Reference is made to the ongoing tender process for an Electronic Road Pricing (ERP) system in Jakarta, Indonesia. As previously communicated, a consortium with Q-Free was earlier this year prequalified as a potential system vendor. Q-Free has today decided to withdraw from the tender process and not pursue this opportunity further.
Q-Free has a good and suitable technical solution for Jakarta. Hence, the decision to withdraw from the tender process is a consequence of the continued uncertainty regarding tender timeline/outcome, project structure and financing, and expected project profitability compared to alternative short- and medium-term market opportunities.
Our current order intake and opportunity pipeline in tolling, as well as in other business areas, is very strong and supports our double-digit revenue growth ambition in the coming years even without the Jakarta ERP project. In line with our strategy to drive profitable growth by increasing recurring revenues and reduce our reliance on single large projects, we will therefore be more selective going forward when it comes to which contracts we pursue. We are confident this approach will optimize shareholder value.
Withdrawing from the ERP tender process will reduce Q-Free’s operational cost base. The organizational and financial impact will be communicated at a later stage.
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.