The trend toward improved margins continued during the third quarter. By strongly focusing on our core business and business model, we can increase our internal efficiency over time, while sorting out those aspects that do not fit in with our culture and business model.
We note that the sharp increase in the number of digital meetings improves meeting discipline, while reducing costs and cutting out time wasters. On the downside, we have fewer opportunities to socialize or to spontaneously exchange ideas, and we are making slower progress with respect to improvement projects. So far, the advantages of digital meetings outweigh the disadvantages. Over time, we will have answers regarding the right balance between digital efficiency and the power of innovation that is sparked by physical meetings.
Our systems are critical for our customers and we have customers who are essential and crucial participants in society. Our customer losses during the pandemic are negligible and we see no increased risks in the near future.
We refinanced our loan facility during the quarter and doubled our credit limit from SEK 500 million to SEK 1 billion. The contract for the new facility is with Nordea and SEB. For more detailed information about the quarter, please see the other 28 pages in this report. I can particularly recommend page 18, Income statement, as well as the Balance Sheet on page 19, Statement of Cash Flows on page 21, and Key Indicators on page 28.
Our financial position is solid and we are well prepared for future acquisitions and for continued acquisition-based growth. Supported by our acquisition of well-established companies and a high and increasing percentage of recurring revenues, Vitec will stay its course - to be a vertical software company with excellent risk diversification, as well as sustainable and profitable growth.
Lars Stenlund, CEO
For more information, please contact
Patrik Fransson, Investor Relations, Vitec Software Group AB (publ), email@example.com,mob. +46 76 942 85 97
This information is such information that Vitec Software Group AB (publ) is required to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 8:00 a.m. (CET) on Thursday, October 15, 2020.
Vitec is market leader for Vertical Market Software in the Nordic region. We develop and deliver standard niche software. Vitec grows through acquisitions of well-managed and well-established software companies. The Group's overall processes together with the employees' in-depth knowledge of the customer's local market enables continuous improvement and innovation. Our 830 employees are based in Denmark, Finland, Norway and Sweden. Vitec is listed on Nasdaq Stockholm and had net sales of SEK 1,156 million in 2019. Find more at www.vitecsoftware.com.
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