Good morning, everyone, and welcome to another quarterly presentation for Arribatec Group. This time it is Q1 for 2024. Highlights for Q1. We achieved a quarterly revenue of NOK 145 million . That is slightly down compared to where we were a year ago. However, it's important to notice here that Easter for 2024 occurred in Q1 while in 2023 it occurred in Q2. So we would think there is about around NOK 9.7-9 million impact from Easter break and vacation in the Nordics in particular. The revenue for the quarter is NOK 2 million higher than what we reported for Q4 2023. Four of our five business areas are showing a positive EBITDA. And while the EBITDA is at break-even for the quarter, we have an adjusted EBITDA of NOK 1.1 million . Lastly, cash balance at the end of the quarter was at NOK 39 million .
For those of you who have seen some of these quarterly presentations, you will recognize that NOK 39 million-NOK 40 million has been the cash balance at the end of each quarter now for the last four, five quarters. So it's quite stable. From other things, as you can see here, we have signed and initiated several partnership agreements. First of all, we have signed an agreement with Ayfie, which is a Norwegian-based AI company. And together we have developed a SaaS enterprise business process management system search capability. And we are now ready to go to market with it. And we have visited some of our largest EABPM customers, and they are very, very happy with what they are seeing. Additionally, we have signed, and we have been working through agreements with SAP, with Jedox, and with Prophix.
SAP, I'm sure you all know, it's not a reseller agreement, but rather it's an agreement where we will help SAP with implementation projects. Jedox and Prophix are systems that is comparable to some extent with Hypergene and is used so far predominantly in continental Europe. Additionally, we are finalizing a new partnership agreement with a second system provider for a business our business area, EA and BPM. We expect to sign that agreement within a few weeks. Additionally, we have signed a cooperation agreement with the Process Renewal Group, and we will work with them to enhance and develop our global EA and business process management service offerings. We believe that that will strengthen and deepen our ability to deliver value to our customers.
Lastly, just want to mention that we signed 430 new contracts and scope extensions for a total value of NOK 138 million during the first quarter. A little bit more data and numbers. As I said, revenue NOK 145 million in this quarter, 3.3% down compared to where we were a year ago. However, as I said, Easter impacted us in this quarter and not it did not so in the previous year. Recurring revenue, all-time high of NOK 60 million for the quarter. That is an 18% improvement quarter-over-quarter. And it accounts at this quarter for 41% of our total revenue. The majority of the recurring revenue increase stems from our business area cloud. Then we have the EBITDA. Again, we said we said break-even result for the quarter.
However, our adjusted EBITDA is at NOK 1.1 million, and that is an effect from a retrenchment agreement that we reached with one of our employees in Norway, as you can see, our revenue of NOK 101 million is 9% above where we were a year ago. Norway now accounts for 70% of the total revenue for the quarter. I'll come back a little bit to the details behind that number. Europe is down 21% compared to last year or first quarter last year. The main explanation for that is that we are still seeing some of the ripple effects from the announcement of Unit4, whereby they, our customers, has, let's say, not yet initiated projects that we had anticipated to start in Q1, but we have not yet or the customers have not yet given us green light on those.
Europe, or continental Europe and U.K. accounts for around 15%. The rest of the world, which basically is America's, is down with 50% or more than 50%, and accounts for now 4% of our total only. This slide is familiar for most of you. We still have 17 offices around the globe, 373 employees and long-term hired contractors servicing more than 1,700 clients across several industries. We still have five business areas in the company. The three largest ones, the light blue ones, are industry agnostic and all companies with more than 100 people needs one or more services or products from one or more of these three large business areas. You can see the number of people in the boxes next to each of these.
Marine and hospitality are also business areas, but we look at them more as industry verticals servicing the marine industry and the hotel and land transportation industry. They have, as you can see, too about 34%—34 people in marine and 15 people in hospitality. Products and services overview. This one you have seen now several times. The main changes here are really the partnerships that we have today. It's for ERP: Unit4, RamBase, and SAP. And we are also preparing for Microsoft Dynamics to be added to this list of partners. For BI and BI and analytics, we are using Hypergene, Power BI, Jedox, and Prophix. And if you look at EA BPM, then we are working with business process management and management systems. We are currently still using QualiWare in Norway and are looking for, as I said, additional partnerships outside Norway.
Ayfie here is currently the way we are using and configuring Ayfie. It is a fantastic tool for customers using QualiWare to do search in all the quality documentations that is generated in that system. It's also possible to use Ayfie for an enterprise search with that and without any fear of leakage or, let's say, wrong information being pulled up. So we are rolling this out and it's received well. Okay. And then to performance for each of the business areas for the first quarter. Business services. Easter, as I mentioned, had an impact on all our consulting work. And on top of that, we still had some effects of the Unit4 statements that has made some of our clients or customers put larger projects on hold.
I'll get more into details on this in a couple of slides. So we can just see here that we had a 60% revenue drop compared to a year ago. Still, we are churning out 11.7% margin, with a total revenue of NOK 70 million. EA and BPM, we had a few projects that we were pretty certain about winning that we did not win during Q1. And additionally, we have hired 11 new people into the business area in order to accommodate for the growth we expect later in the year. They have been trained and prepared and are now ready to go out and work on projects. However, they impact the cost of those 11 employees, which obviously impacts also the EBITDA margin. We are used to see EA and BPM delivering around 20%+.
So we expect to get back to where we should be, once we have all of our staff out on pro working on projects. Total revenue for the quarter at NOK 27.6 million and only NOK 0.7 million in EBITDA. Cloud continues to deliver. Sees a revenue growth of 10% compared to a year ago and deliver NOK 35 million in total revenue. And 75% of that revenue is actually recurring revenue. So that's a good thing for us. EBITDA margin ticking upwards and now delivering 9.2% or NOK 3.3 million EBITDA. Hospitality percentwise growth is very high due to the fact that the base year ago was very low. But anyhow, total revenue of NOK 9.9 million stemming from around 100 kiosks now having been installed at some 80 hotels in six or seven countries.
Unfortunately, we are showing a negative NOK 1.6 million in EBITDA. However, the adjusted EBITDA, adjusted for one-time effects, is NOK 0.5 million. Again, here also, consulting work on the Flytoget, or the Norwegian Airline Express, is impacted on by Easter also, for Q1. Lastly, marine saw a 17+% revenue growth, and delivering almost NOK 11 million in total revenue. Again, another quarter with healthy margins of 21%, with a total EBITDA delivered of NOK 2.3 million . Again, here a business slide, looking at revenue development, quarter by quarter. I would like to point out for you, that business services, in this quarter delivered NOK 70 million in revenue. That is down from NOK 83 million, just a year ago. That reduction in revenue all stems from regions outside Norway. I'll give you a little bit more details on this, on the next slide.
We continue to see, sorry. We continue to see recurring revenue in the high 30s-low 40s%. And it is partly the high 41% that we see in Q1 is partly a reflection that our, also our consulting revenue is a little bit down due to the, mainly due to the Easter period in Q1. If we look at the development in our business area, business services, which is the ERP and ERP-centric services and tools that we have over the last five quarters, it has come down from NOK 83 million-NOK 70 million, as we said. However, look at the top section of each of these bars show revenue in region Nordics, which is really Norway and Denmark. And there we are now seeing a growth from a year ago.
If you remember, we were struggling with business services in the Nordics in the last half of 2023. That has now turned around. We are seeing growth and profitability again. We have several of our new software partners, new and existing software partners, that are contributing to our growth here and also kind of reduces the fluctuations in revenue over periods. I should also mention that we have been working with and doing projects both with Hypergene, with RamBase, with Visma Payroll and also our own InstiPro. We have executed projects on all those in addition to the regular support we give to our ERP customers in the Nordics. We also see good demands for cloud migration support related to Unit4 customers. We expect that to pick up also further when we move further.
Again, having if you look at Nordics now in this quarter, they account for 52%-53% of our total revenue in the company. Sorry. For 52%-53% for the revenue in business services for the quarter. And with a record high margin of 21%, it delivers. The Nordics delivers most of the EBITDA for the quarter, or first quarter in 2024. We expect both Sweden and U.K. to pick up speed in, let's say, second half of Q2 and into Q3 while continental Europe and U.S. may take a little bit more time before we see the desired improvement. That said, we have large projects that we have bid on in the U.S., a NOK 50 million+ project. We have not yet got any indications from the customer.
But we have good hopes that we will be able to land that project. So now to hospitality. We would like to give you an update about what's going on and also talk a little bit about the revenue components that goes into the kiosk that we install in our hotels. So, we have installed, as of today, just above a little bit more than 100 kiosks in around a little bit more than 60 hotels. We are currently present both in Norway, Sweden, and Denmark in addition to Belgium, U.K., and Ireland. The Flytoget or Norwegian Airport Express project is going as planned. And we expect to have the first ticket vending machines installed during Q2. Additionally, we are already discussing with the airport express about further software development once we have delivered on the initial project.
On the right-hand side, we are trying to explain here the different revenue components that goes into the hotel kiosks. First of all, we have a recurring revenue component that consists of three items being licenses, being support and notifications. This accounts for somewhere between NOK 70 ,000-NOK 90 ,000 per kiosk per year. There's the band here, depends on what type of payment system they have we have installed in the kiosks as well as what type of kiosks the customer have chosen to install. The second component is commission on upsell. This means when the customer is checking in and ticks yes to have breakfast or to have an upgraded room or to have a early checkout, he pays a additional sum to the hotel. And of that sum, we are eligible to receive a portion. So that over time will add up.
Additionally, we have in our hotel kiosks installed payment terminals. And all transaction that goes through these payment terminals, we are entitled to a small fee for every transaction on the entire volume. And that also is something that will pick up over time. Lastly, the hotels pay for the hardware when we install it. And that's a one-off payment, where hardware and the actual work of installing is paid by the hotel. The cost associated with the revenue component is or each of the individual components is modest, which means that the margin in this hotel kiosk concept is very attractive. So for us, this is a volume gain. We have tried to illustrate this just by showing you the revenue generation from a different depending on how many kiosk we have installed.
So if we look down in the left-hand corner of the figure, so far, here it says 80. We have installed around 100 kiosks. That should give us around NOK 12 million in revenue just from the kiosks. And the two components here, as you can see, I'm only showing in the graph the total amount of recurring and commission and payment fees. So that means the three first components here are what's reflected in this graph. At the bottom here, you can see what happens if you have 160 kiosks installed to 320 kiosks to 640 kiosks and then up to 1,280 kiosks. And on top, you can read the revenue numbers that will come from this.
So if we, let's say, are able to have 320 kiosks installed, that would give us NOK 29 million in just recurring revenue from license, support, and notifications. On top of that comes NOK 18 million from payment transaction fees and commission on upsale. Of course, these are assumptions. But we just want to visualize to you that this is a volume game and what the different components for the kiosk revenues consist of. So to business development and sales. Yeah, it says Q4 here. It should say Q1. In Q1, we delivered 430 contracts for new work or for scope extensions, for a total value of NOK 138 million. If you compare that to Q1 last year, it is down by some 28%.
But it should be said that in Q1 2023, we had one large contract worth more than NOK 50 million that was signed. And that obviously had a very positive impact on total contract and contract values for that quarter. On the right-hand side, you can see how each of the business areas has performed in terms of new sales and business services. Despite the issues we had with the cloud migration message that went out from Unit4, has managed to close almost as much business in Q1 as we did in Q4. Okay. So to cash flow development. We ended the quarter with NOK 39 million in the account. That's the same amount as we have had in the three previous quarters. So a fairly stable cash development.
Cash from investing activities was negative NOK 10 million, whereof NOK 7.5 million was payment for the earnout component to the sellers of Integra. We had a NOK 6.8 million change in overdrafts. We spent NOK 4.8 million in paying down on lease liabilities. All in all, ending the quarter at NOK 40 million in the account. Lastly, balance sheet development. Again, not much movement. You can see here we have equity of NOK 256 million, which is just below 50% equity ratio. Cash I have mentioned. There is some increase in accounts receivable. Apart from that, not much movement. To outlook. This is pretty much in line with what we announced previous quarter. We expect that the demand for cloud services will continue.
Cloud migration will, yeah, transform into projects for our customers to help them prepare for the cloud migration related to the Unit4 announcement. Hospitality, we expect them to grow over the next few quarters building revenue base and building SaaS revenue. Marine continues on the path that they are at now. We expect growth. And we have, we are competing for several large projects there in addition to having broken into the Greek markets and signed up the first Greek customer. We will pursue new partnerships with artificial intelligence and machine learning companies. And our partnership strategy will continue. And we will look to further add partners to our portfolio. Demand for hyper automation is still increasing. And we should be able to tap into that and generate additional revenue streams. And lastly, of course, our focus on improving EBITDA margin continues.
With that, I would like to invite you to ask questions. And I'll give you a minute to formulate those. Thank you. So welcome back. We have already received a couple of questions. The first one is related to our segment report where we show the five business areas as well as the corporate column. And the question is, what is included in the corporate costs? So corporate mainly is centralized services that is provided to all the business areas in Arribatec. That being HR, IT, accounting, controlling, and also the cost of being a listed company. We have audit expenses there. We have legal expenses there. And in total, there is 15 persons working in the corporate function. So it's a really a service and control center for the entire group.
We have another question asking, when do we expect hospitality to get profitable? The answer to that really is, first of all, as I said earlier in the presentation, this is a volume game. We need more kiosks in order for us to have hospitality profitable. We have good reason to believe that we should be able to, let's say, sign up and install a sufficient amount of kiosks this year to be profitable. Exactly when that threshold is passed is hard to say. But we believe it is within reach this year. And hospitality, all of them are working hard on landing new agreements with hotels and installing the kiosks. Let me see.
Yeah, there's one comment here that actually the Q1 report says that hospitality had NOK 6.9 million in revenue while I said NOK 9.9 million in revenue in my presentation here earlier. Of course, the correct number is 6.9. And I apologize for the mistake. Let me see. There are no other questions. So with that, I'll just say thank you for attending the presentation. And see you again in about a quarter's time. Thank you.