Swedish IT group Turnit AB has reported first-quarter net profit up 37% at SKr11.4m ($1.37m) on revenue up 81% to SKr250.4m ($30.3m). At the pre-tax level, profit was up 34.8% at SKr19.5m ($2.34m).
Stockholm-based Turnit, which is quoted on the main board of that city’s stock exchange, operates as a strategic investor in Scandinavia’s IT industry, buying small start-ups. The company has 14 subsidiaries, with operations in hardware, software, communications, consultancy and management.
Announcing the first quarter figures, CEO Peter Enstrom said the company still has a war chest of about $20m and can afford to spend up to three times that amount on suitable acquisitions.
