First half-year and second quarter 2021 financial results

SmartCraft ASA today reported its results for the first half-year and second quarter 2021, showing revenue of NOK 63.9 million in the second quarter, a growth of 36 percent compared to the same quarter in 2020. Currency adjusted organic growth was 18 percent. The adjusted EBITDA increased 43 percent, and the adjusted EBITDA margin was 47 percent, compared to 45 percent in Q2 2020. Reported EBITDA margin was 10 percent, negatively affected by special items related to the and IPO on Oslo Børs in June.

At the end of Q2 SmartCraft had annual recurring revenue (ARR) of NOK 225.9 million, 35.3 percent higher than in Q2 2020. 94 percent of SmartCraft’s revenue in Q2 2021 was recurring, an unchanged ratio since Q2 2020. Average revenue per customer grew from NOK 22,446 to NOK 27,101.

“We concluded our first quarter as a listed company on Oslo Børs continuing our history of strong growth and high profitability. The organic growth of 18 percent and strong EBITDA margin confirm the value proposition for our customers and the strength of our SaaS based business model. We are on the right track when it comes to delivering on our strategy and target to grow organic revenue with 15-20 percent per year in the medium term. In addition, we continue to deliver on our strategic ambition to grow our business by acquiring SaaS companies that complement our existing portfolio,” CEO of SmartCraft Gustav Line said.

“The capital raise and listing on Oslo Børs provided us with a strong shareholder base and a solid financial platform for growth. In the second half-year we will focus particularly on integrating and leveraging the two recently acquired companies, HomeRun and Kvalitetskontroll, reaping synergies on sales, product and technology across the group,” Gustav Line continued.

As the leading Nordic provider of mission-critical SaaS solutions to small and mid-sized companies in the construction sector, SmartCraft operates in a NOK 10.5 billion software market in the Nordics, a market growing at double-digit rate. The construction industry is among the least digitalized industries, and SmartCraft’s solutions help customers to increase their productivity, margins, and resource efficiency.

“With our strong profitability, healthy balance sheet and solid market position, we are perfectly positioned to play a vital role in the digitization of the construction industry in the years to come”, Gustav Line concludes.

Visit Reports and presentation to see the full report, presentation and webcast.

For further queries, please contact:
Gustav Line, CEO
+47 952 67 104

Kjartan Bø, CFO
+47 410 27 000

Related articles

Fourth quarter 2021 financial results