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 revnue 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
Investor contacts: Jesper Wagener, Head of Investor Relations: +45 3075 5392, firstname.lastname@example.org
Media contacts: Rikke Dalager, Head of Communications: +45 3077 8080, email@example.com