OSLO: Infront ASA, a provider of global market data, news, analytics and trading tools, announced group revenue of EUR 25.3 million for Q3 2019 as against EUR 7.1 million same period last year, posting an increase of 256%, driven mainly by the inclusion of vwd Group, full effect of Infront Italia and price increases across the group.
“We deliver a significant step-up in revenue in the third quarter driven by the successful execution of our M&A strategy. The integration of vwd Group is well underway and we are working to realize cross- and up-selling opportunities and capture cost synergies. By combining the strengths of our solutions, we will compete across asset classes and fully leverage our top-three position in Europe to drive growth,” said Kristian Nesbak, CEO and founder of Infront.
Q3 2019 EBITDA was negative EUR 0.9 million. EBITDA reflected high transaction-related costs, as well as continued growth investments in the organization. Adjusted EBITDA increased to EUR 2.9 million from adjusted EBITDA of EUR 1.2 million in Q3 2018. Before implementation of IFRS 16, adjusted EBITDA amounted to EUR 2.3 million (EUR 1.2 million).
vwd was included in Infront’s financial accounts from the acquisition date 17 July 2019. Following the acquisition, the Board of Directors approved to change Infront’s presentation currency to Euro (EUR) from Norwegian kroner (NOK) from Q3 2019.
Infront generates most of its revenue from recurring subscription contracts for its services. To date in 2019, Infront has continued to show an underlying growth in subscription revenue, which represented 97% of total sales for the period.