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Atea reports mixed results in Q4 2023

Oslo-based IT service provider Atea has reported a mixed financial performance in Q4 2023.  

Revenue declined by 4.3% to NOK 9.4bn, contrasting with a 3.2% increase in gross sales to NOK 14.4bn. 

Software and services revenues saw growth, up 10.0% and 7.0% respectively, but hardware revenue fell by 8.8%. Over two years, hardware revenue grew at a 6.5% annual rate, contributing to a 7.7% annual growth in total group revenue.

Atea's gross profit for Q4 2023 rose by 7.1% to NOK 2,804m, with a gross margin increase to 29.8%. Operating costs, however, also grew by 10.6%. EBIT for the quarter was down 9.9% to NOK 405m.

For the full year 2023, Atea achieved record figures with gross sales of NOK 51.9bn, revenue of NOK 34.7bn, and EBIT of NOK 1,244m. 

The company ended the year with a strong cash flow, generating NOK 1.9bn in operations and closing the quarter with a net cash position of NOK 961m.