Earnings Release • Aug 24, 2023
Earnings Release
Open in ViewerOpens in native device viewer
Huddlestock Fintech AS (OSE: HUDL) - Huddlestock Fintech AS First half year and second quarter 2023 Financial Report
24.8.2023 08:12:34 CEST | Huddlestock Fintech AS | Additional regulated
information required to be disclosed under the laws of a member state
Huddlestock delivers revenue growth, improved EBITDA and executed the synergy
plan after closure of three acquisitions during the first half year2023.
Huddlestock Fintech AS (OSE: HUDL) - Huddlestock Fintech AS First half year and
second quarter 2023 Financial Report
01.06.2023 08:09:31 CET | Huddlestock Fintech AS | Additional regulated
information required to be disclosed under the laws of a member state.
Huddlestock delivers revenue growth, improved EBITDA and executed the synergy
plan after closure of three acquisitions during the first half year2023.
Stavanger, Norway, 24 August 2023 - Huddlestock Fintech AS, a provider of
innovative technology solutions to Investment providers and wealth managers,
today released its Unaudited Financial Report for the first half year 2023.
For the first half year 2023 Huddlestock group consolidated revenues of MNOK
45.9 against MNOK 21.3 first half year 2022. This is a year over year growth of
116%. Consolidated Group EBITDA in first half year 2023 was MNOK -4.2 million
against MNOK -5,6 first half year 2022, an improvement of 25%. Huddlestock Group
Proforma revenues first half year 2023 of NOK 54,7 million. This is a year over
year growth of 77%. Recurring revenues first half year 2023 was MNOK 20,2.
Recurring revenues second quarter of 2023 was MNOK 10,7 against MNOK 9,5 in
first quarter, a growth of 12,5%.
After three acquisitions during the first half of 2023, the company has focused
on delivering organic revenue growth on top of revenues from acquired customer
contracts. A cost reduction program of approximately MNOK 9,2 was decided before
the summer and the financial effects will come during the second half year 2023
and into 2024. Following the first round of cost reduction program, a second
round has also been initiated with the largest effects expected in beginning of
2024. On the path to profitable growth, the company finds itself well-positioned
to reach that objective.
Much focus during the second quarter has been to increase effort on sales &
marketing activities. A new homepage for the group was successfully launched and
the end of Q2. The commercial staff in Huddlestock started in Q2 to work in the
same CRM-system enabling efficient collaboration, identifying leads and
following up on prospects. The company´s sales force can now work more efficient
across geographical location and create "best practice" teams.
At the end of Q2, Huddlestock successfully went into production with a Swedish
client that was signed up at end of 2022. The client is anonymized on request
from the client. The client has more than 60.000 end-clients and is digitally
processing approximately 15.000 trades per day through our system. The
implementation has been a great stress test for expanded real-time trading and
increased activity.
Following several acquisitions over the last 12 months, the quarter has also
been used to streamline the organisation, including more focus and
prioritization against the strategic target of being a major
Investment-as-a-Service provider in the Market.
With a strong focus on becoming EBITDA profitable, the product development
resources are prioritizing to deliver live products with the fastest revenue
potential and at the lowest cost. An updated Product Roadmap for the group
secures that the energy in the whole organisation is pulling in the same
direction. Solutions that are offered by Huddlestock to our clients shall in
addition to be innovative and "state-of-the-art", also be standardized and easy
to implement. Hence, creating efficient on-boarding and achieving scalability.
To support the company`s growth plan going forward, the Management in
collaboration with the Board of Directors will explore and decide a short- and
midterm financing plan.
"After several acquisitions during Q1 and Q2, the rest of the year will be a
battle of using the accelerator and the brakes at the same time. Costs will be
controlled in order to improve profitability while at the same investments will
be made in resources, energy and time to close new contracts. We will be more
focused on sales and marketing activities going forward in order to capitalise
on our extended technological platforms.", says John E. Skajem, CEO Huddlestock
Group.
A presentation will be held via Teams at 10.00 AM CET (Norwegian language) and
12.00 AM CET (English language) from the headquarter in Stavanger. For
participation, please send an email to [email protected] or
click on the links below. The webcasts will be recorded and made available for
replay at huddlestock.com - https://www.huddlestock.com/news-releases/.
Microsoft Teams-møte
Norwegian: Klikk her for å bli med i møtet -
https://teams.microsoft.com/l/meetup-join/19%3ameeting_MjZiYTg0NzAtY2NmNy00ODYyL
ThmYWYtYmQ4NmMwN2U1MzA2%40thread.v2/0?context=%7b%22Tid%22%3a%22c1a5a59d-592c-49
a2-ada8-beedc552d1f5%22%2c%22Oid%22%3a%22df038bb9-1ab5-4c9d-9661-32a71b82ac25%22
%7d
Møte-ID: 399 047 581 664
Passord: 932Uit
English: Klikk her for å bli med i møtet -
https://teams.microsoft.com/l/meetup-join/19%3ameeting_MWRmYjMwMzktOTBlYy00ODFhL
WFlZjktNWY5MmZhNzUzMWFl%40thread.v2/0?context=%7b%22Tid%22%3a%22c1a5a59d-592c-49
a2-ada8-beedc552d1f5%22%2c%22Oid%22%3a%22df038bb9-1ab5-4c9d-9661-32a71b82ac25%22
%7d
(Click on this link to join the meeting)
Møte-ID: 361 278 625 610
Passord: Wd6PBY
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
CONTACTS
* John E. Skajem, Chief Executive Officer, Huddlestock Fintech, +47 418 87 412,
* Leif Arnold Thomas, Chief Corporate Development, Huddlestock Fintech -
Corporate Development, +47 982 15 520, [email protected]
ABOUT HUDDLESTOCK FINTECH AS
Huddlestock Fintech is an innovative technology software provider with a leading
expert professional services business. We deliver innovative and sustainable
technology solutions to the capital markets, treasury and wealth management
industries.
Through its technology offering, Huddlestock offers an innovative, compliant,
and data-centric WealthTech SaaS, accelerating the digital transformation, and
trends of hyper-personalization and on-demand banking within the wealth
management industry. Huddlestock's SaaS empowers the embedding of low-cost,
efficient white-label trading and investment services, underpinning
Huddlestock's mission of delivering financial inclusion by democratizing access
to capital markets.
Through its world-class expert professional services business, Huddlestock
delivers strategic technology solutions and process automation for the financial
services industry. This range of services has propelled Huddlestock into
becoming the preferred supplier of financial consultancy services and technology
solutions in the Nordic region. Huddlestock Fintech AS was listed on Euronext
Growth Market 26th November 2020, as Norway's first fintech company to be
publicly traded.
For more information, please visit www.huddlestock.com -
http://www.huddlestock.com/
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/2563/3568/Download%20announcement
%20as%20PDF.pdf
HSF Ir Q2 first half 2023 Final JES.pdf -
https://kommunikasjon.ntb.no/ir-files/17848032/2563/3567/HSF%20Ir%20Q2%20first%2
0half%202023%20Final%20JES.pdf
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.