MUNICH (dpa-AFX) - The IT service provider Cancom has started the new year with growth. The company announced in Munich on Tuesday that international business in particular contributed to this. In Germany, on the other hand, Cancom felt the effects of public spending restraint. Sales rose by almost 39 percent to 440.6 million euros in the first quarter. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose from 24.1 to 30.4 million euros.

This development is in line with the company's expectations, Cancom explained. The company assumes that demand will pick up in the course of the year and that Cancom will grow above the level of the IT market. The Munich-based company is likely to be buoyed by the approaching replacement cycles for hardware, increasing demands on IT landscapes and the need for investment driven by artificial intelligence (AI solutions). Cancom has therefore confirmed its forecast for the year./nas/jha/