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    HUDL ME   NO0010859648


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Huddlestock Fintech AS : (HUDL) - Huddlestock Fintech AS : Q2 and first half-year 2021 Financial Report

08/26/2021 | 02:03am EST

Huddlestock Fintech AS (HUDL) - Huddlestock Fintech AS Q2 and first half-year
2021 Financial Report

Stavanger, Norway, 26 August 2021 - Huddlestock Fintech AS today released its
Unaudited Financial Report for the First Half-year and Second Quarter 2021, a
transformational quarter for the company. In June, Huddlestock acquired the
leading Nordic expert consultancy for financial institutions, Visigon Nordic AB
supplementing Huddlestock's existing portfolio of wealth tech software. 

Huddlestock CEO, John Skajem commented: "With our larger team of expert
consultants from Visigon, we see many opportunities for growth and synergies. At
home in the Nordics, Visigon's market position and reputation constitutes a
fantastic customer proposition together with Huddlestock Technology, whereas
Huddlestock's footprint internationally can be a door opener for Visigon's
services outside the Nordics."

With its suite of ground-breaking technology solutions for digitizing processes
for wealth managers, custody banks and trading venues, Huddlestock has a strong
pipeline of projects for both the Bedrock connectivity platform for online
trading and the Apex B2B solution for custody banks. During Q2, the company
continued to sign up new clients; including Aledius GmbH and AVL Investment
Fonds.  However, as a result of lengthy periods of lock-down due to the global
health pandemic in its key markets, Germany and Malaysia, the indicative project
delivery timeline for a number of client contracts has been delayed.

"The global health pandemic that has ravaged the globe during 2020 and 2021 has
delayed our delivery plans for Huddlestock's technology in the short term.  We
are in close dialogue with our customers, and we expect to go live with several
of them during the second half-year 2021 and the first quarter 2022," John
Skajem said.

Visigon continued its good development, onboarding 2 new clients during the
first half-year and extending and increasing the customer engagement with a
major Swedish bank after the end of the period. Significant revenues are already
committed for the second half-year.

"We see strong demand for the technology Huddlestock offers, and with Visigon we
have further improved our relevance for the finance industry, our market reach
and ability to execute. Our long-term target to reach revenues of NOK 200
million in 2024 stands firm, and we target the signing of 1-2 Apex contracts and
4-6 Bedrock contracts per year on average over the coming 4 year period," John
Skajem said.

During the first half-year 2021, Huddlestock had pro-forma revenues, including
full contribution from Visigon as if it was acquired 1 January, of NOK 23.8
million and, adjusted for non-recurring items linked to the acquisition, an
EBITDA loss of NOK 2.2 million. Reported revenue, in which Visigon was
consolidated as of June, was NOK 3.0 million and the EBITDA loss was NOK 3.7
million. The numbers included NOK 1.5 million of one-off cost related to the
acquisition of Visigon. As a result of the delayed project pipeline, postponing
revenue from Huddlestock Technology, the company's revenue target for 2021 has
been lowered from NOK 51 million to NOK 41 million. The EBITDA target is lowered
from NOK 5.3 million to NOK 1 million.

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.

For questions, please contact investor relations.

To see all press and investor releases please have a look in the investor
relations section of our corporate website


John E. Skajem, CEO, +47 418 87 412, jes@huddlestock.com 
Cecilia Luras, Director of Strategy & IR, +44 75 0090 5131, col@huddlestock.com 

About Huddlestock Fintech:
Huddlestock Fintech AS was listed on Euronext Growth Market 26 November 2020, as
Norway's first fintech company to be publicly traded. Huddlestock Fintech is a
company that develops and implements unique software as a service-solutions for
digitizing work processes for custody banks, asset managers and trading venues. 

The open, compliance-optimized and data centric wealthtech platform allows our
customers to offer a differentiated real-time product that reduces cost and
increases efficiency. Huddlestock Fintech's technology enables end-to-end
digital services such as onboarding, client communication, reporting, order
execution and portfolio management, all executed on the same platform. 

Huddlestock has developed two technology solutions, Apex (Custody) and Bedrock
(Connectivity). Apex is a software as a service-solution that links custody
services with asset managers and individual investors. Bedrock provides a white
label solution that is primarily a product for financial services firms wanting
to add low cost-efficient trading and investing services to their client web and
app offerings.  

Through its world-class expert consultancy Visigon, Huddlestock delivers
strategic technology solutions and process automation for the financial services
industry. Founded in 2003, Visigon has grown into becoming the preferred
supplier of financial consultancy services and technology providers in the
Nordic region.  Visigon became part of the Huddlestock Fintech family in 2021.

Huddlestock Fintech has offices in Oslo, Stavanger, Copenhagen, Stockholm,
Munich, Paris and Kuala Lumpur.

For more information, please visit www.huddlestock.com and www.visigon.com.

The information included in this announcement is defined as inside information
pursuant to the EU Market Abuse Regulation article 7 and is publicly disclosed
in accordance with MAR article 17.  
The announcement is made by the contact persons set out above.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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More news
Sales 2021 17,0 M 1,87 M 1,87 M
Net income 2021 -18,0 M -1,98 M -1,98 M
Net cash 2021 7,00 M 0,77 M 0,77 M
P/E ratio 2021 -20,6x
Yield 2021 -
Capitalization 369 M 40,5 M 40,6 M
EV / Sales 2021 21,3x
EV / Sales 2022 6,20x
Nbr of Employees -
Free-Float 58,6%
Duration : Period :
Huddlestock Fintech AS Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 1
Last Close Price 3,09 NOK
Average target price 7,00 NOK
Spread / Average Target 127%
EPS Revisions
Managers and Directors
John Egil Skajem Chief Executive Officer
Oyvind Hovland Chairman
Murshid Mikael Ali Director
Per ěyvind Berge Director
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