Adesso SE Reports Solid Q1 2024 Financial Growth Despite Challenges

Adesso SE announced an increase in Q1 2024 sales revenues by 15% to EUR 317.1 million, attributed mainly to organic growth. However, due to two fewer working days compared to the previous year, EBITDA remained level at EUR 17.8 million. The IT service provider confirmed its full-year guidance, anticipating sales growth over EUR 1.25 billion with EBITDA between EUR 110 to 130 million.

The company indicated a positive demand across most sectors, although the insurance sector experienced stagnation. Significant growth was noted in the "Healthcare" and "Utilities" sectors with increases of 36% and 65%, respectively. Internationally, revenue growth was noted particularly in the Netherlands and Italy, increasing by 20% and 21%, respectively.

Despite a challenging economic environment, Adesso's digitalization solutions continue to meet robust demand. The subdued EBITDA was influenced by increased personnel and operating costs, which rose due to expansions and general price trends. Nevertheless, the outlook for the rest of the financial year remains positive, supported by expected improvements in capacity utilization and profitability measures initiated earlier in the year.