MUNICH (dpa-AFX) - The IT service provider Nagarro has made noticeable gains in the first quarter. Sales rose by 3.8 percent to 238.3 million euros compared to the same period last year, as the SDax-listed company announced in Munich on Tuesday. Adjusted for special effects, earnings before interest, taxes, depreciation and amortization (EBITDA) climbed by almost a quarter to 39.2 million euros. The corresponding margin thus increased from 13.7 to 16.4 percent. At the bottom line, Nagarro earned just under 10 percent more at 16.6 million euros.

After lowering its forecast several times last year, Nagarro expects business to improve in 2024. In the current year, the management is targeting sales in the region of one billion euros at constant exchange rates. The operating margin is expected to be around 14% and is even set to rise to 18% by 2026. The IT service provider had previously felt the effects of weak capacity utilization and cut jobs./niw/stk