technologies, but always driven by business needs rather than technology.
NNIT consists of group company NNIT A/S and subsidiaries SCALES, Excellis Health Solutions and SL Controls. Together, these companies employ more than 1,700 people in Europe, Asia and USA.
Read more at www.nnit.com
