Tietoevry, a major player in the field of digital services and IT solutions, operates globally with a strong presence in Northern Europe and the Nordic countries. The company offers a full range of services from software development to IT infrastructure management, cloud solutions and cybersecurity. With more than 24,000 employees across more than 20 countries, Tietoevry is committed to helping its customers navigate an ever-changing technological environment.
Recent Financial Results
For the first quarter of 2024, Tietoevry recorded revenues of EUR 733.9 million, down slightly from EUR 744.3 million in the previous year, mainly due to a challenging macroeconomic environment and fewer days worked. Despite this decline, profitability remained solid with an adjusted profit margin of 12.1%.
Regional Growth
Financial data from recent years shows that Tietoevry's growth has been strongly driven by Norway with growth of 55% between 2019 and 2023.
To support its future growth, Tietoevry is investing in several strategic initiatives. In response to the ransomware cyberattack in January 2024, the company strengthened its cybersecurity and data center infrastructure, investing approximately EUR 100 million in these areas over the past two years.
Additionally, Tietoevry strives to promote technological innovation, including developing artificial intelligence solutions for the healthcare sector. For example, the agreement with Helsinki University Hospital to develop an AI-based solution to quickly identify rare diseases shows Tietoevry's commitment to useful and practical innovation.
Outlook
Tietoevry maintains its forecasts for the year 2024, with organic growth expected between 0% and 3% and an adjusted operating margin of 12.0% to 13.0%. The company expects revenue growth to resume in the second quarter, following a start to the year marked by macroeconomic challenges and cyber incidents.
To ensure sustainable growth, Tietoevry must explore new opportunities outside the Scandinavian countries and further diversify its geographic markets. This strategy will reduce dependence on existing markets and seize new opportunities in high-growth regions.
You will find in PJ a presentation file of Tietoevry.
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