Strong growth for Itello 2016/2017
The Swedish Fintech company Itello - provider of Policy Administration System and digital solutions for the Nordic life and pension industry, delivered strong sales growth for the latest fiscal year. The growth was generated from the industry's accelerating development and Itello's dominant position as a facilitator for this change.
Revenue for the 2016/2017 fiscal year was SEK 201.3 million (SEK 169.3 million), an increase of 19 percent. Profit after financial items improved by SEK 35.4 million (SEK 26.2 million), an increase of 35 percent. The growth is generated from increased activities from our customers in order meeting the many changes they face. SPP -one of Itello's latest customers is currently performing a major transformation project, which contributed to increased sales.
"It has been a very eventful year and we are aware that the rate of change in the industry has increased. This encourages us to speed up further in the future. "Says Per Agelii, CEO of Itello.
Itello has also extended the agreement with one of the largest occupational pension providers in Sweden - AMF and one of the most interesting challengers in the Swedish occupational pension market - Movestic. The agreements are multi-annual and include license rights for Itello's products and services.
The company's balance sheet is still very strong. Cash equivalents were 152 (221) percent and equity ratio 31 (55) percent.
Itello had 144 co-workers on June 30, 2017, an increase of 18 percent.