Trifork Group AG – Interim Financial Report
Trifork Group AG has published its interim financial report for the second quarter and the first half of the year, concluding on 30 June 2024. In Q2 2024, the Group recorded revenue of EURm 52.5, which marks a 5.0% decline compared to Q2 2023. This decrease was primarily driven by fluctuations in revenue from non-core hardware and third-party licenses.
Financial Overview
The adjusted EBITDA for Trifork Group reached EURm 5.8, resulting in an 11.0% margin. The EBIT for the quarter was reported at EURm 1.9, leading to a 3.6% EBIT margin. Additionally, the net income for this period was EURm 1.3.
Segment Performance
In the Trifork Segment, adjusted EBITDA was EURm 6.3, down from EURm 7.8 in Q2 2023, reflecting a margin decrease from 14.0% to 12.0%. Looking at the sub-segments, Inspire revenue increased by 8.6% to EURm 2.4, while Build revenue saw a slight uptick of 0.1% to EURm 37.2, maintaining an adjusted EBITDA margin of 13.0%. Conversely, Run revenue fell by 19.2% to EURm 12.7, with an adjusted EBITDA margin of 19.2%.
Trifork Labs
During Q2 2024, Trifork Labs reported a fair value adjustment of investments totaling EURm 0.1. By the end of the quarter, the book value of all minority investments reached EURm 73.4, with EBT from Trifork Labs recorded at EURm 0.6.
CEO Insights
CEO Jørn Larsen addressed the challenges encountered during the quarter, noting that revenue levels for the first half of the year were in line with those of the previous year. He expressed optimism about the revival of engagements, especially in Denmark's public sector. Larsen emphasized the importance of efficiency and strategic initiatives, including the ongoing development of software products and a transition in the Cyber Protection delivery model. Furthermore, Trifork is actively exploring M&A opportunities and has recently announced three acquisitions that hold significant growth potential.
Financial Outlook for 2024
The financial outlook for 2024 has been revised, with expectations for revenue projected between EURm 215-220. The updated forecast for adjusted EBITDA in the Trifork Segment is set between EURm 31-34, while EBIT estimates range from EURm 14-17.
Main Events of the Quarter
Inspire's conference activities indicated signs of recovery, complemented by successful partnerships with major technology firms. The Build segment demonstrated resilience with modest growth, whereas the Run segment faced a revenue decline, primarily due to non-core licenses. Trifork Labs continued to make strategic investments in emerging digital health platforms.
Investor and Media Contacts
For any inquiries, please reach out to:
Investors
Frederik Svanholm, Group Investment Director & Head of Investor Relations
frsv@trifork.com, +41 79 357 7317
Media
Peter Rørsgaard, CCO Fintech & Head of Press Relations
pro@trifork.com, +45 2042 2494
About Trifork Group
Trifork is an innovative technology partner serving both enterprise and public sector clients across 15 countries. The company employs 1,273 professionals across 74 business units and operates in six key areas, including Digital Health, FinTech, and Cyber Protection. Their research and development efforts are centralized at Trifork Labs, which focuses on ongoing investment in technology companies.
Frequently Asked Questions
What were Trifork Group's Q2 2024 results?
In Q2 2024, Trifork Group reported revenue of EURm 52.5, a decrease from the previous year, with an adjusted EBITDA of EURm 5.8.
What is the adjusted EBITDA margin for Trifork Group?
The adjusted EBITDA margin for Q2 2024 was 11.0%.
What challenges did Trifork face in Q2 2024?
The company faced slower growth due to delayed or halted engagements from prior quarters.
What is the financial outlook for Trifork Group in 2024?
For 2024, revenue is expected to be in the range of EURm 215-220, with adjusted EBITDA projected between EURm 31-34.
What strategic initiatives is Trifork focusing on?
Trifork is concentrating on enhancing software product sales, improving conference activities, and refining their Cyber Protection delivery model.
