Comments on the figures for the first quarter of 2021
NorCom Information Technology GmbH & Co. KGaA (ISIN DE000A12UP37, General Standard) achieved a total output of 3.2 million euros in the first quarter of 2021 (Q1 2020: 3.5 million euros). EBITDA (earnings before interest, taxes, depreciation and amortization) was positive at EUR 0.1 million (Q1 2020: EUR 0.1 million).
With four new orders, NorCom started the year with a good order intake. Since some of the projects won did not start until later in the first quarter or will start in the second quarter, the sales from the new orders have not yet been fully recorded. Corona-related remote work also reduces sales. However, the trend is positive and further growth is expected.
“We are satisfied with the first quarter: We were able to steer our business in a safe direction. We are on schedule and have the option of further growth,” says Viggo Nordbakk, Managing Director of NorCom, commenting on the quarterly figures. "Our focus is still on attracting new employees - we have received positive feedback here and the new hires for the first half of 2021 are now in the double-digit range."
Strategy and Outlook
To gain independence from industries that are sensitive to the effects of the pandemic, NorCom has expanded its target markets. Even though NorCom continues to serve customers from the automotive industry and carries out projects for the use of artificial intelligence there, NorCom has redefined its strategic target sectors: The automotive sector is summarized under the extended term "Industry", with a further strong focus on customers from the public sector Sector in which NorCom has been successfully represented for years.
New sectors in which an increased need for NorCom's services is assumed and which should therefore be addressed are Legal / Audit and Assurance.
A reliable forecast for the 2021 financial year cannot be made due to the difficult-to-estimate duration of the Corona crisis and its effects. Due to the targeted diversification, NorCom has positive plans for 2021 and expects both sales and earnings to increase slightly compared to 2020.