In Q3 2023 net sales increased by 33% compared to Q3 2022. Consolidated net sales ended at 81,188 (SEK 000s). EBITDA totaled to -6,882 (SEK 000s). Operating profit, EBIT, was -30,249 (SEK 000s). Profit after tax was -23,725 (SEK 000s). Earnings per share was
CEO's comments
Continued strong performance with increased growth; on-track with the profitable growth strategy
The financial results for the third quarter show a particular strong year-on-year growth of 33% to MSEK 81,2 in net sales for 3Q 2023, a MSEK 20,0 increase from 3Q last year. Despite the macro-economic backdrop, 24SevenOffice is continuing to demonstrate strong and robust revenue growth.
While the 3Q EBITDA is still negative, we are pleased with the year-on-year improvement from the corresponding period in 2022. The EBITDA ended negative at MSEK 6,9, which is nearly a 65% improvement from the corresponding period in 2022, and also a MSEK 10,7 improvement from the previous quarter this year. With the strong development in new revenue streams and overall sales pipeline and partner sales we expect the positive trend in revenue and profitability to continue. As an effect, we're confident positive EBITDA will be reached by the end of the year in line with the previous communicated ambition.
In October, we gathered several hundred of our most important customers for our annual
In the accounting market landscape, we are observing a notable shift where 24SevenOffice is capturing increased market attention. This shift can be attributed to a synergy of our product enhancements and strategic branding efforts. Our platform has evolved to deliver an improved user experience with increased scalable functionality. Complementing this, our rebranding initiatives this spring, including a new brand identity and a comprehensive revamp of our webpage and technical infrastructure, have led to a surge in both new sales and up-sales. Our sales and marketing performance this quarter has been all time high for this year.
Furthermore, the increased interest from prominent and larger accounting firms across the Nordics is a testament to our platform's capability and appeal. We are particularly proud to announce a significant partnership with Aspia, one of the larger accounting firms in the Nordics. This agreement not only solidifies our market presence but also reinforces our commitment to delivering top-tier accounting solutions in the region.
We're also pleased to have become a weighted "rule of 40" - company this quarter. With the recurring revenues reaching all time high, a robust growth rate is manifesting, reaching a positive ebitda, and with the average market multiples observed in the market, we believe there is great potential in our company ahead.
In closing, we wish to again extend our profound gratitude to our investors and shareholders. Our commitment remains unchanged - to consistently grow with new and existing clients and partners, delivering sustained growth and profitability with our strong product portfolio. We are looking forward to updating you on the progress we are making in upcoming reports.
This disclosure contains information that
For further information please contact:
Tel: +47 247 00 030, eas@24sevenoffice.com
24SevenOffice in brief
24SevenOffice's vision is to empower businesses for the future, through delivering world class cloud based business systems. The business system is module-based, where the modules are provided independently or packaged as complete solutions. For more information see www.24sevenoffice.com
https://news.cision.com/24sevenoffice-scandinavia-ab/r/interim-report--july---september-2023,c3871897
https://mb.cision.com/Main/16552/3871897/2417545.pdf
(c) 2023 Cision. All rights reserved., source