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Mintra Holding reports 2020 EBITDA of NOK 70 million

25 / 02 / 2021

(Oslo, 25 February 2020) Mintra reports revenue of NOK 205.3 million and an EBITDA of NOK 69.8 million for 2020, corresponding to an EBITDA margin of 34%. This compares to a revenue of NOK 232.0 million and an EBITDA of NOK 44.3 million for 2019. Operating profit (EBIT) was NOK 50.0 million, compared to a loss of NOK 12.3 million in the previous year, whereas profit before tax improved to NOK 10.3 million from a loss of NOK 28.7 million in 2019. The figures have been prepared under the IFRS accounting standard.

“We have seen good growth for our high-margin human capital management software and learning and competence management system, Trainingportal, which drives the share of recurring revenue and lifts our margins. On the other hand, we have seen delayed eLearning demand due to work and travel restrictions related to Covid-19, especially in the energy sector. We believe this demand is delayed and not lost. We have maintained a strong market position with zero customer churn, and believe we are ideally placed for a demand rebound post-Covid,” said Scott Kerr, CEO of Mintra.

Mintra has seen good growth in the maritime sector in 2020 and strengthens its position in this market further following the acquisition of Safebridge in February 2021.

For the fourth quarter isolated, the company reported revenue of NOK 43.8 million (57.2) and an EBITDA of NOK 10.3 million (2.8). Operating profit improved to NOK 6.1 million from a loss of NOK 12.3 million in the fourth quarter 2019, whereas profit before tax improved to NOK 7.0 million from a loss of NOK 27.8 million in the same quarter last year.

Going forward, 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, with the acquisition of Safebridge expected to add approximately NOK 30-35 million in revenue this year. Growth is likely to be back-end loaded due to persisting Covid-19 effects in the first half of the year and because the company’s growth initiatives are expected to gradually gain momentum through the year. EBITDA-margins are expected to improve further to 35%-40% in 2021.

Presentation of the result and capital markets update:

Mintra Holding AS will present its results for the fourth quarter and full year 2020 in connection with a capital markets update on Thursday 25 February at 09:00-10:30 CET.

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

Participation: Participation will be possible via the following link: https://streams.eventcdn.net/mintra/q4-2020-and-capital-markets-update/.

Material: The fourth quarter and CMU material will also be made available on

https://mintra.com/about-us/investor-relations.

In addition, a recorded version of the presentation will also be made available on

https://mintra.com/about-us/investor-relations 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, 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.