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Comments on the figures for the third quarter of 2021



NorCom Information Technology GmbH & Co. KGaA achieved a total output of EUR 7.6 million in the first nine months of the 2021 financial year (previous year: EUR 8.3 million). The EBITDA (earnings before interest, taxes, depreciation, and amortization) was slightly negative at EUR -0.1 million (previous year: EUR 0.1 million).


The order backlog at NorCom is high and amounts to a good 18.5 million euros. Nevertheless, the sales are below plan, as most projects have started with a delay or have not yet been called up to the planned extent. The corona-related remote work continues to reduce sales. The trend is positive, however, as the projects that were postponed could also start in the third quarter and are continuously being increased.


"With our services and solutions for making artificial intelligence productive, we are active in an absolutely future-oriented market," explains Viggo Nordbakk, Managing Director at NorCom. “Many companies and increasingly also public authorities are breaking new ground with us. This is very exciting for both sides - but the start of projects is often bumpy: Corresponding structures and teams must first be set up in the company. Despite delays, we are on the right track and were able to implement important lighthouse projects in 2021, in which our AI was able to prove how valuable it can be in day-to-day work. The task now is to transfer these pilot projects into everyday work. "


Strategy and outlook

NorCom is entering the market with a streamlined product range: Artificial intelligence is the central service - both in consulting and in the product area. This creates synergies between teams and projects. The focus is on making artificial intelligence productive, i.e., using it companywide to solve problems in everyday work.

“We are a sought-after consultant in the field of productive artificial intelligence. This repositioning is a great success, especially in consulting. With public authorities, we are moving away from pure operational support to an advisory role in the introduction of artificial intelligence. Under the new government with its clear goals for the digitization of the state, we expect increasing tenders in this area and with our experience and previous references we can enter the race well positioned. "



In addition to the automotive, industrial, and public sectors, NorCom has also tapped into new sectors, including law firms and auditors. Both are areas in which large, complex amounts of data are used and data sets must be checked critically, correctly and extensively.


“The more than 50,000 law firms in Germany are in great competition with one another. The seamless access to knowledge as well as fast, efficient, and flawless work processes create an important competitive advantage. AI can provide immense support in many areas here,” says Viggo Nordbakk. “Auditors are faced with ever stricter regulations and have to be responsible for a correct audit. AI supports you in flawless work. We expect increasing demand for AI solutions in both sectors."


For the 2021 financial year, NorCom expects a boost towards the end of the year and thus a slight increase in sales compared to the previous year as well as a balanced result.


The company's annual general meeting 2021 will take place virtually on December 10th at 3:00 p.m.



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