New Year, new brand

In the past years ICT Group has seen a strong growth. In line with our buy and build strategy this growth was achieved partly organically and partly as a result of acquisitions in the Netherlands and abroad. We therefore have a number of very strong, well known, brands in the market, which work together intensively to deploy their specific expertise, experience and domain knowledge for our clients.

Because we believe it is important to show more coherence between the various labels, we have opted for a new branding. As of January, ICT Group and all its subsidiaries will therefore have the same logo and the same look & feel. In the new branding, the label names will remain central, but at the same time it is clear that a brand is part of the ICT Group.

With the new branding we will show even more clearly the coherence that was already there internally. We would like to invite you to become more widely acquainted with ICT Group on our new website

ICT Group donates to the Leontienhuis

At the end of the year we usually look back on the year and everything we have achieved so far. However, 2020 is different. We cannot meet our customers physically to give them a small present and therefore, we did something else.

This year is about being connected more than ever. It’s about looking out for each other and being supportive. Therefore, instead of giving presents to our customers, we donated to the ‘Leontienhuis’.

About the Leontienhuis

The Leontienhuis was founded by Leontien van Moorsel. It is a walk-in center for people with an eating disorder and their loved ones. The Leontienhuis wants to motivate people with an eating disorder towards recovery and (renewed) participation in society.

With this donation we tried to look out for those in need. Let’s all do that this festive season. Stay safe, stay sane and stay connected. Happy holidays!

Meerwaarde van data zit in de voorbereiding

Only available in Dutch

Digitalisering, big data … het klinkt veelbelovend, maar hoe haal je als bedrijf meer informatie uit de groeiende hoeveelheid data en toenemend aantal software mogelijkheden? Daarover gaan Jaco Bruinaars en Almando Coutinho, respectievelijk financieel directeur en business unit manager Data Intelligence bij ICT in gesprek met FM.NL Financieel Management, een uitgave van Alex van Groningen BV.

“Minder mensen zullen meer gaan doen.”
Jaco Bruinaars, financieel directeur ICT.

Bezint eer ge begint
Meerdere vestigingen, meerdere landen, elk jaar een paar overnames: het samenbrengen van data uit verschillende softwarepakketten is geen sinecure, vooral niet als je alle gegevens in een centrale dataopslag (datalake) wil hebben, één enkele bron van waarheid. Een van de grootste uitdagingen hierbij ligt dan ook helemaal aan het begin, geeft Bruinaars aan: “Welke informatie heb je nodig, welke definities hanteer je en zijn deze in alle systemen hetzelfde?” Definities kunnen verschillen tussen personen, processen, afdelingen, vestigingen en landen. “Dat gaat vaak om hele basale dingen. Neem bijvoorbeeld FTE aantallen over de maand november. Een medewerker die op 28 november uit dienst gaat, telt in de financiële rapportages over december nog mee, maar in de FTE aantallen van de afdeling HR vanaf 30 november niet meer. Zo ontstaan snel verschillen tussen de verschillende rapportages en dashboards.”

Bruinaars adviseert om het management te vragen welke informatie nodig is om te kunnen sturen en de juiste beslissingen te kunnen nemen. Daaruit zal duidelijk worden welke informatie ontsloten dient te worden en dat definities onderling blijken te verschillen. Voor deze verschillen moeten dan een oplossing worden gezocht. Het traject van definitiebepaling moet echt goed gepland worden. “Besef tegelijkertijd dat dit niet allemaal van tevoren kan gebeuren,” voegt Coutinho toe. “Zie het als een project dat gaandeweg ontwikkelt.” Bruinaars knikt, “Ook hier gaat de 80-20 regel op: 80 procent kan je van tevoren inventariseren, 20 procent gebeurt gaandeweg. Streef er wel naar vooraf tot die 80 procent te komen.”

Lees het volledige artikel van FM.NL hier.

ICT Group is awarded a new framework agreement with E.ON Sverige AB

Additude, an ICT Group Company, is proud to announce the strengthening of their cooperation with E.ON Sverige AB through a new framework agreement regarding IT consultants and Work packages. This agreement is valid for two years and applies for operations both in Sweden and abroad.

Additude was founded in 2009 and is a local entrepreneur-driven IT and engineering company, as wells a part of ICT Group, focusing on smarter Industries, Smarter cities and Smarter healthcare. Additude has had an annual average growth that by a wide margin exceeds the industry average. The ICT Group is active in Sweden, the Netherlands, Belgium, Germany and Bulgaria with 1450 colleagues globally. For more information: Sam Aston, CEO Additude Group +46 733-77 61 60 or Jim Roslund, VP Sales Additude Group +46 703-79 17 23.

Water Update: Cyber Security, deliverables, IT & OT and more…

With the Water Updates (newsletters), ICT Group is happy to keep you informed of the latest developments in the field of IT solutions in the Water sector. This information is particularly relevant to you if you work for a water board, drinking water company, municipality or engineering consultancy.

In the February 2020 edition of the Water Update you can read about ‘Continuity of companies: Cyber ​​Security’, ‘How do I get IT and OT aligned’, new assignments within Water and more.

Sign up for the Water Update

Do you want to receive the Water Update automatically in your mailbox three times a year? Register now via the form on our website. The Water Update is only available in Dutch. 

Press release: Half Year Results 2019 ICT Group

FIRST HALF YEAR 2019: Strong revenue and EBITDA growth

International expansion and strengthened position in Smarter Cities mark important steps in strategic roadmap

Highlights H1 2019

  • Revenue came in at € 79.8 million, an increase of 31%, organic growth was 9%
  • EBITDA increased to € 8.8 million including IFRS 16 effects. Pre-IFRS 16 EBITDA increased 27% to € 6.4 million (H1 2018: € 5.1 million)
  • Underlying net profit amounted to € 1.9 million, up 24% compared to H1 2018
  • Acquisition of Additude marks international expansion into Sweden
  • Mobility as a Service strengthened with acquisition of BNV Mobility
  • Letter of intent signed to acquire Proficium to strengthen position of ICT in Smarter Cities
  • Outlook 2019: ICT expects further growth in revenue and EBITDA in the second half of 2019 compared to the first half of 2019

Key figures*

Jos Blejie, CEO of ICT Group N.V.:
“In the first half of 2019 ICT Group showed strong revenue growth, on the back of both acquisitions and robust organic growth. The latter was in particular driven by the strong demand in the High Tech and Automotive sectors. Moreover, with the international expansion, the growth in our nearshoring capabilities and the strengthening of our market position in Infra & Mobility, we are well underway in delivering on our strategic agenda. Our efforts are clearly valued by our business partners, as demonstrated by various awards we received from a number of our key partners in the past months.”

Strategy update

On 23 January 2019 ICT completed the acquisition of Additude. In line with ICT’s strategic direction to expand business into new geographies, ICT foresees Additude to become the platform for the Northern European market offering high-profile industrial technology consulting services. The integration of Additude is ongoing and on schedule. The first cross selling opportunities are being explored.

On 27 March 2019 ICT completed the purchase of 65% of the shares of BNV Mobility, one of the leading Smart Mobility Services firms in the Netherlands with a software MaaS solution. The remaining 35% shares have been acquired in July 2019. Acquiring BNV is a logical next step for ICT to accelerate its position in the Mobility as a Service (MaaS) market. ICT will continue to invest in the enhancements and expansion of the BNV developed MaaS system.

In June 2019 ICT signed a letter of intent to acquire 100% of the shares of Proficium, a fast growing company delivering consultancy services and secondment in the Public Infrastructure market. With this acquisition ICT will further strengthen its position in engineering and consultancy in Smarter Cities.

Furthermore, as agreed at the time of acquisition, ICT purchased the remaining 49% of the shares in BMA in June 2019. Following the acquisition of BMA as a whole, the various health activities within the ICT group will be integrated into one Healthcare Technology unit by the end of this year.

To further increase its nearshoring position in Bulgaria, ICT recently acquired Kodar, a start-up closely collaborating with the University of Plovdiv, thereby expanding its access to technical talents in the second largest city of Bulgaria.


At 30 June 2019, ICT Group employs 1,412 people (1,290 FTEs), around 10% higher than at year-end 2018. The acquisitions and successful recruitment campaigns worldwide have contributed to this growth. This also results in one of every two recruits being non-Dutch, evolving the total personnel profile into a more international mix of around 40% being non-Dutch.

Notes to the results

Performance ICT Group
In the first half of 2019 ICT Group’s revenue came in at € 79.8 million, up 31% compared to € 60.9 million reported in H1 2018. Organically revenue increased by 9%. This was mainly driven by strong demand in the High Tech and Automotive sector. This organic growth partly excludes InTraffic (acquired and consolidated in April 2018), Additude (acquired in January 2019 and consolidated as of February 2019) and BNV Mobility (acquired in March 2019 and consolidated as of April 2019).

Personnel costs increased significantly to € 46.4 million (H1 2018: € 37.4 million), primarily because of the increase in FTE’s and salary increases.

Other operating expenses increased from € 12.1 million in H1 2018 to € 13.0 million in the first half of 2019 (post-IFRS 16: € 10.6 million), mainly because of the recent acquisitions and additional outlays in new business development and recruitment. The costs related to strategic initiatives and the realisation of acquisitions and partnerships in H1 2019 was at a high level amounting to € 0.5 million (H1 2018:
€ 0.1 million). In 2018, following the acquisition of InTraffic, one-off costs of € 0.8 million were incurred as contract termination fees.

For the first six months of 2019 EBITDA increased to € 6.4 million (post-IFRS 16: € 8.8 million), compared to € 5.1 million in the comparable period in 2018. The EBITDA margin decreased to 8.0% (H1 2018: 8.3%).

IFRS 16 ‘Leases’ is effective as of 1 January 2019. Under this new IFRS standard an asset, which is the right to use the leased item, and a financial liability, being the present value of future lease payments to be made, are recognised. Consequently, IFRS 16 leads to a shift from operating lease costs to depreciation and amortisation and financial expenses. In H1 2019 IFRS 16 had an effect of € 2.4 million on EBITDA and an equal and opposite impact on depreciation and amortisation.

Performance per segment

Change in segmentation
Since 1 January 2019 ICT changed its reporting segments in line with the new reporting structure. The activities in the Netherlands are segmented along the end-markets: Engineering R&D, Industrial Automation (including Raster IA), Infra & Mobility (including InTraffic, BNV, and NedMobiel) and Healthcare Technology Solutions (including BMA). In addition, Bulgaria and Sweden are separate segments. The segment Other includes Improve, OrangeNXT, ICT Belgium, CIS Solutions, ICT Motar and holding costs.

Engineering R&D
In this segment, ICT is active in the R&D of the industrial sectors Automotive, High Tech and Machine Building.
In the first six months this segment benefited from the high demand in the Automotive industry. Despite this strong performance, we anticipate that the high growth levels will start levelling off in the second half of the year.

Industrial Automation
In the segment Industrial Automation Logistics & Transport, Industry and Outsourced services are the key markets for ICT. In the first half ICT divested Raster Products. Raster Industrial Automation remains part of the ICT Group.
The segment showed a strong performance, to which all units contributed. EBITDA increased significantly following improved productivity and project results. Furthermore Raster received the highest partnership award of Schneider Electric and was accepted at the Master Level of the Schneider Electric Alliance Program. Raster is one of only two European preferred partners within this Program.

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. InTraffic is fully consolidated in this first half year and improved its margin to the ICT Group target level in the course of the first six months of 2019.

Healthcare Technology
Although the addressable healthcare market stagnates, BMA’s performance improved compared to last year, driven by increased sales of foetal heart monitors. The integration of the different activities into one ICT Healthcare entity, aimed at strengthening the total Healthcare offering, started in the first half of the year and should be completed before the end of the year.

ICT’s nearshoring entity Strypes reported a considerable increase in revenue in the first six months of 2019. EBITDA grew at a somewhat lower pace due to one-off additional investments in sales and marketing and the costs related to the acquisition of Kodar. With the acquisition of Kodar, a start-up collaborating closely with the University of Plovdiv, ICT has expanded to the second largest city of Bulgaria.

With the acquisition of Additude in February this year, ICT expanded to Sweden. Additude continued its strong growth, in line with expectations. The tight labour market is impacting the margins as Additude hired a higher number of temporary staff than usual. The integration into the ICT Group is ongoing and on schedule. Cross selling opportunities are being exploited.

The segment ‘Other’ includes a number of small entities as well as the holding costs of the group. Improve performed in line with last year and was listed in the top 3 of best IT trainers in the Netherlands, published by Enigma Research. OrangeNXT, ICT’s Software as a Service engine, showed strong revenue growth over last year, driven by ICT’s proprietary products developed over the last few years. Furthermore, OrangeNXT was awarded Country Partner of the year 2019 by Microsoft Netherlands.

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. The amortisation for Additude in the first half of 2019 amounted to € 0.5 million. Total amortisation in the first half of 2019 (pre-IFRS) amounted to € 2.6 million (H1 2018: € 1.8 million). Depreciation (pre-IFRS) for the first half of 2019 amounted to € 0.7 million (H1 2018: € 0.5 million).

The result from associates amounted to a loss of € 0.3 million (H1 2018: € 0.2 million loss), mainly attributable to GreenFlux which is, as expected, still loss-making.

Financing expenses came in at € 0.5 million in the first six months of 2019, similar to the comparable period in 2018.

Taxes in the first half of 2019 amounted to € 0.5 million compared with € 0.7 million in the first half of 2018.

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 following the second round of investment by other shareholders. The net profit in H1 2018 included one-off accounting gains of € 4.1 million in total, of which € 3.5 million was related to the revaluation of the 50% stake in InTraffic already held by ICT and € 0.6 million to the revaluation of ICT Group’s stake in GreenFlux.

Reported net profit for the first six months of 2019 came in at € 2.5 million (H1 2018: € 5.7 million). This translates into earnings per share of € 0.27 (H1 2018: € 0.59). The number of outstanding ordinary shares increased during the first half year 2019 to 9,565,010 (31 December 2018: 9,463,878) due to stock dividend. Excluding the one-off accounting gains as explained above the underlying net profit came in at € 1.9 million in H1 2019 compared to € 1.5 million in H1 2018, an increase of 24%.

Cash flow movement

In the first half of the year, net operational cash flow amounted to € 3.8 million positive (H1 2018: € 3.7 million positive).
The net cash position per 30 June 2019 was € 1.6 million positive (31 December 2018: € 6.2 million positive). This decrease was the balanced effect of the purchase price paid for acquisitions, new financing arranged for acquisitions, the repayments of existing acquisition financing, the payment of dividend, investments in product development and normal working capital patterns.

Balance sheet structure

At the end of the first half of 2019, shareholders’ equity stood at € 53.3 million (31 December 2018: € 53.3 million). The balance sheet total increased from € 95.6 million at year-end 2018 to € 126.8 million at 30 June 2019. The main impact were the acquisitions of Additude and BNV. In addition the implementation of IFRS 16 lease accounting caused a balance sheet increase of € 12.9 million (lease assets as well as obligations). Solvency (shareholders’ equity/total assets) stood at 43% at the end of June 2019 (57% at year-end 2018), still reflecting a sound financial basis.


ICT is fully focused on profitable growth and will continue to execute its buy-and-build strategy; combining healthy organic growth with selective acquisition opportunities. The employment market for IT talents remains very challenging. Attracting and retaining the right people is a top priority.
ICT is fully committed and confident in its ability to deliver on its long-term objective of increasing annual revenue to between € 200 and € 230 million by 2022, with a targeted EBITDA margin between 10 and 12%.

Barring unforeseen circumstances, ICT expects further growth in revenue and EBITDA in the second half of 2019 compared to the first half of 2019.

Click here to download the Annex: Condensed consolidated interim financial statements 30 June 2019

ICT signs letter of intent to acquire 100% shares of Proficium

ICT Group N.V. (ICT) has signed a Letter of Intent to acquire 100% of the shares of Proficium B.V. (Proficium). Proficium is a fast growing company delivering consultancy services and secondment in the infra market. Its services include developing and deploying tooling and database applications. Proficium has over 20 employees and generates annual turnover of around € 3 million.

The acquisition of Proficium is in line with ICT’s buy-and-build strategy, combining healthy organic growth with selective acquisition opportunities. With the existing water & infrastructure activities of ICT Netherlands and the acquisitions of NedMobiel and InTraffic, ICT is already firmly positioned in the Dutch infra consultancy and engineering market. The specific skills of Proficium with regard to asset management and maintenance engineering further strengthen ICT’s position in this market.

Jos Blejie, CEO ICT: “Proficium is a well-respected supplier on the Dutch infrastructure market. As NedMobiel and Proficium have already successfully worked together on many projects, we believe that these companies have a perfect cultural fit. This acquisition enables ICT to further strengthen its position for engineering and consultancy in Smarter Cities”.

The transaction is expected to be closed in August 2019. Further financial details will not be disclosed.

ICT Group at InfraTech – Tunnelplein

Future proof. Ready for the future. InfraTech 2019 is a unique knowledge platform where clients, contractors, engineering firms and suppliers showcase why the Dutch infrastructure sector has been among the best in the world for years.

ICT Group participates at the InfraTech – Tunnelplein
Our specific industry knowledge of various markets like Engineering & R&D, Infra & Mobility, Healthcare Technology and Industrial Automation enables us to realise various and innovative solutions. InTraffic and NedMobiel have recently joined ICT Group and together we will particapte at the Tunnelplein during the InfraTech 2019.

ICT Infra & Mobility Solutions
The Infra and Mobility unit of ICT Group, including InTraffic, ICT Water & Infra, NedMobiel, and OrangeNXT focusses on infrastructure and mobility issues.
By combining our expert knowledge in the field of engineering and realization of process automation, mobility solutions, tunnel safety, asset management and digital transformation, we can tackle any complex challenge. Through this co-operation we can keep the Netherlands accessible, safe, available and durable.

During the InfraTech you can get acquainted with ICT Group, InTraffic, Nedmobiel and OrangeNXT. We gladly show you how we apply Infra & Mobility Solutions to make cities (and tunnels) a little smarter every day. You are welcome to join our presentations.

Take a look at the program.

Wouter van de Bunt nominated for appointment to the Supervisory Board

ICT Group N.V. (ICT) today announces the nomination of Mr. Wouter van de Bunt for appointment as member of the Supervisory Board of ICT Group. His nomination made by the Supervisory Board will be on the agenda of the Annual General Meeting of Shareholders of ICT Group on 15 May 2019. At that same meeting the re-appointment of Theo van der Raadt, chairman of the Supervisory Board, will also be on the agenda. This nomination will be for a two year period, in line with the corporate governance code. Mr. Fritz Fröschl, whose second term ends on 15 May 2019, will not be available for re-election.

Wouter van de Bunt (57) was partner at KPMG where he has held several roles in the past 20 years, the latest being Global Head of Mergers & Acquisitions. His focus was on M&A within the national and global Technology, Media and Telecom sector. Prior to KPMG he worked for a number of years at private equity firms and he started his career as an auditor at Ernst & Young.

Theo van der Raadt, chairman of the Supervisory Board of ICT Group: “It is with pleasure that we nominate Wouter van de Bunt for appointment to the Supervisory Board. His extensive experience in the IT sector will be valuable for ICT Group and complement our board. At the same time, I would like to thank Fritz Fröschl for his valuable contribution to the development of the company in the past eight years.”

Wouter van de Bunt will be nominated for appointment for a period of four years until the AGM in 2023. In addition, there will be a proposal to re-appoint Theo van der Raadt, whose second term ends on 15 May 2019, for a two-year period, until the AGM in 2021. This is to ensure sufficient continuity in the Supervisory Board. Both nominations will be made under the condition that the general meeting does not make use of its right of recommendation. After the (re-)appointments, ICT Group’s Supervisory Board will, effective 15 May 2019, consist of the following members: Theo van der Raadt (Chairman), Deepak Luthra, Gina van der Werf and Wouter van de Bunt. Mr. van de Bunt will become member of the Audit Committee.

ICT Group strategy 2022 – DEVELOP THE FUTURE

Today, ICT Group N.V. (“ICT”) presents the outcome of its strategy update ‘DEVELOP THE FUTURE’ at its first Capital Markets Day in Eindhoven. The full presentation is available on the corporate website as well as the Closing statements of the Capital Markets Day.

The buy and build strategy continues to be fully focused on profitable growth, combining a healthy organic growth with selective acquisition opportunities.

Organic growth, in a tight labour market, is based on the following key elements:
• Remain an employer of choice
• Grasp the opportunity of high growth areas and industries with our software as a service solutions bundled in OrangeNXT
• Accelerate ICT’s nearshoring offerings

Besides organic growth, ICT will look into international expansion in Northern European countries and into companies with compelling offerings in the countries in which ICT is already active.

Based on the above ICT has defined its new long term objectives towards 2022:
• Double the company’s revenue from 2017 towards 2022 to around € 200 to 230 million with organic growth of more than 5% combined with acquisitions
• Maintain profitability margins (EBITDA) between 10 and 12%

Jos Blejie CEO: “Our strategy presented today, is building further upon the strong fundament of our consistent execution and track record over the past years. We believe ICT Group is uniquely positioned in the areas we serve, through our multi-domain expertise combined with in-depth industry knowledge, and our ability to integrate this in a compelling technology solution. At the same time we have been investing in new technologies enabling us to expand our unique Industrial and Operational Technology position, including developing in-house (proprietary) solutions. This is opening up new opportunities, both in terms of geographies and business models. The digital transformation demands are such that we will grow and support our customers globally and extend our business internationally. Evolving into a truly European Technology Solutions Provider.”