Chip Bidco AS announces the results of Q3 2020.
Adjusted Q3 2020 EBITDA was NOK 43.6 million compared to NOK 43.5 million in the same period last year, an increase of 0.3 %. Adjusted Q3 EBITDA margin has increased from 22.1% in 2019 to 24.2% in 2020, driven by less COGS and strict cost control during the COVID-19 pandemic situation.
Operating revenues in Q3 2020 were NOK 180.1 million compared to NOK 196.3 million in Q3 2019, representing a decrease of 8.2%. Compared to Q3 2019, there was a NOK 4.0 million growth in recurring Cloud revenue, whereas the other business lines were either stagnant or declining slightly. The main reasons for the decline in revenues are related to impact from ongoing COVID-19 pandemic, resulting in less new sales, and less chargeability from our consulting services. For Q3 this year, we also experienced a special effect as employees had more vacation in July and August than in a normal year, leading to less hours billed to clients. In the month of September we saw revenue growth for all business areas.
Read the report here.