Oslo, 22 August 2024: Spir Group ASA ("Spir Group" or "the company", OSE ticker:
SPIR) increased revenues by 6 percent in the second quarter of 2024 compared to
the same quarter last year to NOK 307.6 million, while EBITDA improved 10
percent to NOK 53.9 million in the quarter. Spir Group's second quarter results
reached all-time high and showed increased profitability for first half 2024.
"Delivering mission-critical software and data within our two business areas -
real estate and public administration - the Spir companies all have market
leading positions. Key KPIs as total revenues, EBITDA and net income are all
improving and were all-time high in the second quarter. Entering the second half
of 2024, our belief in the growth potential of Spir Group is reconfirmed," says
Per Haakon Lomsdalen, CEO of Spir Group.
Annual recurring revenue (ARR) increased by 6 percent to NOK 406 million at
quarter-end. Spir Group delivers its offerings as recurring subscriptions,
transaction-based data & software sales, and consulting services related to
implementation and utilization of its solutions.
"We have three types of revenue streams from two business areas both with
significant potential for digitalization. Spir Group's business model is highly
scalable and predictable. Our ambition is to provide attractive tools for
streamlining and digitalization for the segments where we operate, driving Spir
Group's market share and profits," says Lomsdalen.
In Norway, Sikri continued its high win rate on public tenders and increased ARR
by 6 percent compared to one year ago. Ambita saw a higher demand for
transaction-based revenues, leading to solid double-digit revenue growth in the
quarter. Boligmappa has a steady increase in ARR and had a 35% growth in
subscription revenues. With more than one million registered users the solution
is rapidly becoming an important platform for all Norwegian homeowners. Metria
is still impacted by a challenging Swedish real estate market but has steady
growth in ARR and subscription revenues in addition to higher demand for its
consulting-services related to climate and sustainability.
Spir Group's financial position has improved during the first half of 2024 as
net interest-bearing debt incl. lease liabilities declined from NOK 651 million
at the end of 2023 to NOK 597 million at the end of June. The company's
operating cash flow ended at NOK 150 million in the first half of 2024.
"There is a growing demand for secure and efficient IT solutions across both
business areas, and our customers are consistently looking to reduce costs by
streamlining and digitizing their operations. With a continued improved
financial position, we are well positioned for growth," says Lomsdalen.
***
Investors, analysts, and media are welcome to follow a webcast presentation of
the results today at 08:00. The presentation will be held by CEO Per Haakon
Lomsdalen and CFO Cecilie Brænd Hekneby.
Webcast link: https://channel.royalcast.com/landingpage/hegnarmedia/20240822_1/
The report and presentation are available for download from
https://spirgroup.com/reports-and-presentations and www.newsweb.no. The webcast
will be available for replay immediately after the live stream is concluded.
For further queries, please contact:
Cecilie Brænd Hekneby
Chief Financial Officer & IR
Tel: +47 99 29 38 26
Email: cecilie.hekneby@spirgroup.com
About Spir Group
Spir Group is a Nordic software house delivering mission critical software and
data within two business areas