On April 29, I will leave the operational job as CEO of Vitec and the Board will transfer the responsibility to our current CFO Olle Backman. I feel confident in handing over the CEO role to Olle who is an experienced and proven good leader, well founded in our values and our corporate culture.
It is of course gratifying to be able to state in the last report as CEO that the first quarter has developed well. Our recurring revenues increased by 24 percent, of which 7 percent are organic, while the operating profit increased 73 percent compared with the same period last year.
We completed two acquisitions during the period, and we also expanded our credit facility by SEK 500 million. We are well prepared for the future and see excellent prospects for continued acquisition-based growth.
If the AGM decides according to the Nomination Committee's proposal, I will be able to continue my work in Vitec as Chairman of the Board, a completely different assignment but just as exciting. The constant change of Vitec is probably what has kept me going for over 35 years. And with growth, new employees and new customers, the continuous changes will keep on for a long time to come. I look forward to it!
Finally, a big and warm thank you to all employees, current and former, who so committed, creative, forward-looking, and effectively contributed to the continuous construction of Vitec - thank you!
Lars Stenlund, CEO
For more information, please contact
Patrik Fransson, Investor Relations, Vitec Software Group AB (publ), email@example.com,mobile +46 76 942 85 97
This information is such information that Vitec Software Group AB (publ) is required to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 8:00 a.m. (CET) on Friday, April 16, 2021.
Vitec is market leader for Vertical Market Software in the Nordic region. We develop and deliver standard niche software. Vitec grows through acquisitions of well-managed and well-established software companies. The Group's overall processes together with the employees' in-depth knowledge of the customer's local market enables continuous improvement and innovation. Our 975 employees are based in Denmark, Finland, Norway and Sweden. Vitec is listed on Nasdaq Stockholm and had net sales of SEK 1,313 million in 2020. Find more at www.vitecsoftware.com.
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