23.2.2022 07:00:00 CET | SmartCraft ASA | Half yearly financial reports and
audit reports / limited reviews
23 February 2022 - SmartCraft ASA today reported its results for the fourth
quarter 2021, ending the period with annual recurring revenue (ARR) of NOK 266.8
million, which represents a growth of 30% since Q4 2020. Revenue in the fourth
quarter was 76.2 million (+38% Y/Y), of which 96 percent was recurring. The
organic growth in recurring revenue was 18 percent compared to Q4 2020, whereas
organic growth in total revenue was 14 percent.
SmartCraft's adjusted EBITDA increased 23 percent in Q4 2021 compared to Q4
2020, and the adjusted EBITDA margin was 37 percent compared to 41 percent last
year.
"There is a large untapped demand in the Nordics for easy-to use software
solutions helping contractors and craftsmen streamlining their workday.
SmartCraft is rapidly building a very robust Software-as-a-service business with
recurring revenue through acquisitions, improved products and services and great
sales work. I am very happy to report that we ended 2021 on a strong note, with
rapid revenue- and ARR growth, stable low customer churn, and sustained high
profitability and strong cash flow, said Gustav Line, CEO of SmartCraft ASA.
SmartCraft made three acquisitions in the period December 2020 to July 2021. The
acquired companies have somewhat lower margins that the rest of SmartCraft,
diluting reported EBITDA margins in 2021.
"The acquired companies Congrid, Kvalitetskontroll and HomeRun, are excellent
businesses, and we are well on the way with integrating them into SmartCraft.
Increased size allows larger scale effects, and we expect the acquired
businesses to improve their operating margins over time. Additionally, we have,
as communicated earlier, continued to execute on product development and sales
initiatives to further accelerate growth. Although these activities curb our
EBITDA margin somewhat short term, we already early in 2022 see positive effects
from these initiatives," said Gustav Line, CEO of SmartCraft ASA.
SmartCraft is a leading Nordic provider of mission-critical SaaS solutions to
small and mid-sized companies in the construction sector, a market with a
potential of NOK 10.5 billion, growing at double digit rate.
"We have established a solid platform for continued long-term growth, and
continue to strengthen our sales and product and technology development
capabilities. Following the IPO in June 2021 we are virtually debt free, and
with our strong cash flow from operations, we are in position to remain the
champion in the attractive segment we operate. Our medium-term financial targets
stand firm with 15-20 percent annual organic growth, with the addition of
bolt-on M&A, whereas we expect increasing EBITDA margins due to scalability of
the business," said Gustav Line.
WEBCAST PRESENTATION
Investors, analysts and journalists are welcome to join to an English language
webcast presentation of the report today, Wednesday 23 February 2022, at 08:00
CET.
Webcast link:
https://smartcraftready.com/investor-relations/reports-and-presentations/present
ation-of-fourth-quarter-2021-results/
Presenters: CEO Gustav Line and CFO Kjartan Bø
Viewers are welcome to submit written questions through the webcast player
during and after the presentation. A recording of the presentation will be
available on the same link and at
https://smartcraftready.com/investor-relations/ after the live stream is
concluded.
DISCLOSURE REGULATION
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.
CONTACTS
* Gustav Line, CEO, +47 952 67 104, gustav.line@smartcraft.no
* Kjartan Bø, CFO, +47 410 27 000, kjartan.bo@smartcraft.no
ABOUT SMARTCRAFT ASA
SmartCraft is the leading Nordic provider of mission-critical SaaS solutions to
SME's in the construction sector. The company's business model is highly
scalable, based on 94% recurring revenue and low churn. The construction sector
is among the least digitalized industries and represents a NOK 10bn software
market in the Nordics, growing at a double-digit rate. SmartCraft's solutions
help customers to increase their productivity, margins, and resource efficiency.
ATTACHMENTS
SmartCraft Q4 2021 Report.pdf -
https://kommunikasjon.ntb.no/ir-files/17847761/1230/1630/SmartCraft%20Q4%202021%
20Report.pdf
SmartCraft Q4 2021 Presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17847761/1230/1632/SmartCraft%20Q4%202021%
20Presentation.pdf