Zalaris - Tenth consecutive quarter of revenue growth

Zalaris delivered a tenth consecutive quarter of year-on-year revenue growth in Q224 to another record of NOK323m. The company continued to win new business as well as renegotiating contracts with existing customers to bring them onto the PeopleHub platform. Low churn also contributed to a net retention rate within Managed Services of 106%. Adjusted EBIT margins improved as the first Asia-Pacific contribution and cost efficiencies offset lower year-on-year margins in both Managed Services and Professional Services. The robust contract momentum has led us to upgrade our FY24 revenue estimates by 2.4% to NOK1,307m, with an improved adjusted EBIT margin of 11.2%. Management noted that the strategic review is in progress following an initial planning period.

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