Kurs & Likviditet
Beskrivning
| Land | Norge |
|---|---|
| Lista | Euronext Growth Oslo |
| Sektor | Informationsteknik |
| Industri | Programvara |
20.5.2022 07:00:01 CEST | Ørn Software Holding AS | Half yearly financial reports and audit reports / limited reviews
Ørn Software Holding AS today reported its results for the first quarter 2022 reporting accelerated organic growth and improved profitability margins.
Ørn Software is a leading Nordic Software-as-a-Service (SaaS) company, supporting a wide range of industries with value creation through a comprehensive suite of best-of-breed worksite management software.
At the end of Q1 2022, Ørn Software had NOK 237.9 million in annual recurring revenue (ARR), a growth of 91.7 percent compared to Q1 2021. Organic growth was 22.4 percent, 11.8 percentage points higher than in Q4 2021. Quarter-on-quarter organic growth was 9.3 percent.
Ørn Software had revenues of NOK 65.1 million in the first quarter 2022, a growth of 109 percent compared to the same period in 2021, and an adjusted EBITDA margin of 29.4 percent, slightly up compared to the same period in 2022.
“Our key priorities for 2022 are to accelerate revenue growth and improve profitability. During the first quarter we landed several landmark contracts, and we have at the same time successfully optimized our prices while managing churn well," said CEO of Ørn Software Sten-Roger Karlsen.
While Ørn Software has undertaken a range of acquisitions during 2020 and 2021, focus is now on realizing synergies.
“We have now finalized our plan to further realize revenue and cost synergies during the rest of 2022 and onwards. Execution is already ongoing, which means that we are well on track to improve our adjusted EBITDA margin from 29 percent in 2021 to our target of 32-34 percent EBITDA margin for 2022 as a whole, and that we expect to be cash positive for 2022, adjusted for any special items,” said CEO of Ørn Software Sten-Roger Karlsen.
Ørn Software reiterates the company’s 2022 guidance:
- Revenue: Around NOK 270 million (194 million in 2021)
- Adjusted EBITDA margin: 32-34 percent (24 percent in 2021)
- CAPEX: Around 16 percent of revenue (17 percent in 2021)
- Positive full-year cash flow after payment of interest (before adjustment for any special items)
“2022 will be a pivotal year for Ørn Software, bringing us up to a whole new level organizationally, technologically, and financially. Our platform is strong, and I have never been more confident in our growth model and our ability to create value for our customers. Hence, our 2025 target of growing our ARR organically to NOK 430 million while achieving an EBITDA margin above 45 percent stands firm," said Sten-Roger Karlsen.
Ørn Software's reported Net result in Q1 2022 was negative with 1.34 million (-8.39 million in Q1 2021). This was affected positively by the significantly increased revenue and EBITDA profit, curbed by increased depreciations and amortizations, primarily driven by acquisitions and higher investments in product and technology.
WEBCAST PRESENTATION
In connection with the results, Ørn Software will hold an English language webcast presentation today May 20, 2022 at 09:00 (CEST), followed by a live Q&A session. Viewers are welcome to post written questions through the webcast player. The presentation material is enclosed to this release.
Representatives from Ørn Software will be CEO Sten-Roger Karlsen and CFO Vidar André Løken.
The webcast will be available live and as a recording on the following link:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20220520_3
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by the contact person, at the date and time as set out above.
Disclosure regulation
This information is such that Ørn Software Holding AS is required to disclose in accordance with the EU Market Abuse Regulation.
This information was submitted for publication by the Company's CFO, Vidar Andre Løken.
Contacts
- Sten-Roger Karlsen, CEO Ørn Software, +47 922 62 321, srk@ornsoftware.com
- Vidar Andre Løken, CFO Ørn Software, +47 952 60 926, val@ornsoftware.com
About Ørn Software Holding AS
Ørn Software is a Nordic provider of SaaS solutions enabling efficient operations and maintenance across a wide range of asset-heavy industries, including real estate, manufacturing, food & beverages, and aquaculture.
The Group's software provides customers with improved insight through data-driven operations and contributes to increased efficiency and reduced costs through digitalization of rental processes, data-driven maintenance scheduling and energy optimization. All of the above contribute to the lengthening of property and equipment lifespan, a key component of Ørn Software's value proposition. Furthermore, the Group’s offering enables customers to reduce their environmental footprint and provides digital tools to meet reporting and regulatory requirements.