Excellent year with 35% growth
NOVA ended another year characterized by solid growth in 2022, and increased its turnover by 35 percent to NOK 632 million.
Publisert
Sist oppdatert
Through organic growth, new ventures and selective
acquisitions, the Group has significantly strengthened its position in the
Nordic market.
We are very satisfied with last year's results and especially that we have managed to develop a broad range of services for the Swedish market. There is no guarantee that six companies that have to get to know each other, find ways of cooperating and methods for working with our customers seamlessly across domains, will succeed so well. But we have done so and I am very impressed by that.
CEO Geir Allan Hove
Performance in Norway has also been excellent thanks to the ongoing development of the Group’s companies and services. This was boosted by a very good first full year of operation for the start-up company Rocket, which grew from three to ten employees during 2022 and had a turnover of just under NOK 10 million with the bottom line showing positive earnings. This is also something we are very proud of and which once again shows the potency of NOVA's entrepreneurial model.
To underpin its strong growth, NOVA strengthened the parent company's support for its subsidiaries with new functions, in the fields of recruitment and finance among others.
“The organic growth for the Group alone accounted for 22 percent of the total growth of 35 percent, while the EBITDA margin was 11.4 percent. Considering all the investments the Group made in 2022, we are very pleased with still achieving a double-digit profit margin,” says Geir Allan Hove.
2023 is off to a strong start
NOVA has continued to consolidate its business development in 2023 and was able to announce the acquisitions of the Norwegian companies Egde Consulting and Dekode in early January. The Group started 2023 with a turnover rate of well over NOK 800 million and, based on past growth in a normal market, will approach a billion NOK in turnover for the current year.
“Our focus will be on existing markets and
particularly on regional growth in Norway,” says Geir
Allan Hove, “With Egde Consulting on the team, we have acquired a very good basis
for continuing to develop our regional ambitions. In addition, we have also
recently established ourselves in Poland, which will ensure access to expertise
that will enable us to meet the demand we experience in the Norwegian and
Swedish markets.”
About Nova Consulting Group
Nova Consulting Group is a Nordic consultancy providing digital services and supporting some of the Nordic region’s largest brands with strategic consulting, user experience, design, digital service development, collaboration and cloud services and digital marketing. The Group has achieved steady profitable growth since its inception and has been able to demonstrate annual growth of over 20 percent in recent years. The group started 2023 with close to 600 employees.
The companies in NOVA comprise; Epinova AS, Novanet AS, Northern Beat AS, Novacare AS, Point Taken AS, Epinova AB, Novalab AS, Pineberry AB, Infunnel AB, Rocket AS, Cloud Nine AB, Fyr Agency AB, Singular Studios AB, Dekode AS and Egde Consulting AS.
