Update: Q3 results win on bottom-line growth
Cenit has reported Q3 results showing 12.8% y-o-y growth in EBIT after a 2.9pp gross margin gain that offset the impact of a 4.5% sales decline. The results support the company’s full-year guidance of stable revenues and an 8-10% increase in EBIT, and have led us to increase our 2016 EBIT forecast by 1.5%. We believe that the recently announced acquisition of Coristo, a SAP product structure management specialist, should add value to the group by strengthening Cenit’s product offering and potentially leading to the creation of new proprietary software.Cenit is a holding company, engaged in the IT services and consulting industry. Co. provides all types of services in the field of introducing and operating information technology and to sell and market information technology software and systems. Co. has two business divisions: Product Lifecycle Management (PLM) and Enterprise Information Management (EIM). The PLM segment focuses on industrial customers and the corresponding technologies. Its industry focus is on the automotive, aerospace, mechanical engineering and shipbuilding industries. The Enterprise Information Management (EIM) segment focuses on the customer segment of trade and commerce, banks, insurance firms and utilities.
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