October 19, 2017 / 8:57 AM / a year ago

Atea predicts accelerating Nordic-Baltic demand for IT systems

OSLO, Oct 19 (Reuters) - Demand for information technology systems and services in the Nordic and Baltic region is set to accelerate in coming years as companies seek to upgrade their hardware and software, Norway’s Atea predicted on Thursday.

** In the third quarter, Atea’s revenues grew by 3.9 percent year-on-year to 6.65 billion Norwegian crowns ($836.40 million), in line with expectations in a Reuters poll, while EBITDA rose 14.8 percent to 269 million, slightly more than expected

** Growth in Atea’s markets is set to exceed the five percent seen in recent years, CEO Steinar Soensteby told Reuters on the sidelines of an earnings presentation

** “10 years back, annual growth was 10 percent. In the last 2-3-4 years growth has been five percent but we are now entering a situation where growth increases, the market is going to grow faster than we have seen for many, many years,” he said

** Soensteby said Atea could grow at a rate of 5-10 percent without adding more workforce in the short run, but longer-term more people would be needed to sustain such a growth rate

$1 = 7.9507 Norwegian crowns Reporting by Ole Petter Skonnord, editing by Terje Solsvik

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