GlobeNewswire by notified

25/2024・Trifork Group AG – Interim report for the quarter ending 31 March 2024

Share
Trifork Group – Interim report for the quarter ending 31 March 2024

Company announcement no. 25 / 2024
Schindellegi, Switzerland – 7 May 2024


Trifork Group reports Q1 revenue growth of 1.4% impacted by fewer working days

First quarter 2024

  • Trifork Group
    • In Q1 2024, Trifork Group revenue amounted to EURm 50.4, an increase of 1.4% from Q1 2023. The quarter was impacted by fewer business days in the quarter due to the Easter break being in March instead of April as in the past years. The effect of this is estimated to EURm 2.8 (5.6%) in Q1 2024 compared to Q1 2023.
    • Trifork Group EBITDA amounted to EURm 5.3, corresponding to 10.5% EBITDA margin. The timing of Easter and one-off cost from reorganizations are estimated to affect EBITDA negatively by EURm 2.5 in the quarter.
    • Trifork Group EBIT amounted to EURm 1.4, corresponding to 2.8% EBIT margin.
    • Trifork Group net income amounted to EURm 2.2. Positive fair value adjustments in Trifork Labs contributed to net income.

  • Trifork Segment
    • In Q1 2024, adjusted EBITDA in the Trifork Segment amounted to EURm 5.8 (Q1 2023: EURm 8.6). The adjusted EBITDA margin was 11.6% (Q1 2023: 17.2%).
    • Sub-segments
      • Inspire revenue increased by 2.4% to EURm 0.6 and realized an adjusted EBITDA of EURm -1.0 (Q1 2023: EURm -0.7).
      • Build revenue increased by 1.7% to EURm 38.8 and realized an adjusted EBITDA margin of 15.7% (Q1 2023: 21.1%).
      • Run revenue increased by 0.2% to EURm 11.0 and realized an adjusted EBITDA margin of 13.1% (Q1 2023: 21.1%).

  • Trifork Labs
    • In Q1 2024, positive fair value adjustment of Trifork Labs investments was EURm 2.0 driven primarily by one company delivering stronger-than-budgeted performance on both revenue and profits. One smaller investment corrected for low performance. EBT from Trifork Labs was EURm 1.3 in the quarter.

Comment from CEO Jørn Larsen:

”The business environment continued at a slow pace in the first quarter, as expected. We scaled our marketing activities with strategic partners up significantly in the quarter as part of our strategy of increasing business development efforts in the current business climate. We moved closer to partners such as Apple, SAP, and NVIDIA and received wide public interest for our groundbreaking Apple Vision Pro solutions. We look forward to revealing more cutting-edge solutions in the coming quarters. Several short-term factors, such as the Easter effect and onboarding cost of new Cloud customers, played into making the quarter appear unimpressive from a financial standpoint. We are progressing on our strategic initiatives for 2024, which include selling more of our own software products and platforms, getting our conference activities to run better, and reorganizing our teams and delivery model in Cyber Protection. We look forward to sharing more details about this and our overall strategic and financial aspirations at our Capital Markets Day on 29 May in Copenhagen. Our overall expectation is still that we will show healthy growth and profits for the full year of 2024 and therefore we maintain our guidance.”


Financial outlook for 2024 is unchanged from the initial guidance given on 28 February:

  • Revenue is expected to be in the range of EURm 230-240 equal to 10.6-15.4% growth
  • Organic revenue growth is expected in the range of 9.7-14.5%
  • Adjusted EBITDA in Trifork Segment is expected in the range of EURm 38.0-42.0
  • EBIT in Trifork Group is expected to be in the range of EURm 21.5-25.5.

Main events in Q1 2024

  • Inspire
    In Q1, Trifork continued to create and publish new tech content to our YouTube channel GOTO and on Instagram. In the quarter, we got 3.5 million views and increased subscribers by more than 300,000 to a total of 882,000. We are now close to our internal target of getting 1 million subscribers. The number of accumulated video views at the end of the quarter was 66 million. We initiated a reorganization to create a more robust platform and to reduce the EBITDA loss in the current softer market environment for employee training and product marketing. We held many workshops during the quarter with focus on Apple Vision Pro and Vision AI. As usual, there was little conference activity in the first quarter due to seasonality.

  • Build
    Trifork’s Build sub-segment, where we develop innovative software solutions for customers, grew revenue by 1.7% driven by the acquisition of Chapter 5 in October 2023 whereas organic growth was flat. Demand was good in Smart Enterprise, Digital Health, and Fintech. In Q1, we were met with increased international interest in our digital health capabilities and platform. We were invited to share our insights into building robust digital health platforms as keynote speakers at the FutureHealth conference in Basel.

  • Run
    Trifork’s Run sub-segment, where we operate and maintain internally or externally developed products for our customers, saw a flat revenue development in the quarter. Revenue was temporarily lower in Cloud Operations as we spent significant resources onboarding four customers from which recurring revenue is expected in the coming quarters. In Cyber Protection, we reorganized the team and delivery model and continued working towards making enterprises ready for the upcoming NIS2 regulations. In line with our strategy, we managed to grow the revenue from our own software licenses and support by 28% compared to Q1 2023.

  • Trifork Labs
    Trifork Labs, the investment arm of Trifork Group that invests in strategic partnerships and uses venture financing to grow some of our internally developed products, co-founded Mirage Insights AG. Mirage Insights was founded with the purpose of building state-of-the-art enterprise-grade fan solutions for sports leagues and sponsors, designed exclusively for Apple Vision Pro. We generally see increased activities from investors showing interest in Labs companies.

Results presentation
Trifork will host a results presentation and Q&A session with CEO Jørn Larsen and CFO Kristian Wulf-Andersen today, 7 May 2024 at 11:00 CEST in a live webcast that can be accessed via the following link:

https://trifork.zoom.us/j/98247154489?pwd=emdFR01vMklNZGhLbVU1Q1Q4TWFRZz09

A recording will be made available on our investor website. More information can be found at https://investor.trifork.com/events/.


For more information, please contact:

Investors
Frederik Svanholm, Group Investment Director & Head of Investor Relations
frsv@trifork.com, +41 79 357 7317

Kristian Dollerup, CCO Trifork Smart Enterprise & Investor Relations
kdo@trifork.com, +41 76 561 1256

Media
Peter Rørsgaard, CCO Fintech & Head of Press Relations
pro@trifork.com, +45 2042 2494



About Trifork Group
Trifork is a global pioneering technology partner to its enterprise and public sector customers. The group has 1,275 employees across 72 business units in 15 countries. Trifork works in six business areas: Digital Health, FinTech, Smart Building, Smart Enterprise, Cloud Operations, and Cyber Protection. Trifork’s research and development takes place in Trifork Labs, where Trifork continuously invests in and develops technology companies. Trifork owns and operates the software conference brands GOTO and YOW! and the global GOTO tech community with more than 66 million video views online. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.

Attachments

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Subsea7 awarded a contract for the Belinda field in the UK North Sea25.5.2024 14:01:09 CEST | Press release

Luxembourg – 25 May 2024 - Subsea7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable1 contract by Serica Energy, for the Belinda field development south-east of the Triton FPSO. The Belinda field is operated by Serica Energy and located approximately 190 kilometres east of Aberdeen in the UK Central North Sea, with a water depth of 95 metres. The contract scope includes project management, engineering, procurement, construction and installation (EPCI) of a 5-kilometre 8” production pipeline with a 3” piggy-backed gas lift line and an electro-hydraulic controls (EHC) umbilical. Subsea7’s scope also includes associated subsea structures and tie-ins to the Triton Floating Production Storage & Offloading (FPSO) vessel operated by Dana Petroleum, via an existing production manifold near the Triton riser base and for controls at the Evelyn valve skid. Project management and engineering work will commence immediately in Aberdeen. The offshore activities are scheduled

Novartis atrasentan Phase III data show clinically meaningful proteinuria reduction further advancing company's IgA nephropathy (IgAN) portfolio25.5.2024 12:15:00 CEST | Press release

In the ALIGN study, atrasentan, in addition to supportive care with a renin-angiotensin system (RAS) inhibitor,demonstrated a statistically significant 36.1% proteinuria (protein in urine) reduction vs. placebo + supportive care at 36 weeks1 Endothelin A (ETA) receptor activation contributes to elevated proteinuria in IgAN2-5; atrasentan is a potent, selective ETA receptor antagonist with potential to reduce persistent proteinuria and preserve kidney function for a broad patient population1 IgAN is a heterogeneous, progressive, rare kidney disease with a need for effective, targeted therapies6,7; up to 30% of patients with persistent proteinuria (≥1 g/day) progress to kidney failure within 10 years8 Through its rare kidney disease portfolio, Novartis is committed to exploring a range of treatment options with different modes of action to slow IgAN progression Basel, May 25, 2024 – Novartis today presented results from a pre-specified interim analysis of the Phase III ALIGN study of atr

Novartis presents latest Phase III Fabhalta® (iptacopan) data in C3 glomerulopathy (C3G) showing clinically meaningful and statistically significant 35.1% proteinuria reduction vs. placebo25.5.2024 12:00:00 CEST | Press release

Secondary endpoint data for estimated glomerular filtration rate (eGFR) showed numerical improvement over 6 months vs. placebo1; additional 6-month open-label data to be presented at a future medical meeting2,3Fabhalta showed a favorable safety profile with no new safety signals1C3G, an ultra-rare kidney disease caused by alternative complement pathway overactivation, progresses to kidney failure in ∼50% of patients within 10 years4-7; currently there are no treatments approved for C3G7-9 Fabhalta, an oral Factor B inhibitor of the alternative complement pathway, selectively targets the underlying cause of C3G1; late-stage development program ongoing across several other rare diseases10-13 Basel, May 25, 2024 – Novartis today presented results from the 6-month, double-blind period of the Phase III APPEAR-C3G study of Fabhalta® (iptacopan) at the late-breaking clinical trials session of the European Renal Association (ERA) Congress1. Patients treated with Fabhalta in addition to support

Metasphere Labs Announces Development of Innovative Carbon Credit Protocol for Grid-Scale Batteries24.5.2024 22:05:00 CEST | Press release

VANCOUVER, British Columbia, May 24, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., "Metasphere" or the "Company") (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N) is excited to announce an innovative initiative aimed at accelerating the decarbonization of the electricity grid through the development of a pioneering carbon credit protocol for grid-scale batteries. Innovative Carbon Credit Protocol The Company is committed to leveraging advanced technology to address critical environmental challenges. The new carbon credit protocol will enable grid-scale batteries to monetize their environmental attributes by generating carbon credits for the carbon reductions achieved through optimized battery operations. This protocol is designed to incentivize the deployment and operation of grid-scale batteries, ensuring they play a pivotal role in the transition to a clean energy future. Submission to Pure Sky Carbon Credit Registry The Company intends to submit this pr

Nokia Corporation: Repurchase of own shares on 24.05.202424.5.2024 21:30:00 CEST | Press release

Nokia Corporation Stock Exchange Release 24 May 2024 at 22:30 EEST Nokia Corporation: Repurchase of own shares on 24.05.2024 Espoo, Finland – On 24 May 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code)Number of sharesWeighted average price / share, EUR*XHEL362,1533.55CEUX--BATE--AQEU--TQEX--Total362,1533.55 * Rounded to two decimals On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 4 April 2023 started on 20 March 2024 and ends by 18 December 2024 with a maximum aggregate purchase price of EUR 300 million. Total cost of tra

HiddenA line styled icon from Orion Icon Library.Eye