21 October 2015

Interim Report January - September 2015


  • Net sales SEK 448,3 M (350,4)
  • Profit before tax SEK 67,8 M (42,4)
  • Operating margin 16 % (13)
  • Earnings per share before dilution SEK 9,02 (5,47)
  • Cash flow from operations SEK 106,4 M (91,1)


  • Net sales SEK 152,2 M (132,8)
  • Profit before tax SEK 24,0 M (18,1)
  • Operating margin 17 % (15)
  • Earnings per share before dilution SEK 3,25 (2,02)
  • Cash flow from operations SEK 7,0 M (0,6)
  • Acqusition of Datamann A/S and Infoeasy AS.

The quarter got off to a quick start, with two acquisitions in two days. The two acquired companies – Datamann in Denmark and Infoeasy in Norway – both deliver software to the automotive industry. Together with AutoData in Norway, these now form Business Area Auto, which will have annual sales of approximately SEK 100 million. At the same time as Business Area Auto is being strengthened, this also entails improved spreading of risks within the group. Four of seven business areas presently have sales of over SEK 100 million and no business area constitutes more than 30 percent of the group.

Vitec's financial position and preparedness for future acquisitions are good. The credit facility of SEK 250 million arranged on June 30, along with the group's earning capabilities, provides the financial conditions. We intend to continue growing through acquisitions, and with a Nordic focus we are monitoring a list of prospects of about 100 attractive, vertical software companies, with combined sales in excess of SEK 4 billion. We thus see good conditions for continued acquisitions.

Our strictly applied business model, with strivings for a high portion of recurring revenue, continues to produce results. Recurring revenue accounted for 81% (78% last year) of the quarter's total revenue, and for the year's first three quarters, the corresponding figure was 79% (75%). The high portion of recurring revenue gives us the capability to take a long-term and consistent approach, at the same time as it provides excellent conditions for absorbing temporary downturns within individual business areas.

With a clear shift from traditional licensing to a subscription model (SaaS), the portion of recurring revenue and the operating margin increase simultaneously. Together with our employees' tremendous capacity for renewal and integrating acquisitions, this provides good conditions for long-term development of our entire organization. With frequent acquisitions of well-established companies and a growing portion of recurring revenue, Vitec will continue along the established path, operating in several independent and specialized niche markets to achieve sustainable and profitable growth.

Lars Stenlund, CEO


Vitec Software Group AB (publ.) is to make the above information public pursuant to the Swedish Securities Market Act or the Swedish Financial Instruments Trading Act. The information will be made public at 08:30 CET on Wednesday, October 21, 2015.


Vitec Software Group AB (publ) is a software company that offers industry specific business applications on the Nordic market. The Company, with operations in Sweden, Norway, Finland and Denmark is growing in the mature part of the software industry by consolidating vertical software segments. Clients include facility management companies, construction and real estate companies, banks and insurance companies, utilities and energy traders, healthcare companies, car spare part dealers and newspaper companies. Vitec is listed on Nasdaq OMX Stockholm. Group turnover has an annual capacity of SEK 630 million and has approximately 440 employees. Vitec is listed on Nasdaq OMX Stockholm.

www.vitecsoftware.com   Address: Box 7965, S-907 19 Umeå, Sweden. Phone +46 90 15 49 00