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

(*) Accounting gain in H1 2019 of € 0.7 million following the revaluation of ICT’s stake in GreenFlux.
(**) Based on net profit and the average number of outstanding ordinary shares.

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.”

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