SmartCraft ASA (SMCRT) – Third quarter 2021 financial results

10.11.2021 07:00:01 CET | SmartCraft ASA | Half yearly financial reports and
audit reports / limited reviews

10 November 2021 - SmartCraft ASA today reported its results for the third
quarter 2021, ending the period with annual recurring revenue (ARR) of NOK 259.9
million, 50 percent higher than in Q3 2020. Revenue in the third quarter was
72.2 million, a growth of 49 percent. Organic growth in recurring revenue was 17
percent compared to Q3 2020, whereas organic growth in total revenue was 14
percent. 

"We continue our efforts to simplify business for construction companies through
efficient Software-as-a-Service solutions, and the third quarter was a solid
period for SmartCraft. We now have around 11,000 customers, and 115,000
individual users streamlining their workday helped by our solutions," said CEO
Gustav Line in SmartCraft ASA. 

SmartCraft's average revenue per customer (ARPC) was NOK 27,903 in Q3 2021, 22
percent higher than in the same period in 2020. 96 percent of SmartCraft's
reported revenue in Q3 2021 was defined as recurring, an increase from 93
percent in Q3 2020. 

"SmartCraft's strategy is to grow organically combined with an active approach
to M&A. In Q3, we delivered well on both, and we expect this to continue going
forward. The acquisition of Kvalitetskontroll was closed in Q3, whereas HomeRun
was acquired in Q2 broadening our geographical footprint and our product
portfolio. Increased size allows increased scale effects, and we now focus on
realizing synergies across the portfolio through cross sales and product
development" said Gustav Line. 

SmartCraft's adjusted EBITDA increased 23 percent in Q3 2021 compared to Q3
2020, and the adjusted EBITDA margin was 37 percent compared to 44 percent last
year. Lower margins in the acquired companies during the last 10 months diluted
the adjusted EBITDA margin by 6 percentage points. 

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 NOK 10.5 billion, growing at double digit rate. 

"With continued high profitability and our strong balance sheet following the
IPO in June, we are perfectly positioned to continue to grow well. Our
medium-term financial targets stand firm with 15-20 percent annual organic
growth, with the addition of bolt-on M&A, whereas we expect growing EBITDA
margins due to scalability of the business," said Gustav Line. 

WEBCAST PRESENTATION 

Investors, analysts and journalists are welcome to join to an English language
webcast presentation of the report today, Wednesday 10 November 2021, at 08:00
CET. 

Webcast link:
https://smartcraftready.com/investor-relations/reports-and-presentations/present
ation-of-third-quarter-2021-results/ 

Presenters: CEO Gustav Line and CFO Kjartan Bø 

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 10bn 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 Q3 2021 presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17847761/951/1253/SmartCraft%20Q3%202021%2
0presentation.pdf

SmartCraft Q3 2021 report.pdf -
https://kommunikasjon.ntb.no/ir-files/17847761/951/1254/SmartCraft%20Q3%202021%2
0report.pdf

en_SmartCraft Q3 2021 presentation

en_SmartCraft Q3 2021 report