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Mintra significantly lifts underlying EBITDA and turns around Safebridge in the first quarter

12 / 05 / 2021

Oslo, 12 May 2021: Mintra reports revenue of NOK 60 million and an EBITDA of NOK 10.4 million for the first quarter of 2021. Excluding costs relating to the acquisition of Safebridge, the EBITDA was NOK 14.7 million with an EBIDTA margin of 25%. Safebridge added NOK 12 million in revenues in the quarter.

On a proforma basis, this compares with total revenue of NOK 68.4 million and NOK 18.6 million in the corresponding quarter last year.

The company reports a net profit of NOK 0.8 million in the first quarter, compared to a net loss of NOK 28.2 million on a proforma basis in the corresponding quarter of 2020.

"Although our figures are not yet back to pre-Covid 19 levels, we are overall seeing a rebound from the previous quarter. We have almost doubled underlying EBITDA from Q4 and lifted the underlying EBITDA margin back up to 25%. eLearning was the main driver behind the sequential growth. During the quarter we have also turned Safebridge around and the fast integration makes the route to profit contribution shorter than anticipated," said Scott Kerr, CEO of Mintra.

Mintra added to its maritime business through the acquisition of Safebridge in February. The acquisition expanded the offering significantly and added sales resources to take advantage of strong growth in the maritime business in the first quarter.

Mintra reiterates its medium-term targets to realise organic growth of more than 15% and improve EBITDA margins above 40%. In 2021, the company expects organic revenue growth of 10% or more while EBITDA margins are expected to improve further to 35%-40%, excluding acquisitions costs and associated restructuring costs. In the medium term, Mintra expects to undertake one to two acquisitions per year, adding NOK 50 to 75 million per year.

Presentation of Q1 results:

Mintra Holding AS will present its results for the first quarter on Wednesday 12 May 2021 at 08:30 CET.

The webcast will be hosted by CEO Scott Kerr, CFO Ian Mackie, and CCO Kevin Short. The presentation and subsequent Q&A will be held in English.

Participation will be possible via the following link:

The first quarter material will also be made available on

In addition, a recorded version of the presentation will also be made available on after completion of the event.

For further information please contact:

Scott Kerr, CEO, Mintra Group +47 99 28 38 90

Ian Mackie, CFO, Mintra Group +44 1224 651340

About Mintra:

Mintra Holding AS is the Norwegian registered parent of several operating companies in Norway, the United Kingdom, United Arab Emirates, and Singapore, which comprise the Mintra Group, a leading provider of on-demand digital learning and enterprise human capital management (HCM) software solutions for safety-critical industries worldwide.

Mintra's focus is to protect and improve businesses by protecting and improving their people.

From its headquarters in Bergen and offices in Oslo, Stavanger, Aberdeen, UAE, Cyprus, India, and Singapore, Mintra provides services to 3,600 companies. For over 30 years Mintra products have helped customers with HR, planning, payroll, crew rotation, and eLearning across industries as diverse as energy, maritime, construction, fishing, and wind energy.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.