SmartCraft ASA (SMCRT) – First quarter 2022 financial results

24.5.2022 07:00:00 CEST | SmartCraft ASA | Half yearly financial reports and
audit reports / limited reviews

24 May 2022 - SmartCraft ASA today reported its results for the first quarter of
2022, ending the period with annual recurring revenue (ARR) of NOK 278.9
million, which represents a 12-month growth of 36 percent. Organic growth was
21% compared to Q1 2021, 7% compared to Q4 2021. Revenue in Q1 2022 was 79.1
million (+33% Y/Y), of which 95 percent was recurring.

SmartCraft's adjusted EBITDA increased by 31.5 percent in Q1 2022 compared to Q1
2021, and the adjusted EBITDA margin was 40.4 percent compared to 40.9 percent
in the same period last year and 36.8 percent in Q4 2021. Cash flow from
operating activities was NOK 58.7 million. 

"I am happy and proud to report another quarter of strong growth and high
profitability and cash flow for SmartCraft. Our year-on-year organic annual
recurring revenue growth accelerated from 17 percent in the fourth quarter last
year to 21 percent in the first quarter this year driven by strong sales
performance and the fact that we have reduced our churn rate to 5% in Q1. This
is the result of great efforts in the whole organization," said CEO of
SmartCraft Gustav Line.

SmartCraft is a leading Nordic provider of mission-critical SaaS solutions to
small and mid-sized companies in the construction sector, a market with a
potential of above NOK 10 billion, growing annually at a double-digit rate.

"The construction industry is one of the least digital, and we are deeply
committed to remaining a leading player and a driving force in the industry. We
focus on best-of-breed solutions that are simple and cheap to implement, and
with a very low take-rate, we create value for small and medium-sized
construction companies from the day they become customers. This also means that
we see continued strong demand despite the global macro uncertainties," said
Gustav Line.

SmartCraft targets 15-20 percent annual revenue growth in the medium term, with
the addition of bolt-on acquisitions. Margins are expected to increase due to
scalability of the business.

"We are consistently delivering strong results, and I am confident in achieving
our medium-term targets. Our primary focus is organic growth in the Nordics
through upselling to existing customers, by winning new customers, and by
cross-selling on our customer bases. Secondly, we continue our successful M&A
strategy, seeking opportunities both in existing and new geographies. We are
currently in dialogue with several companies," said Gustav Line.

 

WEBCAST PRESENTATION

Investors, analysts and journalists are welcome to join to an English language
webcast presentation of the report today, Tuesday 24 May 2022, at 08:00 CET.

Webcast link: https://channel.royalcast.com/landingpage/hegnarmedia/20220524_1/ 

Presenters: CEO Gustav Line, CFO Kjartan Bø and CTO Christian Saleki.

Viewers are welcome to submit written questions through the webcast player
during and after the presentation. A recording of the presentation will be
available on the same link and at 
https://smartcraftready.com/investor-relations/ after the live stream is
concluded.

DISCLOSURE REGULATION

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.

CONTACTS

 * Gustav Line, CEO, +47 952 67 104, gustav.line@smartcraft.no 
 * Kjartan Bø, CFO, +47 410 27 000, kjartan.bo@smartcraft.no 

ABOUT SMARTCRAFT ASA

SmartCraft is the leading Nordic provider of mission-critical SaaS solutions to
SME's in the construction sector. The company's business model is highly
scalable, based on 94% recurring revenue and low churn. The construction sector
is among the least digitalized industries and represents a NOK 10.5bn software
market in the Nordics, growing at a double-digit rate. SmartCraft's solutions
help customers to increase their productivity, margins, and resource efficiency.

ATTACHMENTS

SmartCraft Q1 2022 report.pdf -
https://kommunikasjon.ntb.no/ir-files/17847761/1482/2021/SmartCraft%20Q1%202022%
20report.pdf

SmartCraft Q1 2022 presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17847761/1482/2022/SmartCraft%20Q1%202022%
20presentation.pdf

en_SmartCraft Q1 2022 report

en_SmartCraft Q1 2022 presentation