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Mintra reports profitable growth

15 / 11 / 2021
15 November 2021: The leading eLearning and human capital software company for safety-critical industries, Mintra, reports that revenue was NOK 57.7 million for the third quarter - an increase of 17.3 per cent compared to the same quarter in 2020. EBITDA for the quarter was NOK 15.7 million 15.4 per cent higher than the NOK 13.6 million in the same period last year. The cash flow from operations was NOK 12.4 million - an improvement from NOK 8.8 million in the third quarter last year and up from negative NOK 3.6 million in Q2 this year.

"We are pleased with the results and the profitability in a period with lower activity than anticipated due to Covid restrictions. With the lifting of restrictions and a return to normalised operations we see the expected growth as delayed rather than lost. We are well positioned to increase our share of a growing market, which are positively affected by the strong megatrends within regulation, education, sustainable solutions and digitalisation," says Mintra CEO Kevin Short.

After positive indications in the second quarter, further improvement was expected in rd quarter, but a return to more normalised operations is taking longer than anticipated, affecting the company growth in 2021.

Positive market response

This quarter has been highly productive for the company's commercial team with a heavy focus on the newly enhanced maritime offering. Initial feedback from customers has been positive with seven contracts secured early in the third quarter. An agreement to become mutual reselling partners has been reached with Mintra's long-standing client, International SOS, and the medical management service provider, Future Care, which both share client synergies with Mintra.
The strong relationship provides exciting cross-selling opportunities for both organisations.

The Hourly Shift Planning module for OCS HR launched in the second quarter continues to generate interest within the passenger ship sector. With a third contract secured this quarter, the module is now used by three of the five key operators in the Norwegian ferry market

New functions and functionality

Mintra's technology team has been focused on developing a range of new features and functionality. These latest innovations have allowed Mintra to offer fully automated, anti-fraud, identity verification using biometric face matching, adding a level of assurance that the certified candidate is the same person who sat the course assessment.

Following the expansion of the maritime library, the operations team has been working with DNV to certify the first tranche of five courses. The conversion and migration of Safebridge Electronic Chart Display and Information System
(ECDIS) eLearning courses onto the Trainingportal Learning Management System
(LMS) is progressing to enable Mintra's maritime customers to access this valuable technical content.


A presentation by Mintra Holding's CEO and CFO and subsequent Q&A session will be webcasted live today beginning at 8:00 CET. The webcast can be accessed from:

The presentation and third quarter report will also be made available on

For further information, please contact:

Kevin Short, CEO, tel +44 1224 651340

Torbjørn Blom-Hagen, CFO, tel +47 24 15 55 00

About Mintra

Mintra Holding AS is a technology company that has been shaping the eLearning industry for more than 30 years. By taking pride in helping more than 3,600 companies develop and deploy their people, manage and meet their competency and training requirements, Mintra is a preferred partner in the eLearning and human capital management solutions markets. The company is focused on clients with workforces operating in safety-critical industries such as energy and maritime where regulatory training is mandatory and needs to be refreshed and assessed on a frequent basis.

This release is an announcement issued pursuant to legal information obligations and is subject of the disclosure requirements pursuant to the Market Abuse Regulation (MAR) Article 17 no. 1 and section 5-12 of the Norwegian Securities Trading Act, and was prepared by Torbjørn Blom-Hagen, CFO at Mintra Holding AS.