Q3 2024 Itera ASA Earnings Call Transcript
Key Points
- Itera ASA (STU:IRI) successfully won back a major global customer, impacting 35 to 40 consultants positively.
- The company signed two new large agreements with an estimated value of up to 500 million Norwegian Krone over four years.
- Itera ASA is expanding its presence by opening a new office in the Stavanger region through an acquisition, adding 20 skilled employees.
- The company has a strong cash conversion rate, with an EBITDA to cash conversion of 89%.
- Itera ASA is actively involved in rebuilding efforts in Ukraine, providing business advisory services and supporting housing projects.
- Revenue declined by 5% in the third quarter, primarily due to lower utilization of consultants.
- The company experienced a temporary loss of a major customer, impacting revenue and profitability.
- Itera ASA's EBIT margin decreased to 0.1% in the third quarter, down from 4.5% the previous year.
- The equity ratio decreased by 5 percentage points compared to the previous year.
- The company reduced its workforce by 63 employees over the last 12 months due to flattening demand.
Good morning, everyone. Welcome to the interim report for the third quarter for Itera.
I will have the same agenda as you know, from the previous quarter. I will start with the highlights of the quarter and we walk through the business review session and then we will have Bent Hemmer Chief Financial Officer that will bring us through the financial review and also some comments about the outlook. And if you have any queries or questions, please use post the message and we will pick it up at the end of this session and look make some comments on them, but we can also establish meetings after this presentation.
Okay. Let me start with the highlights for the third quarter. There are three messages I just want to talk about in the beginning. One is actually we call it a large customer win back because one of our global customer has made the decision to replace it with Itera global supplier that has impact of 35 to 40 consultants in the third quarter.
But due to their unsuccessful transition by this global supplier, this customer
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