Financial highlights during first quarter 2023
- Revenue amounted to
EUR 9 300 (7 003) thousand, corresponding to a growth of 33% and an organic growth of -21.7%. -
EBITDA amounted to
EUR 2 114 (2 248) thousand, decreased by 6% year-on-year. -
Adjusted EBITDA (before items affecting comparability) was
EUR 2 141 (1 781) thousand increasing by 20% year-on-year. -
Profit after tax was
EUR -67 (1 184) thousand. Adjusted profit after tax (before items affecting comparability and currency effects) wasEUR -181 (551) thousand. -
Earnings per share after dilution amounted to
EUR -0.0003 (0.009). Adjusted earnings per share (before items affecting comparability and currency effects) wasEUR -0.001 (0.004). - New Depositing Customers (NDC) amounted to 92 659 (33 538) increasing by 176% (6%).
-
Cash flow from operating activities amounted to
EUR 1 004 (1 484) thousand.
Financial highlights after the quarter
- Revenue in
April 2023 amounted toEUR3.6 million , representing a year-on-year increase of 51%.
Important events during the quarter
On
CEO comments: A quarter with substantial NDC growth
The first quarter has been very much business as usual while tuning in our new addition of the Media unit. While we had a revenue loss of 7% in group revenue when compared to Q4 2022, we saw a continued growth in NDCs (New Depositing Customers) with a new all-time-high record for any single quarter.
The decrease in revenue was primarily a result of unfavorable sports results in February. Had it not been for the football results last week of February, we would have delivered growth in revenue and profit respectively. These clusters of unlikely sports results tend to even out over time.
On the flip side, we are pleased to see that April revenue was
We have been addressing the performance within the
The positive trend of NDCs continued during the quarter where we got a new record of 92,659. I am very pleased with this development as it increases future recurring revenues. This favourable development is the main result of the strong performance in our 'Paid Media Partnerships' which we have acquired in the last quarter of 2022.
Revenues generated from the SaaS business were down by 11% when compared to last quarter and down by 19% when compared to same quarter last year. This decrease is coming from the revenue of the network model, which is highly volatile to the relationship between low and high margin revenue deals. Despite this decrease, EBITDA from the SaaS business has increased by 10% over Q4 2022, thanks to better cost control.
The company's organization has for some time been recast to a more decentralized model in order to ensure that our subsidiaries continue to be run by the founders. We also believe that increased decentralization contributes to a positive company culture and to developing new talent within the company. However, the main overall aim is to become more cost effective and to allocate resources where we see the best return per euro spent.
We continue our journey to deliver growth, profitability and shareholder value.
And with this said, I am very much looking forward to the coming quarters.
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