Cancom Group hails record sales

Consolidated results have helped pan-European IT and cloud services firm Cancom achieve record sales in the third quarter, according to preliminary figures. Sales in 3Q 2018 rose by 30.1% year-on-year to €355.2m, said the Frankfurt-listed group.

Cancom acquired UK-based OCSL in August and UK Cisco partner Ocean Intelligent Communications earlier in the year.

As far as organic growth was concerned, sales were up 22.8% in a year. EBITDA of €26.7m was 23.6% higher than last time too, “despite investments in the cloud business”, said the firm.

Thomas Volk, CEO of Cancom, said: "The third quarter continues Cancom's success story. The demand for our services is constantly increasing and our success confirms our chosen path of transformation and additional investments in the cloud business.

“Although we again made additional investments of more than €2m in the quarter, our EBITDA increased by 23.6% to €26.7m. Without these measures, the EBITDA increase would be over 35% and thus higher than revenue growth."

Organic EBITDA growth was 14.8%, said the firm. The company's full report for the third quarter ended 30 September 2018 will be published on 12 November. The Munich-headquartered firm employs 3,000 worldwide and has offices in Austria, Switzerland, Belgium, the UK and the US. 

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