With an increased intake of new employees and growing market demand, Ordina is still facing a decline in the overall number of employees and pressure on the revenues and returns of its Dutch operations.
Provisional Q2 results
The provisional revenue for the second quarter amounted to EUR 84.7 million (Q2 2016: EUR 87.9 million). The provisional EBITDA was EUR 2.7 million (Q2 2016: EUR 3.7 million). The number of workable days was 61 (Q2 2016: 62). There were a number of exceptional items generally unrelated to our operational activities, such as the provision for vacant office space. This will be explained in more detail in the interim report.
Adjusted for exceptional items, the provisional EBITDA was minus EUR 0.4 million (Q2 2016: EUR 3.7 million), largely due to a weak April and redundancy costs of EUR 2.4 million (Q2 2016: EUR 1.5 million).
The programme costs have been incorporated in the Q2 redundancy costs. The expected impact of the reduced overhead is EUR 1-2 million in second half of 2017 and EUR 3-4 million in 2018.
The net cash position has improved to EUR 2.2 million (Q2 2016: EUR 0.1 million net cash).
We will provide a more detailed explanation during the presentation of the interim results on 24 August 2017.
For more information on this press release
Joyce van Wijnen, Investor Relations
Telephone: +31 (0)30 663 7000
Eveline Rogier, Communications
Telephone: +31 612584309
Herbert van Zijl, Communications
Telephone: +31 612765226