Company announcement 8/2017Søborg/Copenhagen, October 20, 2017 NNIT settles an arbitration with a public customer and changes outlook for 2017 NNIT A/S ("NNIT"), a leading provider of IT services and consultancy announces that it has settled an ...
Company announcement 8/2017
Søborg/Copenhagen, October 20, 2017
NNIT settles an arbitration with a public customer and changes outlook for 2017
NNIT A/S ("NNIT"), a leading provider of IT services and consultancy announces that it has settled an arbitration with a public customer.
The arbitration was initiated before NNIT's IPO in 2015 and is described in the IPO prospectus.
As a consequence of the settlement, NNIT makes a one-time revenue reversal of DKK 33 million impacting operating profit negatively by DKK 33m.
As a result, NNIT changes outlook for 2017:
- Expected revenue growth is narrowed to 4-6% in constant currencies (previously 4-8%). Expected organic growth is narrowed to 1-3% (previously 1-5%). The impact of the settlement on revenue growth is approximately 1pp
- Expected operating profit margin is lowered to around 9% (previously around 10%) due to the settlement. The underlying operating profit margin excluding the settlement is maintained to be around 10% in constant currencies
The settlement does not have any impact on NNIT's long-term targets.
A detailed description of the arbitration was disclosed in the 2015 IPO Prospectus as well as in the annual reports for 2015 and 2016, which can be found at www.nnit.com/pages/investor.aspx.
Contacts for further information
Jesper Wagener, Head of Investor Relations: +45 3075 5392, email@example.com
Rikke Dalager, Head of Communications: +45 3077 8080, firstname.lastname@example.org
NNIT A/S is one of Denmark's leading IT service providers and consultancies. NNIT A/S offers a wide range of IT services and solutions to its customers, primarily in the life sciences sector in Denmark and internationally and to customers in the public, enterprise and finance sectors in Denmark. As of June 30, 2017, NNIT A/S had 2,965 employees. For more information please visit www.nnit.com.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: NNIT A/S via Globenewswire
Source(s) : NNIT A/S
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