Pexip Holding ASA. (PEXIP.OL), A video technology company, Wednesday, reported improved earnings in the third quarter, driven by 16 percent revenue growth.
Profit for the period increased to 25.6 million Norwegian Kroner from 5.8 million Norwegian Kroner a year ago.
Earnings per share climbed to 0.25 Krone from 0.06 Krone in the prior year.
Adjusted EBITDA jumped to 52.4 million Kroner from 18.1 million Kroner last year.
Revenue rose to 265.6 million Kroner from 228.5 million Kroner in the year ago.
Annual Recurring Revenue at the end of the period increased 12 per cent to $122.2 million from $109.5 million in the prior year.
In addition, the firm projects Annual Recurring Revenue to the end of 2025 in the range of $124 to $127 million.
Pexip's in near-term financially targets to consistently deliver annual recurring revenue growth above 10% and maintain an EBITDA margin above 20% with a high cash conversion rate.
On Wednesday, the shares had closed 2.22% lower at 61.70 Kroner in the OSLO market.
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