Woody chooses Additude Sweden as new digital partner

Swedish building supplier Woody Bygghandel and Additude Sweden, an ICT Group company, initiate a major co-operation around E-commerce and the digital area, as Woody now wants to take the next step in their digitalization process. Woody uses modern techniques to offer new services, better availability and better service to both customers and the local builder merchants of the Woody group.

The partnership involves both recruitment of key personnel to strengthen Woody’s competence in the digital area as well as new development, management and support of Plattan – Woody’s solution for E-commerce and Digital Business. The agreement also includes migrating Plattan to the Microsoft Azure platform.

Peter Sjödahl, CEO of Woody Bygghandel, says that “Additude SE is a complete supplier that works with cutting edge technology and has the ability to offer all the skills and services that Woody needs in the area of E-Commerce and digital business. With Additude as a new partner, Woody  will move their positions forward in E-Commerce and the digital business, both centrally, for local part-owners and customers.”

Sam Aston, CEO of Additude, indicates that “for Additude it is both a privilege and a confirmation of the competence of our company to be a part of Woody’s journey and digitization process. Woody Bygghandel, with its long and successful history in its field, is in the middle of an exciting journey to renew the business and further apply modern IT technology for both partners and B2B customers. We are proud to have the privilege of helping Woody with this”, Sam Aston concludes.

Additude, with head office in Malmö, Sweden, is a modern IT consulting firm with leading consultants in innovation, tech and headhunting. The combination of breadth, range of services and the deep specialization of each unit makes Additude a strong partner that can deliver both support in innovation, strategic advice and complete technology solutions in construction, design, electronics, embedded systems and software.

Woody Bygghandel, founded in 1944, is one of the leading building suppliers in Sweden. The chain is owned by 50 local builder merchants with a total over 100 stores all over Sweden and on Åland that work together in areas such as purchasing, marketing, IT, environment & sustainability as well as education.

To know more about the collaboration, watch this video.


H1 2020 results ICT Group

Solid first half 2020

Highlights H1 2020

  • Revenue in H1 2020 increased 2% to € 81.4 million (H1 2019: € 79.8 million), organically down 1.3%
  • EBITDA was stable at € 8.9 million (H1 2019: € 8.8 million)
  • COVID-19 impact was limited in Q1, effects were more visible in April and May and as of June productivity recovered
  • Precautionary measures taken to cut costs and to preserve cash already bear fruits as of June
  • Revised financing agreement in place, including additional € 10 million credit facility and extension of repayment schedule
  • Management expects revenue and EBITDA for the second half of 2020 to be in line with the first half of 2020

Key figures

Jos Blejie, CEO of ICT Group N.V.:
“First and foremost I would like to thank our clients and employees for their flexibility and loyalty during these uncertain times. It shows that passion for technology unites and continues also when working from home. Pre-corona we saw productivity levels steadily improving; however the crisis impacted productivity in April and May. During June productivity levels increased again. Revenue slightly increased in the first half of 2020 compared to the same period last year. Particularly our secondment services in Sweden and the Netherlands were impacted by COVID-19. Our activities in Bulgaria showed a substantial organic growth. Overall our projects in high tech and public infrastructure continued at the same level as before COVID-19. We also saw the favourable development of our SAAS (software as a service) activities continue. Our diversified revenue portfolio offers strength and resilience.

As evidenced by the performance in June, we are well positioned to benefit quickly when business activities overall would return again to normal levels. Based on this positive trend we expect the results in the second half of the year to be in line with the first half of 2020. In addition we continue to strongly believe in the attractiveness of the long term market perspectives as the digital transformation will continue in all the markets we operate in.”

COVID-19 measures

In light of the COVID-19 crisis ICT has taken necessary measures to cut and control costs, with a strong focus on cash management. These measures already have an effect as of June. ICT did not apply for governmental support (NOW – 1) in the Netherlands.

ICT concluded a revised financing agreement which includes an additional € 10 million government secured facility by Rabobank, to provide ICT with a back-up financing facility in case the crisis would further intensify. Furthermore, we agreed on a 6-month extension of the redemption schedule and a temporary increase of the net debt / EBITDA ratio to 3.5.


At 30 June 2020, ICT Group employs 1,503 people (1,453 FTEs), around 2.4% higher than at year-end 2019.

Notes to the results

Performance ICT Group
ICT Group’s revenue came in at € 81.4 million in the first half of 2020, a 2.0% increase compared to € 79.8 million reported in H1 2019. Organically, excluding acquisitions and divestments, revenue decreased by 1.3%.

Personnel costs increased to € 49.1 million (H1 2019: € 46.4 million), in line with the increase in FTE’s and salary increases.

Other operating expenses decreased from € 10.6 million in H1 2019 to € 9.6 million in the first half of 2020, mainly as a result of the measures taken in light of the COVID-19 crisis. The costs related to strategic initiatives in H1 2020 amounted to € 0.1 million compared to € 0.5 million in H1 2019.

For the first six months of 2020 EBITDA was more or less stable at € 8.9 million, compared to € 8.8 million in the comparable period in 2019. The EBITDA margin decreased slightly to 10.9% (H1 2019: 11.1%).

Performance per segment

Engineering R&D
In this segment, ICT is active in the R&D of the industrial sectors Automotive, High Tech and Machine Building.
The HighTech activities were not impacted by COVID-19 and are performing in line with expectations. We do see an impact in the Automotive activities, but at the same time the sales funnel looks promising. The Machine & Systems unit, in particular the secondment business, was impacted significantly. Customers are scaling back development programmes, which is impacting productivity. We do however see customers starting up again.

Industrial Automation
In this segment Logistics & Transport, Industry and Outsourced services are the key markets for ICT.
This segment serves customers that have been heavily impacted by the crisis. Especially the activities in the units Logistics &Transport and Industry were significantly impacted in the second quarter. However we do see demand increasing again.

Infra & Mobility
In the public domain ICT focuses on services around capital assets in the area of Water, Energy, Road and Rail infrastructure as well as Mobility.
This segment experienced little impact of COVID-19. Many projects in the public domain are continuing, however we do see some pressure on secondment activities within the Water & Infra unit. The TURNN entity, ICT’s Mobility as a Service activities, continued its positive development. After a number of successful pilots the first customer contracts, with both municipalities and large companies, were won and completed.

Healthcare Technology
The performance of the Healthcare unit is affected by COVID-19. This is mainly the case at the consultancy activities that were already operating at lower productivity levels before the crisis. The activities focused on the sale of the foetal care products did show a positive performance.

ICT’s nearshoring entity Strypes saw a further increase in customer demand, which translated into substantial organic growth. Our strategic decision to accelerate our nearshoring activities clearly paid off. Strypes is well positioned to capitalize upon the increasing demand for nearshoring activities. The integration of Kodar and Up2 is ongoing and progressing according to plan. EBITDA margins further increased during the first half of 2020.

Additude, acquired in February 2019, is now fully integrated into ICT. Also here COVID-19 had an impact in the second quarter. On the other hand one of the largest contracts was recently prolonged. Hiring activities are under pressure from COVID-19, therefore recovery of the margins is lagging behind.

The segment ‘Other’ includes a number of small entities as well as the holding costs of the group. As Improve is mainly engaged in trainings, the second quarter was heavily impacted by COVID-19. OrangeNXT is performing in line with plan although COVID-19 is putting some pressure on the growth rate. Nevertheless OrangeNXT progresses out of the start-up phase and realised a small profit. The results of the German and Belgian entities have been slightly positive.

Other financial information

ICT has attributed a value to and is amortising several intangible assets, including order backlog, software and customer relations of its acquisitions. Amortisation in the first half of 2020 amounted to € 2.6 million (H1 2019: € 2.6 million). Depreciation for the first half of 2020 amounted to € 3.5 million (H1 2019: € 3.1 million).

The result from associates amounted to a profit of € 0.4 million (H1 2019: € 0.3 million loss). The profit was mainly the result of a one-off gain realised at one of the associates.

Financing expenses came in at € 0.6 million in the first six months of 2020 (H1 2019: € 0.5 million).

Taxes in the first half of 2020 amounted to € 0.5 million compared with € 0.5 million in the first half of 2019.

Reported net profit for the first six months of 2020 came in at € 2.1 million (H1 2019: € 2.5 million). In the net profit for H1 2019 a one-off accounting gain of € 0.7 million was included as a result of the revaluation of ICT Group’s stake in GreenFlux. The earnings per share came in at € 0.20 (H1 2019: € 0.27). The number of outstanding ordinary shares were stable compared to year-end 2019 and amounted to 9,565,010.

Cash flow movement

In the first half of the year, net operational cash flow increased significantly to € 6.8 million positive (H1 2019: € 3.8 million positive), partly due to postponement of tax payments. Also the net cash position increased and amounted to € 8.0 million positive per 30 June 2020 (31 December 2019: € 5.8 million positive). This increase was the result of the positive effect of cash preserving measures including the resolution at the AGM not to declare a dividend and the extension of the redemption schedule of the company’s loans, combined with the positive development of the operational cash flow.

Balance sheet structure

At the end of the first half of 2020, shareholders’ equity stood at € 56.6 million (31 December 2019: € 54.5 million). The balance sheet total increased from € 124.4 million at year-end 2019 to € 129.3 million at 30 June 2020. Solvency (shareholders’ equity/total assets) was unchanged at 44% at the end of June 2020 (44% at year-end 2019), reflecting a sound financial basis.


Long term market perspectives remain attractive as we continue to believe in the ongoing digital transformation in all the markets we operate in. We remain fully committed to deliver on our mid-term objective of increasing annual revenue to between € 200 and € 230 million, with a targeted EBITDA margin between 13% and 15%.

Barring unforeseen circumstances, in particular in relation to COVID-19, management expects that revenue and EBITDA in the second half of 2020 will be in line with the first half of 2020.

In these unprecedented times, our diversified revenue portfolio offers strength and resilience, while we put the well-being and safety of our employees and customers first at all times.

Click here to download the Annex: Condensed consolidated interim financial statements 30 June 2020

ICT acquires Esprit Management & IT Services

ICT Group N.V. (ICT) has acquired 100% of the shares of Esprit Management & IT Services B.V. (Esprit). Esprit was founded in 1999 and is active in technical software development and recruitment services in the technical automation domain. It employs over 20 professionals and generates annual turnover of around € 2 million.

After an initial integration period Esprit and Additude Netherlands, the Dutch branch of the Swedish company Additude acquired by ICT in 2019, will be merged. The strong reputation of Additude in recruitment services combines perfectly with the excellent position of Esprit in recruitment and consulting services in technical software development. Their combined offering will broaden ICT’s services to its clients and also open up an additional part of the labor market for ICT. Marc Reijnen, founder of Esprit, will lead the integration and further development of this new combination within ICT.

Jos Blejie, CEO of ICT: “I am pleased with Esprit becoming part of ICT. Esprit has a strong and consistent track record within the industrial automation sector and embedded software development in the Netherlands, offering both synergies as well as complementary services to ICT. We welcome Esprit to the ICT Group and to become part of the ambition to lead the ongoing digitalisation for our clients.”

ICT Group convenes extraordinary meeting of shareholders

ICT Group N.V. (ICT) today published the convocation for its Extraordinary General Meeting of Shareholders (EGM) that will be held via a live video-webcast on Thursday 20 August 2020. The key agenda item is the proposal to appoint Janneke Niessen
(1977, Dutch nationality) as member of the Supervisory Board.

The EGM will be organized in the same manner as the recent AGM, in light of the COVID-19 pandemic and following the Emergency-Act. The EGM will only be electronically accessible for shareholders via a live video-webcast. Shareholders can vote through an electronic proxy and have the opportunity to submit questions to ICT prior to the EGM at bava2020@ict.nl.

ICT Group nominates Janneke Niessen for appointment to Supervisory Board

ICT Group N.V. (ICT) today announces the nomination of Mrs. Janneke Niessen for appointment as member of the Supervisory Board of ICT Group. Her nomination made by the Supervisory Board will be on the agenda of an Extraordinary General Meeting of Shareholders to be held on 20 August 2020. The convocation for this meeting will be published shortly.

Janneke Niessen (1977, Dutch nationality) is a serial entrepreneur and investor. In the past she has started and exited 2 international tech companies. She is co-initiator of InspiringFifty, an initiative that aims to increase diversity in tech by making female role models more visible. Mrs. Niessen furthermore holds supervisory and advisory board positions at various organisations, including Codam and FutureNL.

Theo van der Raadt, chairman of the Supervisory Board of ICT Group: “We are very pleased with the nomination of Janneke Niessen as member of the Supervisory Board of ICT Group. Her broad and extensive experience as an entrepreneur and investor in sectors related to digitalisation and Industry 4.0 as well as her involvement with many start-ups, both as mentor and investor, will be highly valuable to the company.”

This press release contains information that qualifies as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

ICT provides business update

ICT Group N.V. (“ICT”) will update its shareholders on business developments in its AGM, which will be held via audio webcast today.

As indicated in its Q1 results press release, the impact of COVID-19 was still rather limited in the first quarter of 2020, since the lockdown measures took effect in the 2nd half of March. The impact is therefore more significant in the second quarter. The diversification in revenue portfolio and mix in industry sectors is supporting ICT’s business resilience. The activities in Bulgaria and in sectors including public infrastructure and high-tech are hardly impacted by COVID-19, while the time hire services in the industrial automation industry sector are in particularly impacted. As a result, ICT Group’s productivity levels faced a decline of approximately 5% in Q2 to date compared to Q1 2020.

ICT is taking multiple measures to cut and control costs and to preserve cash, including the decision to propose to retain all 2019 earnings to today’s AGM. ICT did not apply for governmental support (NOW – 1) in the Netherlands.

Management is confident that ICT is well positioned to return to its pre-COVID-19 performance levels as soon as current challenging economic circumstances improve. Long term market perspectives remain attractive as we continue to believe in the ongoing digital transformation in all the markets we operate in.

ICT convenes Annual General Meeting

AGM only electronically accessible for shareholders

ICT Group N.V. (“ICT”) today published the convocation and related documents for its Annual General Meeting of Shareholders (AGM) that will be held on Wednesday 24 June 2020.

In response to the global COVID-19 pandemic, ICT is doing everything possible to keep its shareholders, employees and other stakeholders safe. This includes avoiding unnecessary travel and large gatherings. The Supervisory Board has therefore decided, following the Temporary Act COVID-19 Justice and Safety (the “Emergency-Act”), that the AGM will only be electronically accessible for shareholders via a live video-webcast. Shareholders can vote through an electronic proxy and have the opportunity to submit questions to ICT prior to the AGM at ava2020@ict.eu.

On the Company’s website you will find further information with regard to registration and instructions about how to submit votes or questions prior to the AGM. In addition all documents, including the agenda, an explanation of the agenda items as well as the accompanying documents and the 2019 Annual Report are available on the website.

We will continue to closely monitor the situation in relation to COVID-19 measures and will inform shareholders through the Company’s website if any changes regarding the AGM occur.

Revenue growth of 6%; COVID-19 impact limited in Q1

Highlights Q1 2020

  • Revenue in Q1 2020 up 6% to € 41.6 million (Q1 2019: € 39.4 million), organically flat
  • EBITDA decreased 7% to € 4.5 million (Q1 2019: € 4.8 million) due to lower productivity levels
  • COVID-19 impact was limited in Q1, effects will be more significant as of April.
    Due to the uncertainty of the extent and duration of the crisis, the full year impact cannot be estimated yet
  • Multiple precautionary measures taken to cut costs and to preserve cash
  • Decision not to distribute 2019 dividend

Key figures

(in € millions) Q1 2020 Q1 2019 Δ
Revenue 41.6 39.4 6%
EBITDA 4.5 4.8 -7%


Jos Blejie, CEO of ICT Group N.V.:
“After a weak fourth quarter last year we saw productivity levels slowly but steadily improving over the first quarter of 2020, on balance resulting in organic revenue coming in at the same level as the first quarter last year. Obviously, COVID-19 is having an unprecedented impact on economic activities since mid-February, also in some of the markets ICT is operating in. The impact on the performance of ICT was still rather limited in the first quarter of 2020. Around 95% of our activities for our clients can be done remotely.

Nevertheless we anticipate that the impact will deepen the longer the lockdown measures continue. Although our order portfolio is currently well filled and we benefit from being well-diversified in both activities and exposure to various sectors, we notice a slowdown in order intake. Therefore we expect that it will become more challenging to sustain performance levels at the level of the first quarter. Particularly secondment services will be affected. Our projects in R&D Engineering and vital infrastructures are less sensitive to a sudden economic downturn, but might follow suit if the economic uncertainty persists.

We remain confident that we are well positioned to benefit when economic activity rebounds. Our measures are geared at increasing our business agility, whilst working to retain our professional workforce. This will allow us to weather the current crisis, and remain well positioned to benefit quickly when business activities return to normal levels.”

Financial developments

In the first quarter of 2020 revenue increased by 6% to € 41.6 million from € 39.4 million in the same period last year. This increase is attributable to the acquisitions of Additude (consolidated as of February 2019), BNV Mobility (consolidated as of April 2019) and Proficium (consolidated as of November 2019). Organically, revenue was at the same level as Q1 last year.

EBITDA decreased 7% to € 4.5 million in the first quarter of 2020 compared to € 4.8 million in the same period in 2019. This decrease is fully attributable to the lower productivity levels that, despite an improving trend throughout the quarter, are still lower for the full quarter compared with the same period last year.

The EBITDA margin came in at 10.9% (Q1 2019: 12.3%).

At ICT Netherlands the productivity levels, although improving, were lower than the strong performance in this segment in Q1 last year. The impact from COVID-19 was especially noticeable in the sectors Machines & Systems and Logistics & Transport. In the public domain of Infra & Mobility performance is stable. The productivity in the healthcare activities has slightly improved.

The nearshoring activities in Bulgaria performed well with increased revenues. The productivity levels of the Swedish activities are still lower than anticipated, although representing an improvement compared to the fourth quarter 2019.

In the segment ‘Other’, Improve has been impacted by the COVID-19 outbreak as the market for trainings has stalled. OrangeNXT performed in line with expectations, despite the difficulty to gain new sales orders in the current environment.

COVID-19 measures

ICT anticipates that the impact from COVID-19 will deepen the longer the lockdown measures persist. Therefore ICT is taking necessary measures to cut and control costs, and remaining focused on cash management. ICT has proactively reached out to its financing banks to discuss extension of its loans and to postpone redemption schedules. ICT will also consider opting for the various governmental business support measures as and when necessary.

In view of the necessary prudence, ICT has decided to withdraw its intended 2019 dividend proposal and to propose to the AGM to retain all earnings.

ICT offers support for the obstetric care of pregnant women with a medical risk. ICT Healthcare has decided to make its product Sense4Baby, a portable and wireless system for pregnancy monitoring at home, available free of charge during the Corona crisis.


Given the uncertainty about the length and depth of the virus outbreak and its impact on the global economy, we refrain from giving an outlook for 2020. We continue to believe in the ongoing digital transformation in all the markets we operate in. We remain fully committed to deliver on our mid-term objective of increasing annual revenue to between € 200 and € 230 million, with a targeted EBITDA margin between 13% and 15%. However, the timelines for achieving these objectives could be impacted by the current crisis.

ICT awarded silver medal for corporate responsibility

ICT Group N.V. (ICT) is proud to announce that they received the silver medal level of achievement for Corporate Social Responsibility (CSR) from EcoVadis, a leading Sustainability assessor.

With this result ICT is in the top 12% of companies assessed by EcoVadis in the Computer programming, consultancy and related activities industry. We were able to score a balanced score in all four topics: Environment, labor & human rights, sustainable procurement and ethics.

EcoVadis_score ICT Group

“Sustainability assessments like EcoVadis require that companies continuously improve their achievements, because the bar is constantly raised in terms of societal expectations” states Roy Jansen, COO of ICT. “We will continuously strengthen our sustainability programs in 2020 and beyond.”