Zalaris - Continuing contract momentum in FY24

Zalaris reported its ninth consecutive quarter of year-on-year revenue growth in Q124, up to a record NOK318m. New contract momentum has continued, while the net retention rate of existing clients within Managed Services was 109%, driven by an increase in upselling of additional services. Profitability is improving as the benefits from its EBIT improvement programme are bearing fruit alongside operational leverage. Zalaris's strong contract momentum has led us to upgrade our revenue estimates by 1.9% to NOK1,275m for the year at an improved adjusted EBIT margin of 10.9%, more closely reflecting the Q124 exit-margin. These results underpin management's confidence in achieving its FY26 revenue target of NOK1.5bn at an adjusted EBIT margin of 12-15%. The company continues to undertake the strategic review that was announced in early-April, with management expecting to announce a conclusion in Q224.

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