7 May 2024 - SmartCraft ASA, the leading Nordic provider of mission-critical
SaaS solutions to small and mid-sized companies in the construction sector,
today reported its results for the first quarter of 2024, ending the period with
annual recurring revenue (ARR) of NOK 401 million, which represents a growth of
16 percent compared to the same period in 2023. Organic ARR growth was 12
percent.
Reported revenue in the first quarter was NOK 110 million (+16 percent), of
which 97 percent was recurring. Adjusted and reported EBITDA-capex margin
increased by 2 percentage points to 33 percent. Operating cash flow was NOK 74
million in the first quarter, compared to NOK 73 million in the same period last
year. In the first quarter the group had a stable churn of 7 percent compared to
the previous quarter.
"SmartCraft's strategy focuses on both organic growth and continued
consolidation and value accretive M&A, and so far in 2024 we have advanced
significantly on both fronts. Organic growth in annual recurring revenue (ARR)
was 12 percent in the first quarter, and we were very pleased to announce the
acquisitions of Clixifix in the UK and Locka in Sweden early in the second
quarter. Including the acquisitions in Q1, our ARR would have increased by 31
percent to NOK 456 million. Additionally, we would have added ~ 600 new
customers, reaching a total of 13 300 at the end of Q1", said CEO of SmartCraft
Gustav Line.
SmartCraft's positive development comes in a challenging market for the
construction industry.
"Despite the sluggish market conditions for the construction industry, we are
able to achieve good growth. We primarily focus on small and medium-sized
enterprises which mainly work within the renovation segment. This segment is
larger than the new build part of the industry and has proven to be much less
volatile and growing. The key is to demonstrate how our solutions help customers
boost their efficiency and income. Given the current market conditions, this is
more important than ever. We remain confident in our medium-term financial
target of 15-20 percent organic growth and increasing margins due to the
scalability of the business", said Gustav Line.
- ENDS -
WEBCAST PRESENTATION
Investors, analysts, and journalists are welcome to join an English-language
webcast presentation of the report today, Tuesday 7 May 2024, at 08:00 CET.
Webcast link:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240507_6
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://smartcraft.com/investor-relations/
immediately 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.
CONTACTS
* Gustav Line, CEO, +47 952 67 104, gustav.line@smartcraft.com
* Kjartan Bø, CFO, +47 410 27 000, kjartan.bo@smartcraft.com
ABOUT SMARCRAFT
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 97% 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.