Innofactor - Net sales slightly lower, operating margin in line
Innofactor reported Q1 net sales of EUR 16.1m and EBITDA of EUR 0.869m. Net sales missed our estimate of EUR 17.1m, but EBITDA was in line with our expectation of EUR 0.8m. Innofactor commented that measures for improving profitability, carried out near the end of 2018, have started to take an effect in the first quarter as planned. Innofactor expects net sales and operating margin (EBITDA) in 2019 to increase from 2018 (2018: net sales EUR 63.1m EBITDA EUR -1.0m)
- Q1 net sales were approximately EUR 16.1 million (2018: 16.5) vs. EUR 17.1m our expectation
- EBITDA was EUR 0.869 (+155% yoy), vs. EUR 0.8m our expectation.
- The order backlog was EUR 41.0 million (2018: 22.2), which shows an increase of 85%.
- Innofactor got several significant orders in the first quarter, for example, Traficom VISA, approximately EUR 0.5 million; a decision-making system for the City of Espoo, approximately EUR 1.5 million; and a membership management project for a Swedish organization, approximately EUR 1.3 million
- Guidance maintained; Innofactor’s net sales and operating margin (EBITDA) in 2019 is estimated to increase from 2018, during which the net sales were EUR 63.1 million and operating margin was EUR -1.0 million