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Mintra reports continued improvement in eLearning and rebound in HCM software in Q2

16 / 08 / 2021

16 August 2021: Mintra reports revenue of NOK 61.8 million and an EBITDA of NOK 18.1 million for the second quarter 2021. Excluding acquisition costs, the EBITDA was NOK 20.2 million with an adjusted EBIDTA margin of 33%.

Revenue for the first half year amounted to NOK 121.9 million, which was an increase of 7% from H1 2020 and up 3% on a proforma basis including Safebridge in H1 2020. EBITDA was NOK 28.5 million in the first half year 2021, whereas EBITDA excluding acquisition costs was NOK 34.8 million and the adjusted EBITDA margin 29%. The figures include the successful acquisition of Safebridge in the first quarter.

"Our eLearning business continued the quarter-on-quarter improvement from a trough in late 2020, and we also saw a rebound in our HCM software revenue after a temporary dip in the first quarter. This generated an increase in the underlying EBITDA margin to 33% in the second quarter from 25% in the first quarter. Moving into the second half of the year, we see continued strengthening eLearning sales to the maritime industry and are also cautiously optimistic for a rebound in energy as personnel figures in the North Sea are normalising. HCM software subscriptions are expected to increase on the back of OCS HR projects implemented during H1 2021," says Kevin Short, CEO of Mintra.

Mintra has developed more than 100 new maritime safety and compliance course titles in the first half and more than doubled the maritime library. The company sees an addressable market of some 54,000 vessels for this library and aims to increase the portfolio of vessels supported from around 1,800 to 3,400 by the end of next year.

Mintra reiterates its revenue growth target of 10% or more in 2021, with EBITDA margins of 35%-40% excluding acquisition costs and associated restructuring costs. In the medium term the company targets organic growth of 15% or more, further supported by M&A, and EBITDA margins above 40%.

Presentation of the result:

Mintra Holding AS will present its results for the second quarter and first half year on 16 August 2021 at 08:30 CET. The webcast will be hosted by CEO Kevin Short and CFO Ian Mackie. The presentation and subsequent Q&A will be held in English.

Participation will be possible via the following link:

The second 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:

Kevin Short, CEO, Mintra Group +44 1224 651340 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 HCM software solutions for safety-critical industries worldwide.

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

From the headquarters in Bergen and offices in Oslo, Stavanger, Aberdeen, UAE, Cyprus, India, and Singapore, Mintra provide services to 3,600 companies. For over 30 years Mintra products have helped customers with HR, planning, payroll, crew rotation, and e-learning 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.