Digital Workforce Services Plc : Business review January 1-September 31, 2022
Company announcement
Business review
Unless otherwise indicated, the figures in parentheses refer to the corresponding period in the
previous year
THIRD QUARTER REVENUE UP BY 21% – PROFITABILITY IMPROVEMENT MEASURES INITIATED
Digital Workforce Service’s revenue for
At the end of the review period, cash and bank receivables and other liquid assets were at
The number of employees at the end of the period was 206 and the average number of employees was 193.
January-September 2022 :
- The revenue was
EUR 18.2 (16.3) million, which was an increase of 12.1 %. -
EBITDA was
EUR -2.5 (-0.4) million and adjusted EBITDAEUR -1.9 (-0.4) million. -
The revenue from Continuous Services was
EUR 11.0 (8.6) million, which was an increase of 28.1 %. The percentage of revenue rose to 60.3 %. -
The revenue from Professional Services was
EUR 7.3 (7.7) million, which was a decrease of -5.8 %. The percentage of revenue was 39.7 %.
July-September 2022 :
- The revenue was
EUR 6.3 (5.2) million, which was an increase of 20.8 %. -
EBITDA was
EUR -0.9 (-0.1) million and adjusted EBITDAEUR -0.5 (-0.1) million. -
The revenue from Continuous Services was
EUR 3.9 (3.0) million, which was an increase of 28.4 %. The percentage of revenue rose to 61.3 %. -
The revenue from Professional Services was
EUR 2.4 (2.2) million, which was an increase of 10.5 %. The percentage of revenue was 38.7 %. -
On
July 7, 2022 Digital Workforce Services received an order for Professional Services of approximatelyEUR 1.5 million for year 2022 from a major utilities company inthe United States . -
On
July 17, 2022 Digital Workforce Services signed an agreement to acquireEclair Group Limited (Ireland ).
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Million euros | 7-9/2022 | 7-9/2021 | Change | 1-9/2022 | 1-9/2021 | Change | 2021 |
Revenue | 6.3 | 5.2 | 20.8 % | 18.2 | 16.3 | 12.1 % | 22.4 |
Revenue from Continuous Services | 3.9 | 3.0 | 28.4 % | 11.0 | 8.6 | 28.1 % | 11.7 |
Revenue from Professional Services | 2.4 | 2.2 | 10.5 % | 7.3 | 7.7 | -5.8 % | 10.7 |
EBITDA | -0.9 | -0.1 | - | -2.5 | -0.4 | - | -1.0 |
Adjusted EBITDA | -0.5 | -0.1 | - | -1.9 | -0.4 | - | -0.6 |
EBIT | -1.0 | -0.2 | - | -2.7 | -0.6 | - | -1.2 |
* The EBITDA adjustment for 1-9/2022 is formed by costs related to IT system projects, restructuring and write-offs. In 2021, the adjustment was formed by costs related to listing.
CEO
”Our revenue grew by 21% in the third quarter. We achieved the best quarter in our company's history, driven in particular by growth in Continuous Services. In line with our strategy, we made progress in the US and
Our EBITDA decreased due to planned additional operational investments in our growth markets. Internal efficiency measures to accelerate our profitability and simplify our cost structure are progressing as planned and we expect our efficiency programme to improve our profitability in the last quarter of the current year. Our cash position is strong. The cash generated by our IPO will help us to grow the company internationally, both organically and through potential acquisitions.”
This is not an interim report pursuant to the IAS 34 standard. The company adheres to the semiannual reporting arrangement laid down in the Securities Markets Act and publishes business reviews for the first three and nine months of each year, which present the key information on the company’s financial development. The financial information provided in this business review has not been audited. Unless otherwise stated, the figures in parentheses refer to the corresponding period of the previous year.
Additional information:
mika.vainio-mattila@digitalworkforce.com
Certified advisor:
About Digital Workforce Services Oyj
About Digital Workforce
https://digitalworkforce.com
Attachments
- DWF - Business review - Q3_2022.pdf
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