Delivers double-digit organic growth in the first half of 2023

Strong organic growth and M&A activities summarise the first six months for Mintra, a leading provider of digital learning and Human Capital Management solutions for the Maritime and Energy industries. The group delivered mNOK 145 in revenue, representing 16 per cent organic growth vs the first half of 2022.
Adjusted EBITDA was MNOK 48, representing a 33 per cent EBITDA margin.

"We are excited about our performance in the first half of 2023. Remaining true to our strategy, Mintra is focused on driving group performance by expanding compliance and accredited/certified materials on our platforms to onboard new customers," commented Kevin Short, CEO of Mintra.

Growth across the business

In the period, the group secured several multimillion NOK contracts across all business segments, eLearning, HCM software and Consulting, which has resulted in revenue growth across the business. ADNOC, Equinor, International SOS, OKEA and Prudence Marine are among the signed customers.

Strategic progress and new partnerships

Mintra has also strengthened its ecosystem, adding Furuno, Meridian Maritime Training Center LLC and ARuVR to its roster of partners. These partnerships underline Mintra's continued drive to bring relevant and exciting partners to its customers to provide required and planned learning technology from a one-stop supplier.

Successful acquisition of Seably 

Closing out the first half of 2023, Mintra announced the acquisition of Seably, a Swedish SaaS-based marketplace for online maritime training. Seably has demonstrated strong growth in the maritime sector and brings good growth opportunities to Mintra, representing annual revenue of more than mNOK 45. The purchase price of Seably was SEK 79.7 million and the investment is expected, on a short-term basis, to increase Mintra's net working capital by mNOK 15-20. In the upcoming months, Mintra will drive the integration process to extract synergies.
Kevin Short added: "The terms of the Seably acquisition are favourable and strengthen Mintra's growth in the maritime market. It also provides existing and new customers with new capabilities to meet the demands of digitalisation and automation in the sector."

Webcast 

A live webcast and Q&A is hosted by Mintra, starting at 08:30 CEST. The live event can be accessed via the following link:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20230808_2 The half-year report and presentation will be made available at www.mintra.com/investors.

For further information please contact:

Kevin Short, CEO, Mintra +44 1224 651340 

Jostein R. Hufthammer, CFO, Mintra +47 55 98 63 00

About Mintra

Mintra is the provider of global solutions for digital learning, competence and workforce management, primarily for energy, maritime and safety-critical industries. Mintra's portfolio of digital products includes workforce planning, training and skills management. More than 4100 enterprises trust the company to improve security, increase efficiency and reduce costs. Mintra is an employer of choice and its global team prides itself on the culture of collaboration and exploration to enable the delivery of innovation to its customers. Mintra is headquartered in Bergen, Norway, with offices and operations to support the delivery of on- and offline services to its global customers 24/7.

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