Indra 3Q17 - Strong results lead to significant deleveraging
Spanish IT firm Indra reported a good set of 3Q17 results. Revenue was up by 19% (+7% excluding Tecnocom and at constant currency) to €737m while EBITDA came in at €63m, i.e. an 8.5% margin (+40bps yoy). This marked a strong improvement in trend over the first half (organic revenue down 4%), which was negatively impacted by the mid-2016 cancelation of the Vodafone BPO contract while this quarter benefited from the execution of a number of election-related projects in America and AMEA, which by their nature are seasonal.
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