C2IT’s annual report for 2018 shows substantial growth and even better

12. March 2019

According to CEO Carsten Sixhøi the C2IT group shows an extremely positive development. Our investments are returning, and we got the right foundation for further development and growth

The development of the C2IT group has been extremely positive in 2018:

  • Revenue growth around 24% from ca. 130 mill. to 161 mill. DKK in 2018.
  • Growth in gross profit of approx. 27% from 52 mill. to more than 66 mill.
  • EBITDA grows with approx. 49% from 10,5 to 15,7 mill.
  • The result grows by as much as 85% from approx. 7 mill. to 13 mill.

The C2IT group includes:

  • C2IT – full-service IT-supplier to the Danish mid-market.
  • People-IT – freelance consultancy working with the top500 customers in Denmark. People-IT is C2IT’s freelance business, which was separated into its own company per 1.1.2018.

Success with growth in Aarhus and Copenhagen

CEO Carsten Sixhøi says about the growth: “As we expected 2018 became a year, where the new areas of business started to grow and contribute with increased business, just as our investments in Aarhus and Copenhagen in 2017 has contributed to the growth.” Aarhus and Copenhagen are now C2IT’s fastest growing geographical areas. In only 1½ year the C2IT-group has managed to grow from 0 to 25 employees in Copenhagen. This growth has partly taken place through acquisitions of Softhuset (Microsoft Dynamics 365 Business Central (NAV)) and aHOC (freelance-consultancy) and partly through the start of the company iØst with now 4 experienced people in the lead. “We have invested heavily in growth in Copenhagen, and we are ready for continued growth in both 2019 and the years to come. Our strategy is to double the business every three years at 20-25% organic growth supplemented by relevant acquisitions”, Carsten Sixhøi continues.

Constant development of skills

The C2IT group is constantly focusing on further developing the business with new technologies and skilled employees. Carsten Sixhøi explains “After all, our business is based on IT-knowledge, so we must constantly be aware of when and how new interesting technologies start to move at our customers. For instance, we see Internet of Things, which is now matured and our customers request solutions, where the physical world and IT melts together. Here we must be sure to have the resources ready.” This also means that C2IT will work hard in 2019 on how the company can continue to attract and develop new employees – like new graduates who can offer completely new angels to things.

“The keywords for focus in 2019 are organic growth, competency development and continued good earnings”, Carsten Sixhøi concludes.

Media coverage in ITWatch and JydskeVestkysten.

Both ITWatch and JydskeVestkysten have brought articles about C2IT after the publications of annual report. The articles can be seen here:

> JydskeVestkysten: IT-firma fordobler overskuddet – væksten kom uden for ‘fødebyen’

> ITWatch: IT-konsulenthus laver opkøb for at sikre sig medarbejdere (the article requires login)