Performance in the third quarter of 2018 confirmed the stability and attractiveness of Q-Free’s underlying business model. In a quarter with no special events, the company delivered solid EBITDA, high order intake, and positive cash flow from operations.
Highlights third quarter 2018:
* 217 MNOK in revenues, down 7% YoY as strong growth in non-tolling business areas partly compensated for high project revenues in Slovenia in Q3 2017
* 16 MNOK in EBITDA (7.3% margin), up from 5 MNOK in Q3-17 (Q3-17 incl. a 28 MNOK settlement)
* 254 MNOK in order intake, significantly up from 100 MNOK in Q3-17
* 1 091 MNOK in order backlog, up from 1 060 at the end of Q2-18
* 16 MNOK in operating cash flow, up from 13 MNOK in Q3-17
* New long-term financing signed with increased flexibility and limits to secure future growth
– We are satisfied with the third quarter of 2018, which represents the eight consecutive quarter with positive EBITDA margin. Q-Free’s growing share of recurring and resilient revenues now enable us to deliver acceptable profits even in periods with limited project revenues. We are also pleased to with the strong growth in confirmed order intake and a significantly increased pipeline of new opportunities. Based on current momentum in the business we target double-digit revenue growth going forward and margin expansion driven by operational leverage and a shift towards higher-margin products and services, comments CEO in Q-Free, Håkon Volldal.
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Enclosures: Q3-18 report, Q3-18 presentation
For further information, please contact:
President & CEO, Håkon Volldal: +47 977 19 973
CFO, Tor Eirik Knutsen: +47 950 50 062
Q-Free is a leading global supplier of ITS (Intelligent Transportation Systems) products and solutions. The company has approximately 380 employees, offices in 17 countries, and a presence on all continents. Headquartered in Trondheim, Norway, Q-Free is listed on the Oslo Stock Exchange under the ticker QFR.