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April 24, 2019updated 25 Apr 2019 10:30am

3 Step IT Group announces 14% earnings growth

IT resources provider, 3 Step IT has recorded an operating profit of €24.5m (£21.2m) in its annual report, published today.

By Christopher Marchant

IT resources provider, 3 Step IT has recorded an operating profit of €24.5m (£21.2m) in its annual report, published today.

Achieving 14% EBITDA growth over the course of 2018, the company, which operates in ten different countries around the world, also grew revenue by 11% to €675.8m in 2018.

3 Step IT grew its remarketing business, with the number of IT devices handled up 13% to 478,463 devices. In the last financial year the rental sales team won 642 new customers, ranging in size of deal from a few dozen new devices to major international bids for equipment shipping in 54 countries. The company is based in Finland, which has ongoing central government contracts with 3 Step IT.

Earlier this year 3 Step IT announced a joint venture with BNP Paribas Leasing Solutions. Subject to gaining regulatory approval, the new company intends to meet demand for more flexible and sustainable technology-as-a-service solutions throughout Europe.

Jarkko Veijalainen, chairman of the board at 3 Step IT, said of the deal: “This is an inflection point, an opportunity to realise our ambition to be the leading global technology lifecycle management provider. Over the next two years, once we have regulatory approval, this alliance will take our circular business model into all the major European economies.”

Carmen Ene, chief executive officer of 3 Step IT, said: “It has been a fantastic year: a good business performance, combined with broad recognition of the value added by our sustainable business model. Our alliance with BNP Paribas, a partner who shares our values, will take our sustainable approach across Europe. We have been laying a foundation and building momentum for the last couple of years: now we are ready to make a leap for growth across Europe.”

3 Step IT received the ‘Most Sustainable’ award from Leasing Life at the 2018 awards ceremony in Tallinn, Estonia. The company recently challenged employees to reduce their own environmental impact in a month long ‘Walk the Talk’ initiative.

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