These infrastructure solutions are built with a cloud architecture, but it does not mean that they are all a public cloud solution. This could still be something that the customer hosts internally in their own data centers, could be something that we Proact IT Group AB run on our customer's behalf, or it could be in one of the large so-called hyperscalers, global public Cloud providers, or more typically, frankly, a mix of all those variants. This is where we believe the opportunity for Proact IT Group AB also lies, that being able to be a really skilled expert in multi-cloud technologies. We obviously see a lot of things around COVID-19, primarily, frankly, an acceleration. It does not mean that COVID-19 has been all positive for us, but we definitely see a lot of acceleration when it comes to digitalization.
It also brings some threats, particularly around security and reliability of the platforms, and some challenges, of course, in enabling a workforce suddenly to be working remotely or working in new and different ways. Overall, we do think that the trends are positive and are sustainable for the long term. Short term, corona is still impacting us, of course, and we'll see how long that remains, and we'll come back to that later in the presentation. A little bit more maybe data points that are more concrete. On the left-hand side here, you see data on how what we call systems market is developing. This is the market for hardware and software solutions that we're selling into customers.
You see that the predictions here is that there was a pretty significant drop in our main markets between 2019 and 2020, driven by the pandemic, but a decent growth going forward. We believe that there's a single-digit growth in our core markets. Storage solutions, network solutions, and compute platforms across our key markets. On the right-hand side, a higher growth rate for Cloud services, managed services, where we manage the IT infrastructure on behalf of our customers and the customer buys it as a service. In general, roughly 8% market growth in our core markets, slightly different depending on infrastructure versus security versus network. On average, a good growth rate going forward here for us in our core business, which is good. Obviously, we've talked about this a couple of times, but it's always worth reminding ourselves.
Our promise to our customers is that we want to be helping our customers to store data, connect their users to the data, protect and secure our customers' data, and make sure that they ultimately, of course, get value out of their data. It is going to be different for different customers. Some of them do big data analytics and artificial intelligence solutions on their data. Other customers use it to automate their business processes or production flows. Yet other customers use their data to improve customer experience or improve their commercial offering to the customers. Ultimately, a lot of the digital transformations we are seeing in our customers is driven and very much at the core of using the value of data. This is where Proact IT Group AB has always been a specialist and continues to be a specialist.
I just want to highlight two very quick customer examples where we think that value proposition of ours is really coming across from last year. You've heard us talk about this before. Fortnox is a Swedish software as a service provider of ERP or financial system for mid-sized companies, and they redid their platform for delivering their own software as a service, a mission-critical platform where we were lucky enough to be trusted to provide that platform to them. It's a great example of that multi-Cloud environment. They have multiple data centers. Some of their infrastructure they manage themselves, some of it we manage. It's distributed to make sure that it's redundant and secure. It will enable Fortnox to continue a very innovative journey for them in terms of having a platform that's scalable and flexible and allows rapid development of their own offering.
A very, very good example where we deliver our full value proposition of systems, managed services, consulting expertise, and also technical support. Our full portfolio is at play when we look at Fortnox. The other example that we have highlighted during the past year is the U.K. health service of blood and transplants. The authorities in the U.K. that are handling blood donors and transplant donors did a refresh of the data center infrastructure, made sure that they could run a Cloud architecture but hosted in their own data environments. Proact IT Group AG were trusted to do all the design, deliver the full solution to their data centers, and provide support to make sure that this also mission-critical platform is up and running at the customer's expectations and meeting their business challenges that they were addressing.
Two really good examples of customers from last year where our value proposition is coming to play in a very good way. If I look at the quarter then in terms of results, there are a couple of things we are very proud of, and we think the result in general is strong. Obviously, we saw a bit of a rebound in our cloud contracts. Those were two things we highlighted. The adjusted EBITDA increased 36% to SEK 66 million, and we improved our EBITDA margin to 6.8%, which is good. We're making a step in that direction where we have put our targets for. We have a long-term target of reaching 8% EBITDA, so this was a good step in that direction.
We've talked a lot about during 2020 the challenges of closing Cloud contracts, so long-term contracts with our customers during the pandemic, not being able to meet our customers, not being able to go deep into technical understanding of customer needs, but also our ability to deliver on them has been a little bit prohibitive during the year. We saw a bit of a release of a pent-up demand towards the end of the year, and we closed contract value of SEK 142 million. I think you all remember contract value is the sum of the value over the length of the contract. Typically, our customers commit to order mine to three years of a service delivery. It can be longer sometimes, can be shorter sometimes, but that value then adds up to SEK 142 million for the full length of those contracts.
Cloud revenue in general went up in the quarter by 9%, which is good, and services a little bit less, 3%. As you may have seen then, we're proposing increased dividend, or our board is proposing an increased dividend of SEK 4.5 per share, up from SEK 2.50 last year and SEK 4.15 the year before that. A little bit still challenges, of course. There's never a quarter where there's not things we could be even happier with. Revenue was pretty much flat in the quarter, up over the full year, but flat in the quarter. COVID-19 continues to be an uncertainty, and we'll come back to that a little bit here during the presentation. A couple of things just to highlight in terms of what happened during the quarter, more operationally, if I may say so.
We acquired a company, which you already heard about when we released the Q3 report, Cedars, based out of Manchester in the U.K. That acquisition was successful, and the integration has been initiated already, and we're very happy with the progress of that already. That's going quick and good. A couple of great achievements in terms of our partners. We're very close to our partners, and it's very strategically important to us to work with our partners. We were up-leveled a little bit with NVIDIA, who are market leaders in providing compute platforms for big data analytics and artificial intelligence. We also got good recognition from Dell and NetApp, both of which are, of course, big partners and vendors of ours. Launched a couple of new products in the last quarter, PHC, abbreviation for Proact Hybrid Cloud.
Our hybrid cloud platform has been updated and relaunched, and we're also piloting a new networking solution, which is called Software-Defined Wide Area Network with customers across our properties, which is also an exciting and very futuristic, is maybe a strong word, but a future-proof product that will strengthen our portfolio. Last but not least, we've done a lot of good progress also with the integration of Peopleware. Peopleware is now fully rebranded to Proact IT Group AB, and the teams are integrated fully so that we have now one operating unit in the Netherlands and in Belgium that are providing the full combined portfolio to our joint customer base. Combined customer base, combined portfolio on one single team that are addressing that market. Good progress across the board here in Q4. With that, let me hand over to Linda and talk through our numbers a little bit.
Thank you, Jonas. First, the highlight slide. I think Jonas has mentioned most of these. Revenues in the quarter fairly flat. Quarter systems is going down a little bit, and services growing. Adjusted EBITDA up significantly and the margin at 6.8%. The adjusted profit before tax also up 58%, so even more, and the margin there at 5.5%. Now we'll go through a little bit of the details here. First, revenues, again, a decline of 1%. If we split it out organically, i.e., we adjust, we take out the acquisitions, which is Peopleware and Cedars, and also adjust for currency effects. Organically, it's the same decline. We have quite a lot of negative currency effects in the quarter that are impacting. Full year, the growth is 7%, and here, organically, it's up slightly, 1% adjusted for these acquisitions and FX rates.
We see that there is an impact from COVID-19 where we're not managing to get the type of growth fully that we expect and that we're hoping that the market will show going forward. If we dive a little bit into the services growth, it was 3% organically, then adjusted for FX and acquisitions, 4%, so slightly higher. The services share for the full year is 40%. In Q4, it's slightly lower, but as you can see on the right-hand side, we can see that the systems sales, the dark blue bars, are a lot more seasonal. We see typically strong Q4s and Q2s. Systems then, yes, declining the 3%, that's exactly the same decline we see organically. Cloud revenues growth of 9%, the organic growth is 7%. We're happy that the contracts we've closed historically are getting us to growth.
You can see on the right-hand side, the bottom graph that the individual quarters, the Cloud services revenues are fairly flat, and we see that that is a result of the lower amount of contracts we closed earlier in the year. As Jonas said, we're happy to see that in Q4 we managed to close quite a significant amount, that the full year amount is a decline of about 3% from last year. That is giving some hope for next year. Good. If we go to the next slide and go to the margins, we can see on the right-hand side, the adjusted EBITDA is on a record level this quarter, and the 12-month rolling, the red line is also increasing. Underlying, if we go into the analysis of that, we see that the gross margin is declining a little bit, in particular in services.
That's obviously something we follow a lot. We don't see any underlying major trends impacting. It's more of these things that happen depending on what deals we have and what's happening in the market. The big impact on the adjusted EBITDA is SG&A cost, where they are reducing for comparable units and currency adjusted 18% quarter over quarter. We see that the cost savings program that we launched earlier this year has been concluded successfully, so we see the effects of that in the SG&A. We do see also that SG&A costs are impacted quite a lot by lower travel and sales-related costs due to COVID-19. Part of these SG&A cost reductions, we don't think are sustainable, although we don't expect travel to get back to the levels that were before COVID.
Also, if we look at the total SG&A costs and not the adjusted ones, the restructuring costs that we had in Q4 last year were quite a lot higher than what we did not have any restructuring costs in the quarter this year. We had some one-off costs related to the acquisition of Cedars only. The bottom line, we can see that the EPS, profit per share, is also increasing, also at very, very good levels in Q4. The reason, of course, is primarily the adjusted EBITDA increase, although the financial net was also slightly better in Q4 this year than last year. Okay, we jump into the different business units and just quick summary of the different developments there. Nordics, our biggest segment or business unit, we see was fairly flat quarter over quarter.
They had a strong Q4 last year and managed to have an equally strong on the revenue level quarter this year. Services growing a little bit, systems down a little bit. Here we have a business unit where the EBITDA margin is actually decreasing in the quarter. That is, primarily they had a very, very strong Q4 last year with high gross margins for specific deals. Overall, the 6.5% EBITDA margin is still a good margin. Also here, as for all business units, we see the reduction of SG&A costs that is impacting positively. Business unit U.K., here is then where we have on the right-hand numbers here, Cedars included from November 1st. The revenue growth of 12% is to a large extent attributable to Cedars. FX effects are pretty big in the U.K. The pound versus SEK has had quite an impact.
Organically then adjusted for both Cedars and the FX effect, we see growth of 4%. The systems growth is 11% organically, 30% with Cedars, and services then declining slightly, both with Cedars and without FX adjusted. If we look at the EBITDA margin, here we see a significant increase from Q4 last year, which was pretty weak. Here we see the SG&A costs, of course, coming through, as well as Cedars and the growth contributing positively. We then move to the next business unit. It is West. Here we have Peopleware included, which was acquired in Q4 last year. The quarter over quarter, the effect of Peopleware is basically in both numbers. The total numbers include Peopleware as well. Here we do have a quite significant revenue decline of 8%. It is particularly in systems declining by 27%.
We have seen in certain industries, of course, that are heavily impacted by COVID-19 that as their revenues drop dramatically, they also reduce spending with us. That is impacting. EBITDA margin is increasing slightly quarter over quarter. However, if we look at the trend during this year, it's a fairly weak margin. We see, of course, now the text a bit. Thank you. We see that I lost my train of thought. Let's see. We see a reduction of SG&A costs here as everywhere else. However, the revenue decline is impacting the EBITDA. Also, we see that the integration costs for Peopleware, as we went into quite hectic phase in Q4, are impacting gross margins in particular because that's where part of the costs have come. That's why this quarter is not as good as the previous quarters.
When it comes to Germany, that was one of the reasons for the low performance in 2019, that's still on track, so still developing positively. Lastly, we go to our smallest business unit, East. Here also quite a significant revenue decline of 23%. The biggest part of that is systems, 32%. Here it's a small business unit, so individual deals can impact a lot. We saw that the fourth quarter of last year had some bigger deals for the business unit, and that this year they've had a little bit more difficulties closing those deals, in particular due to COVID-19. Very strong development in EBITDA margins. However, the deals that did close were high margin deals to a large extent. Also here we have the reduced SG&A costs, of course.
If we go to the cash flow, strong cash flow in the quarter, cash flow from current operations of SEK 266 million, of which SEK 175 million due to changes in working capital. We are happy about that. For those of you who follow our cash flow, the working capital is where we do see swings between quarters due to both individual deals and the type of deals we do in individual quarters. Investments in fixed assets, SEK 42 million, of which Proact Finance, which is our financing company that finances then customers. That is a large part of our investments, was SEK 40 million. We paid for a part of, the major part of the Cedars acquisition in the quarter. Net of their cash, that payment was SEK 45 million. Cash flow from financing activities, the biggest part is the leasing liabilities repayment that end up here with IFRS 16.
In terms of bank loans and overdraft facilities, small change in bank loans here with the strong cash development, we were able to pay for most of the old Cedars acquisition with our own cash flow, actually. We did the payment of the dividend in the quarter, and we had the deferred purchase payment for Peopleware here. Overall, that resulted in a change in liquid amounts of SEK 90 million and ended the quarter at a very strong capitation of SEK 188 million. If we go to the next one, similar story, this is the full year, also positive cash flow from current operations and positive working capital of SEK 100 million approximately. Investment activities here, SEK 150 million. Of the fixed assets investments per finance here, made up approximately half. Here we also have the acquisition of Cedars, of course.
From financial activities, the biggest part here again is the leasing liabilities that we paid of SEK 133 million. Then we have the next slide, a quick look at the balance sheet, equity ratio of 21%. The net cash position after leasing liabilities is SEK 22 million, strong. We also have about SEK 200 million in overdraft facilities that is unused, as well as our three-year revolving credit facility, which is the bank loan here. We have SEK 138 million unused there. Quite a strong financial position. The next slide is just a recap of our financial goals and how we're trending towards those based on when we calculate the rolling 12 months. Sales growth, we want to grow more than 10%. As a combination of organic and acquired growth, we ended up at 7% for the year, 8% if we exclude FX effects.
EBITDA margin, the target there is 8%. We're increasing, so 6%, we're getting closer every year. Net debt EBITDA, we want to be below 2%. Here we have a net cash position, so we're obviously quite a far away from that. Return on capital employed, we want to be over 25%. We ended the year at 17%. Here we do see that the IFRS 16 is impacting negatively. Of course, acquisitions also build up on capital employed. Our dividend then, the policy we have is to pay out 25% to 35% of profit after taxes with the proposal of SEK 4.56 per share. That corresponds to 31%. So well within our target range. To summarize, Jonas.
Yeah, thank you, Linda. I think the main conclusions from the quarter is on the slide here.
We're happy with the record EBITDA result both in the quarter and for the full year. We're happy to see that we could recover some of the cloud contracts in the last quarter. Part of that is due to a bit of a relaxation of COVID-19 restrictions during the fall. As soon as restrictions are eased off, we saw a little bit of an easier opportunity to close deals with our customers. Obviously the acquisition of Cedars in the quarter. We still see the pandemic to be creating uncertainty, and obviously a lot of countries have gone back to strict lockdowns towards the end of the quarter and going into 2021, which creates uncertainty also for us here for the next at least few months ahead of us. Overall, a good quarter, and we're happy with the strong results. With that, let's open up for questions.
If you have questions, please raise your team's hand, and we'll try to handle them one by one.
Fredrik Nilsson.
Fredrik, you're up first.
Hi, Fredrik Nilsson from Rede ye AB here. Can you hear me?
We hear you well. Hi, Fredrik. Hi.
You had a solid rebound in the intake of Cloud contracts. Is it reasonable to assume that the intake is back to a healthy level, or do you expect the pandemic to have a negative effect going forward as well?
I think it's reasonable to see that the intake is impacted by the restrictions of the pandemic. When the restrictions are easing off, we see it's easier for us to engage with customers, and the willingness to invest is a little bit more positive. When restrictions are increasing, we do see the challenges coming back.
I think we'll see a bit of a bumpy ride until we can put COVID-19 behind us.
Okay. Despite the quite strong number in Cloud intake, you still had a negative impact, you believe, during the fourth quarter?
I think the fourth quarter had a positive development in terms of Cloud contracts as we see the numbers. You also remember that coming off of summer and the beginning of the fall, the restriction was off in most of our markets. Towards the end of the year, in December, or even end of December, we saw stricter lockdowns in the U.K., Germany, Netherlands, Finland, a number of countries, some of which now have had the strongest and longest lockdowns ever in the pandemic period. Despite us now being almost a year into it, some of the countries have stronger restrictions now than ever.
That we believe is impacting us.
Okay. Thanks. One more question from me. Looking at the U.K. numbers, it looks like Cedars had a limited share of service revenue, less than I thought at least. Could you elaborate a bit on the sales mix in Cedars?
Yeah, they have a pretty large part of system sales. That's true. Also, when we look at the numbers, it's a little bit difficult to see how much the FX versus Cedars impact as well. I think, but that's true. They do have more systems than average product, which to a certain extent, or to a big extent, actually, we're working on to and think we can convert to services.
Okay. Thanks. That's all from me.
Good. Thank you, Fredrik. More questions? Raise your team's hand if you want to.
You can also write in the chat.
Or write in the chat or just shout.
Nothing.
Everything crystal clear? All right. If there's no more questions, thank you very much for listening and joining. If there's anything else, please don't hesitate to reach out to Linda and myself. We're always happy to answer your questions, of course. Again, thanks for joining today. If not before, we'll see you in about a quarter. That will be second half of April.
Thank you so much.
Thank you very much. Take care.