(Alliance News) - Cancom SE on Wednesday reported full-year revenue and profit in line with company guidance after a strong second-half performance.
The hybrid IT service provider posted revenue of around EUR1.3 billion in 2022, in line with the guidance range previously given in October of EUR1.28 billion to EUR1.33 billion. Revenue was boosted by 7.5% growth in the second half, the company said.
Annual recurring revenue amounted to EUR225 million with gross profit of EUR440 million, both in line with guidance.
Nevertheless, earnings before interest, tax, depreciation, and amortization was below the low end of guidance of EUR116 million, as it totalled EUR106 million.
Earnings were hurt by a number of negative one-offs totalling EUR19 million, including inventory adjustments and impairments on intangibles.
Chief Executive, Ruediger Rath, said that after a difficult first half, the firm was "back on track for growth" with its order intake very good in the fourth quarter.
Nevertheless, Rath said profitability "is no longer what we expect from our company irrespective of the fact that the 2022 business result is burdened by one-off special effects."
As a result, the board intends to draw up a number of measures to boost profit, including reducing the existing cost base.
Shares in Cancom closed 4.5% higher at EUR31.80 in Frankfurt on Wednesday.
By Jeremy Cutler, Alliance News reporter.
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