Ordina

Ordina N.V. publishes results first quarter 2020

Strong first quarter

Ordina withdraws 2019 dividend proposal due to uncertain circumstances

Highlights Q1 2020

  • Revenue increases by 1.8% to EUR 96.3 million (Q1 2019: EUR 94.6 million);
    • Revenue the Netherlands declines by 1.5% to EUR 64.3 million (Q1 2019: EUR 65.4 million);
    • Revenue Belgium/Luxembourg up 9.3% at EUR 31.9 million (Q1 2019: EUR 29.2 million);
  • EBITDA higher at EUR 12.1 million (Q1 2019: EUR 8.6 million);
  • EBITDA margin increases to 12.6% (Q1 2019: 9.1%);
  • Net profit of EUR 5.8 million (Q1 2019: EUR 3.1 million);
  • One extra working day in the Netherlands and Belgium/Luxembourg in Q1 2020 (impact around EUR 1.3 million revenue and around EUR 1.0 million EBITDA);
  • Net cash position EUR 23.7 million (Q1 2019: EUR 9.8 million);
  • Extraordinary circumstances result in withdrawal of dividend proposal for 2019;
  • Annual General Meeting (AGM) will take place on 30 June.

Jo Maes, CEO Ordina, about the results

“We started the year with strong results in both the Netherlands and Belgium/Luxembourg. We recorded an above-average increase in revenue from teams and business propositions. In the Netherlands, revenue growth was tempered by the reduction of revenue with subcontractors, but the quality of the underlying revenue is increasing, which resulted in a strong return. In Belgium/Luxembourg, growth was once again driven by the higher number of employees and a strong operational performance.

Our cash position continued to improve, providing Ordina with a solid basis, even in the current circumstances. The stability of our company and the care for all our stakeholders are our highest priorities. Due to the extraordinary circumstances and the resultant uncertain outlook, we will be withdrawing our dividend proposal for 2019. At the moment, we are making every possible preparation to respond quickly and effectively to changes and we are introducing measures that take into account the interests of all our stakeholders, including our people, our clients and our shareholders. It will become apparent in the months to come to what extent our clients will continue to invest in IT and digitalisation.

The impact of the coronavirus on a global scale is unprecedented. Many of our clients are active in vital sectors, so the continuity of our services to our clients remains our top priority. Over the past few weeks, we have been able to continue to provide our services almost flawlessly. I am therefore particularly grateful for the commitment of our professionals and the flexibility of our clients under these exceptional circumstances.”