News June 29th, 2018

by Nortal

Nortal increased revenue, as well as operating profit, in 2017

Nortal increased total consolidated revenue in 2017 by 11% to €48.3M and operating profit (EBITDA) by 2%, reaching €5.3M.

According to Nortal CEO and founder Priit Alamäe, the company has shown stable growth and strong results across nearly all home markets in 2017 — with the U.S., Finland and Estonia as main contributors via expanding client accounts.

2017 was a year of growth-focused investments, according to Alamäe, lined with a series of significant events for the company. Most important among them included establishing a new subsidiary in the U.S., setting up a company in the United Arab Emirates to deliver services to local clients, and issuing bonds for €15M to boost expansion.

“We have shown 25% of growth in the first half of 2018 compared to the same period in 2017 and expect to continue on a similar path throughout the year,” said Alamäe. Adding that Nortal is looking forward to introducing the offering of strategy, change and technology to new markets and securing a position further in existing markets of operation.

Over the previous year, the company witnessed significant growth in the number of employees and expects to become a firm of 800+ by the end of 2018. “Continuing to expand our recruitment capacity to match the needs of the business has been one of the most demanding challenges internally that will proceed as we enter the next growth phase,” said Alamäe.

“Looking back on 2017, we are proud to have managed to expand the cooperation in the U.S. with one of the largest telecom operators in the country and expect to continue to grow in the market in 2018,” added Alamäe.

Among the outstanding projects in 2017 and major impact delivered, Alamäe additionally named a successful launch of the self-service portal for the Finnish Tax Administration; growing cooperation with global industrial companies in Finland and Sweden to boost their efficiency; and the expansion of cooperation with the Estonian Tax Authority to introduce next-generation self-service by 2020 — strengthening the customer’s position as the most efficient tax collector globally.

The company also timely completed a major project for the Estonian Unemployment Board in 2017, enabling the successful launch of work ability reform, which is estimated to save €200M over the next years. In Oman, a major new project was launched enabling value-added tax collection by the Ministry of Finance and automation of immigration processes at the Ministry of Manpower in Sultanate of Oman.

In 2017, Nortal also launched a comprehensive new tool for data governance called DataRadar. It is a tool that provides an overview and creates a fully fact-based data map for organizations, helping to turn compliance costs into investment.

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