Annual Report 2018

31/05/2019

IT Relation created strong growth in revenue and earnings in 2018

The progress of Denmark's leading supplier of IT outsourcing to small and medium-sized companies continued in 2018 with solid organic growth, value-adding acquisitions and access to new customers and IT Superheroes. IT Relation expects continued growth in 2019.

In 2018, IT Relation increased revenue by 50% to DKK 556 million. After more than 15% organic growth and strong contributions from the group's integration of acquisitions AC IntelliCom and IT-Afdelingen. IT Relation launched a large number of new services for our customers, especially in the areas of digitization, security and hosting and cloud offerings. The Group is furthermore awarded for the first time a SKI framework agreement on Managed Services for the Public Sector.

“We fulfilled this year's expectations and realized an ambitious growth target in the form of significant organic growth and a successful consolidation and integration strategy. Although the pace is high, we maintain our focus on delivering uncompromising service based on our customers' business, and this has resulted in strong customer satisfaction surveys and solid earnings growth,” says Henrik Kastbjerg, CEO of IT Relation.

Earnings before financial items (EBIT) increased 37% to DKK 67 million in 2018 driven by the organic growth as well as integration and acquisition of companies. The strong results were created by 412 employees in 2018 rising from 274 employees the year before. In addition, IT Relation welcomed a new main shareholder, as the technology-focused capital fund - Hg - acquired Adelis Equity Partners' majority stake in the company in a change of ownership, which creates the best basis for further development of IT Relation nationally and internationally in the coming years. Leading employees and founders maintain a stake in the company.

"We are delighted to have attracted so many talented employees and a strong and experienced partner like Hg who share our great ambitions for IT Relation. Together we will develop and scale the company so that we can ensure customer growth and continue strong growth in both revenue and earnings in the coming years Until now, we are on track with a growth rate of more than 30% in the first four months of the year, and we expect continued growth in the remaining part of 2019, " says Henrik Kastbjerg.

In 2019, IT Relation expects to raise the Group's revenue by 40% and deliver corresponding growth in profit before financial items (EBIT) driven by organic growth and acquisition and utilization of scale and ongoing improvement of processes and efficiency.

Download the full annual report here.

For further information:

Henrik Kastbjerg
CEO, IT Relation A/S
Phone: + 45 2069 670

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