Announcement no. 1-2024
Contain insider information
Emre Gürsoy, CEO of
“Given the current macroeconomic context, I am pleased that we have shown our ability to adapt to rapidly changing market conditions and increased our EBITDA to
Agillic’s scalable and international go-to-market strategy successfully allows investment in both technology and commercial initiatives for short- and long-term impact.
In 2024, we will continue our strategy of investing in sustainable growth with an increased focus on international markets. We expect 2024 to continue to be affected by geopolitical uncertainties, but we also expect our future clients to truly recognise the pain points we address in their business through
Key figures and ratios
2023 | 2022 | 2023 | 2022 | |||
DKK million | YTD | YTD | Change5 | Q4 | Q4 | Change5 |
INCOME STATEMENT | ||||||
Revenue subscriptions | 52.4 | 49.9 | 5% | 12.2 | 13.4 | -9% |
Revenue transactions | 12.0 | 16.7 | -28% | 2.9 | 6.0 | -52% |
Other revenue | 0.3 | 0.4 | 0.3 | 0.0 | ||
Total revenue | 64.7 | 67.0 | -3% | 15.4 | 19.4 | -21% |
Gross profit | 52.2 | 49.6 | 5% | 12.6 | 15.5 | -19% |
Gross margin | 81% | 74% | 82% | 80% | ||
Other operating income 4 | 0.6 | 0.3 | 0.6 | 0.3 | ||
Employee costs 4 | -36.8 | -32.5 | 13% | -13.3 | -8.6 | 45% |
Operational costs 4 | -14.1 | -16.3 | -14% | -1.5 | -5.5 | -70% |
EBITDA | 1.9 | 1.1 | 71% | -1.6 | 1.5 | n/a |
Net profit 3 | -27.5 | -10.6 | -22.4 | -2.0 | n/a | |
FINANCIAL POSITION | ||||||
Cash 1 | 9.8 | 7.4 | 33% | 9.8 | 7.4 | 33% |
Cash flow from operating activities | -6.5 | 3.1 | -1.8 | 7.3 | ||
ARR DEVELOPMENT | ||||||
ARR subscriptions | 57.8 | 54.1 | 7% | 57.8 | 54.1 | 7% |
ARR transactions | 12.3 | 22.6 | -46% | 12.3 | 22.6 | -46% |
Total ARR 2 | 70.1 | 76.7 | -9% | 70.1 | 76.7 | -9% |
Change in ARR (DKK) | -6.6 | 21.0 | -6.6 | 21.0 | ||
Change in ARR (%) | -9% | 38% | -9% | 38% |
1. Cash is defined as available funds less bank overdraft withdrawals.
2. ARR is the annualised value of subscription agreements and transactions at the end of the actual reporting period.
3. Net profit in 2023 is negatively impacted by a provision for tax and interest of
4. Costs for 2022 have been reclassified between other operating income, employee costs and operational costs. The total is unchanged.
5. Percentage change has been calculated based on numbers in thousands as presented in the annual report
Financial guidance 2024
In 2024, revenue is expected to amount to
DKK million | 2024 | 2023 |
Revenue | 62 to 66 | 64.7 |
EBITDA | 0 to 2 | 1.9 |
ARR Subscriptions | 56 to 60 | 57.8 |
ARR Transactions | 10 to 14 | 12.3 |
Total ARR | 66 to 74 | 70.1 |
The general market conditions are leading to an increase in both business and technology consolidations. This may lead to a reduction in ARR which we have reserved for in the 2024 guidance. We have in 2023 also seen a significant reduction in ARR from transactions in certain segments mainly related to geopolitical factors.
Due to the change in assessment and interpretation of Tax Credit from the Danish Tax Authorities, the risk of a repayment of the tax credit received for 2019 and 2020 plus interest has increased. As of
Strategy going forward
We will continue to execute our Reboot 2.1 with increased focus on internationalisation and profitability through sustainable growth and operational excellence.
Annual Report 2023
The full Annual Report 2023 is attached to this press release and can be found on our website here: https://agillic.com/investor/financial-reports/
ESG Report 2023
We have published our second ESG report covering the year 2023. The report is available here: https://agillic.com/esg/
For further information, please contact:
Emre Gürsoy, CEO,
+45 30 78 42 00
emre.gursoy@agillic.com
+45 28 49 18 46
claus.boysen@agillic.com
Certified Adviser
About
Masnedøgade 22, 2
2100
https://agillic.com/
Appendix: Financial development per quarter
2023 | 2022 | 2021 | ||||||||||||
DKK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||
INCOME STATEMENT | ||||||||||||||
Revenue subscriptions | 12.2 | 13.6 | 13.5 | 13.1 | 13.5 | 13.1 | 12.2 | 11.1 | 10.8 | 11.0 | 11.9 | 11.3 | ||
Revenue transactions | 2.9 | 3.0 | 2.9 | 3.2 | 6.0 | 4.8 | 3.3 | 2.6 | 2.7 | 1.8 | 1.2 | 1.0 | ||
Other revenue | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.3 | 0.3 | 0.3 | 0.2 | 0.3 | ||
Total revenue | 15.4 | 16.6 | 16.4 | 16.3 | 19.5 | 17.9 | 15.6 | 14.0 | 13.8 | 13.1 | 13.3 | 12.6 | ||
Gross profit | 12.6 | 13.4 | 13.2 | 13.0 | 15.5 | 11.4 | 11.7 | 11.0 | 10.7 | 11.1 | 12.1 | 11.2 | ||
Gross margin | 82% | 81% | 80% | 80% | 80% | 67% | 75% | 78% | 78% | 85% | 91% | 89% | ||
EBITDA | -1.6 | 2.5 | 1.0 | 0.0 | 1.5 | 1.4 | 0.0 | -1.8 | -2.6 | 0.4 | 2.2 | 0.7 | ||
Net profit | -22.4 | -0.4 | -1.8 | -2.9 | -2,0 | -1.2 | -2.7 | -4.7 | -4.6 | -3.1 | -0.5 | -2.3 | ||
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BALANCE SHEET | ||||||||||||||
Cash | 9.8 | 11.5 | 18.3 | 26.9 | 7.4 | 1.8 | 12.6 | 7.5 | 20.6 | 18.6 | 22.0 | 23.8 | ||
Total assets | 47.1 | 64.9 | 69.0 | 75.8 | 52.8 | 54.0 | 58.7 | 55.4 | 61.6 | 65.7 | 69.5 | 67.2 | ||
Equity | -20.2 | 1.5 | 1.8 | 3.4 | -15.0 | -13.2 | -12.0 | -9.6 | -4.5 | 1.0 | 2.9 | 3.2 | ||
Borrowings | 23.7 | 23.0 | 24.2 | 25.7 | 24.3 | 23.7 | 26.1 | 26.4 | 27.2 | 28.2 | 28.6 | 29.0 | ||
| ||||||||||||||
CASH FLOW | ||||||||||||||
Cash flow from operating activities | -1.8 | -2.8 | -3.1 | 1.2 | 7.3 | -4.9 | 9.0 | -8.3 | 6.1 | 0.0 | 1.2 | -1.6 | ||
Cash flow from investments | 1.2 | -3.1 | -6.5 | -3.3 | -3.3 | -3.3 | -3.7 | -3.2 | -2.0 | -3.8 | -2.5 | -2.8 | ||
Cash flow from financing | 2.2 | -0.8 | -2.3 | 21.6 | 1.6 | -2.5 | -0.3 | -1.6 | -2.0 | 0.4 | -0.5 | 11.8 | ||
Net cash flow | 1.6 | -6.7 | -11.9 | 19.5 | 5.6 | -10.7 | 5.0 | -13.1 | 2.1 | -3.4 | -1.8 | 7.4 | ||
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EMPLOYEES & CLIENTS | ||||||||||||||
Employees end of period | 50 | 50 | 50 | 50 | 48 | 47 | 51 | 47 | 44 | 47 | 49 | 50 | ||
Clients end of period | 122 | 120 | 120 | 118 | 118 | 111 | 108 | 105 | 97 | 92 | 91 | 86 | ||
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ARR & SAAS METRICS | ||||||||||||||
ARR subscriptions | 57.8 | 56.8 | 54.9 | 54.2 | 54.1 | 50.3 | 49.6 | 48.5 | 45.7 | 44.0 | 43.2 | 42.4 | ||
ARR transactions | 12.3 | 12.1 | 11.5 | 17.3 | 22.6 | 19.6 | 14.6 | 10.3 | 10.0 | 7.3 | 4.8 | 4.2 | ||
Total ARR2 | 70.1 | 68.9 | 66.4 | 71.5 | 76.6 | 69.9 | 64.2 | 58.8 | 55.7 | 51.3 | 48.0 | 46.6 | ||
Change in ARR (DKK) | 1.2 | 2.5 | -5.1 | -5.2 | 6.8 | 5.7 | 5.4 | 3.1 | 4.4 | 3.3 | 1.4 | 0.1 | ||
Average ARR3 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.5 | 0.5 | ||
Yearly CAC4 | 0.2 | 0.1 | 0.3 | |||||||||||
Months to recover CAC5 | 6 | 3 | 8 |
1. Cash is defined as available funds less bank overdraft withdrawals.
2. ARR, i.e., the annualised value of subscription agreements and transactions at the end of the actual reporting period.
3. Average ARR, i.e. the average Total ARR per client.
4. Customer Acquisition Costs (CAC), i.e., the sales and marketing cost (inclusive salaries, commissions, direct and share of costs of office) divided by the number of new clients. CAC is calculated end of year.
5. Months to recover CAC, i.e., the period in months it takes to generate sufficient gross profit from a client to cover the acquisition cost.
Attachments
- Agillic_AR_2023
- Agillic_ESG_2023
- Agillic Company Announcement no-1-2024_final
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