Q1 2018

Revenue in reported currencies decreased by 2.3% in Q1 2018 (1.2% in constant currencies) due to a 20% decline in revenue from the Novo Nordisk Group following very low project activity in Q1 2018 and a high comparison base in Q1 2017 which was impacted by infrastructure projects with a high degree of hardware. Further, the timing of Easter impacted revenue growth negatively with approximately 2.0pp. Revenue from non-Novo Nordisk customers increased by 12% driven by the enterprise, international life sciences and public customer groups. SCALES had a positive impact on total revenue of 5.7pp in Q1 2018. Operating profit in Q1 2018 decreased by 19% to DKK 60.7m corresponding to an operating profit margin of 8.7% (8.3% in constant currencies) compared to 10.5% in Q1 2017. The decrease was due to the decline in Novo Nordisk revenue and the timing of Easter. Adjusted for the timing of Easter, the operating profit margin was 10.5% in Q1 2018.

The order backlog for 2018 at the beginning of Q2 2018 increased by DKK 17.8m, or by 0.7%, to DKK 2,437m compared to the order backlog for 2017 at the beginning of Q2 2017. The guidance for 2018 revenue growth is 3-6% in constant currencies. The growth is based on IFRS 15 restated 2017 revenue of DKK 2,851m. However, uncertainty regarding our guidance is increasing due to continued decline in sales to the Novo Nordisk Group. The operating profit margin in constant currencies is expected to be in the interval 10-10.5%.

I am encouraged by the continued strong growth in particular the enterprise and international life sciences customer groups. The decline in revenue from the Novo Nordisk Group was larger than expected and we have therefore adjusted our revenue growth guidance for 2018 to 3-6%. Under these circumstances I am pleased that we have maintained our operating profit margin guidance of 10-10.5%.” 

Per Kogut, Chief Executive Officer (CEO)

Investor relations contact

Klaus Hosbond Skovrup
Head of Investor Relations

+45 3079 5355

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