Strong growth in the first quarter of 2021

smartcraft gustav line

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SmartCraft increased its operating revenues by 31 percent to NOK 59.3 million in the first quarter of 2021, driven by strong organic growth supplemented by acquisitions. The company’s adjusted EBITDA margin was 41 percent, up from 35 percent in the first quarter of 2020.

– Good solutions to make everyday life easier and more efficient for craftsmen and contractors are highly sought after. When we know that many craftsmen in SME companies spend the majority of their time on administrative or other unproductive tasks, it is no wonder that our solutions are well received, says Gustav Line, CEO of SmartCraft.

Positive trend

In recent years, SmartCraft has grown strongly driven by both acquisitions and organic growth. The figures for the first quarter of 2021 are now ready, and the positive trend continues. Top-line growth was 31 percent compared with Q1 2020, partly driven by acquisitions. Organic growth for the same period was 17 percent. Profitability increased even more, and the EBITDA margin was 41 percent, compared to 35 percent in the same period in 2020.

– The figures confirm that we have succeeded with the acquisitions we have completed, and at the same time been able to execute well on both new sale and up sale and extracting synergy effects between the various solutions in our portfolio. The most important thing is that our solutions provide high customer satisfaction, and I am happy to see that the customer churn, is stable at a low level, says Gustav Line.

High ambitions

– The SaaS model is very scalable, and when the top line grows this fast, the cash flow increases even faster. We want to continue to be very active both by driving organic growth and making more acquisitions. We are looking for companies that are complementary to our solutions and companies that have solutions similar to us, but in a new market. SmartCraft obviously has a role to play outside the Nordic region as well, and over time our goal is to be a leading supplier of specialized digital solutions for contractors and craftsmen throughout Northwestern Europe, says Gustav Line.

Q1 2021Q1 2020Change
Operating Revenues59,345,231%
Adjusted EBITDA24,315,854%
EBITDA-margin41%35%
ARR205,5161,227 %
Numbers in MNOK

For further information, please contact:
Gustav Line, CEO, SmartCraft
Phone: +47 952 67 104
Mail: gustav.line@smartcraft.no

Important notice

This announcement is for informational purposes only and does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in Australia, New Zealand, Canada, Japan or the United States, including its territories and possessions, any state of the United States and the District of Columbia (the “United States”) or to any person to whom, or in any jurisdiction in which, such offer or solicitation is unlawful.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “aims”, “expect”, “anticipate”, “intends”, “estimate”, “will”, “may”, “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. Forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. The Company and its respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise.

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