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Innofactor swings to profit in 2019.

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NORDIC BUSINESS REPORT-February 26, 2020-Innofactor swings to profit in 2019

(C)2020 M2 COMMUNICATIONS http://www.m2.com

Innofator Oyj (HEL:IFA1V), an IT services provider, reported on Tuesday earnings of EUR418m, or EPS of EUR0.011, for the year 2019, from January 2019 to December 2019.

This was an improvement over a loss of EUR3.18m, or EUR0.088 per share, in 2018.

The company stated that in accordance with IFRS 3, the operating result for 1 January 2019 to 31 December 2019 includes EUR2,030,000 in depreciations related to acquisitions, consisting of allocations of the purchase price to intangible assets. The implementation of the IFRS 16 standard affects extensively the key figures for 2019. Also, the handling of lease liabilities in a new way in accordance with IFRS 16 had a positive effect of EUR1,676,000 in 2019 in the operating margin (EBITDA).

Net sales for the year were approximately EUR64.2m, up by 1.7% as compared with USD63.1m in 2018.

Order backlog at the end of the year was EUR49.8m, up by 62.4% as...

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