Netcompany - Interim report for the nine months ended 30 September 2023
Netcompany grew topline by 9.2% in Q3 driven by strong performance internationally. Cash flow improved sequentially from Q2 as expected.
2 November 2023
In Q3 2023, Netcompany grew revenue to DKK 1,461.7m – equal to 8.4% growth compared to Q3 2022 and 9.2% in constant currencies.
Adjusted EBITDA was DKK 219.9m compared to DKK 308.9m in Q3 2022. Adjusted EBITDA margin was 15% in Q3 2023 compared to 22.9% in Q3 2022.
The average number of full time employees grew from 7,039 in Q3 2022 to 7,760 in Q3 2023.
Free cash flow was DKK 100.4m compared to DKK 221.5m in Q3 2022.
“In Q3, we grew revenue by 9.2% - once again driven by strong results in the international operation of the Group. The prolonged decision processes experienced in Q2 in the Danish private segment were extended into Q3 too, which led to lower revenue in Denmark than anticipated. At the same time we saw stronger than anticipated growth in Netcompany-Intrasoft.
FTEs grew in line with revenue at 10.2% - driven by hirings in the international operation of the Group.
Despite the current softness in our operation in Denmark, our assesment is that market demand for digital transformation remains intact, and our expectation is that more pipeline cases will begin to convert during Q4 2023 and into Q1 2024.
Based on realised performance and outlook for the remaining part of 2023, we narrow our expectation to revenue growth to between 8% and 10% and we expect margin to be realised in the lower end of the guided range of 15% to 18% - both within original guided target ranges.
We remain committed to our mid-term financial targets.”
Netcompany CEO and Co-founder
Performance highlights for Q3
- Revenue increased by 8.4% to DKK 1,461.7m in reported currencies and by 9.2% in constant currencies.
- Adjusted EBITDA decreased 28.8% to DKK 219.9m.
- Adjusted EBITDA margin was 15% compared to 22.9% in Q3 2022.
- Average employees increased by 721 FTEs to 7,760 FTEs.
- Free cash flow was DKK 100.4m.
- Cash conversion ratio was 93%.
- Debt leverage to 12 months rolling adjusted EBITDA was 1.6x.
For full details on financial performance, see enclosed Company announcement Q3 2023.
Conference call details
In connection with the publication of the results for Q3 2023, Netcompany will host a conference call on 2 November 2023 at 11.00 CET.
The conference call will be held in English and can be followed live via the company’s website; www.netcompany.com
Dial-in details for investors and analysts:
DK: +45 78 76 84 90
UK: +44 203 769 6819
US: +1 646 787 0157
André Rogaczewski, CEO
+45 70 13 14 40
Thomas Johansen, CFO
+45 51 19 32 24
Frederikke Linde, Head of Investor Relations
+45 60 62 60 87
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