Press Release: 16/2023 Trifork Group -- Report of the third quarter ending 30 September 2023 Company announcement no. 16 / 2023 Schindellegi, Switzerland -- 31 October 2023 Trifork Group --
Trifork Group -- Report of the third quarter ending 30 September 2023Financial results in the third quarter of 2023-- Trifork Group revenue amounted to EURm 48.0, an increase of 10.6% from Q3/2022. Organic growth was 7.7%. When adjusting for non-core sales of hardware and third-party licenses, organic growth was 8.2%. The largest geographical market, Denmark, continued to display a double-digit organic growth rate , and once again, the highest growth came from the private sector.
-- Net financial result in Trifork Labs was EURm 0.4 . The result was driven by dividends received from two of our profitable startup companies and currency fluctuations between our investment currencies and Trifork's reporting currency. Further, Trifork Labs participated in an add-on financing round in Arkyn Studios Ltd. -- The book value of investments in Trifork Labs amounted to EURm 56.
Guidance for the full year 2023 was updated on 5 October 2023 in Company Announcement no. 14/2023. Trifork Group is doing its best to navigate a difficult geopolitical and economic environment. Based on the current visibility, Trifork reiterates the guidance: -- In the Inspire sub-segment, Q3 is seasonally a slow quarter where we do not arrange any large conferences. Revenue increased slightly compared to the same period in 2022 - but not enough to cover the additional cost invested in increasing the organization and activities. Due to a weaker market environment, large companies are currently reducing their costs for training and marketing.
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