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Netcompany - Interim report for the 12 months ended 31 December 2022 and Annual Report 2022


Netcompany grew 32% and realised EBITDA margin of 23% as well as continued strong free cash flow in Q4 2022

Company Announcement
No. 1/2023
25 January 2023


In Q4 2022, Netcompany grew revenue to DKK 1,519.3m – equal to 31.9% growth compared to Q4 2021 (constant 32.5%) of which 13 percentage points was non-organic and related to Netcompany-Intrasoft. Organic revenue growth was 18.9% (constant 19.5%).

Adjusted EBITDA was DKK 348.9m in Q4 2022 compared to DKK 238.2m in Q4 2021. Adjusted EBITDA margin was 23% in Q4 2022 (constant 23%) compared to 20.7% in Q4 2021.

Free cash flow continued to be strong and increased by 140% and was DKK 323.4m in Q4 2022 compared to DKK 134.7m in Q4 2021. Debt leverage was reduced from 2.7x in Q4 2021 to 1.6x in Q4 2022.

Average number of full-time employees grew by 1,936 from 5,417 in Q4 2021 to 7,353 in Q4 2022 and churn rates continued to decline during Q4 2022 – measured on both 3 and 12 month rolling basis.

For the full year, Netcompany realised total revenue in line with guidance of DKK 5,544.6m – equal to 52.7% growth compared to 2021 (constant 52.5%) of which 37.8 percentage points was non-organic and related to Netcompany-Intrasoft. Organic revenue growth was 14.9% (constant 14.7%)

For 2022, Adjusted EBITDA was DKK 1,106.2m compared to DKK 880.9m for 2021. Adjusted EBITDA margin was 20% for 2022 (constant 20%) – in line with guidance too - compared to 24.3% in 2021.

Free cash flow for the full year was DKK 602.7m, which was an improvement of 47.7% compared to 2021 where free cash flow was DKK 408m.

Revenue visibility improved by 9.3% from DKK 3,824.8m for 2022 to DKK 4,179.9m for 2023.

For 2023, Netcompany expects revenue growth in constant currencies of between 8% and 12% - all organic.

Adjusted EBITDA margin measured in constant currencies is expected to be between 15% and 18%.

“We ended the year strong and in line with our expectations driven by continued strong performance throughout the Group, particularly in Netcompany-Intrasoft and the UK.

Despite unprecedented high uncertainty observed in 2022, we realised close to 53% revenue growth and a margin above 20% - as outlined in the beginning of 2022, which makes me really proud.

Results like these are not easily achieved, and they are a true testimony to the outstanding talent that our more than 7,500 employees possess. Together with our customers they define the digitalisation agenda in Europe and in close collaboration they realise benefits associated hereto.

From a macroeconomic perspective, 2023 looks to be even more challenging than the last two years, which is reflected in our expectations for the financial performance. Despite the gloomy outlook we still expect to grow between 8% and 12%.

We also will continue to make investments into future proofing our offerings and solutions and hence expect our margins to be between 15% and 18% next year.

It is my firm belief that the future will be driven by digitalisation, and I am confident that courage to invest into long term objectives, will bring Netcompany closer to realise our aspiration of being a European IT market leader.”

André Rogaczewski
Netcompany CEO and Co-founder

Performance highlights Q4

  • Revenue increased by 31.9% to DKK 1,519.3m in reported currencies and by 32.5% in constant currencies.
  • Organic revenue grew by 18.9% (19.5% constant).
  • Gross profit margin was 34.2% against 33.5% in Q4 2021.
  • Adjusted EBITDA increased 46.4% and yielded a margin of 23%.
  • Free cash flow was DKK 323.4m.
  • Free cash flow normalised for tax payments improved by 124.6% to DKK 361.4m.
  • Fair value adjustment of the investment in the Netherlands reflected an increase of the final purchase price and impacted net profit negatively by DKK 7.9m.
  • Cash conversion rate normalised for tax payment was 149.5% compared to 93.2%.
  • Debt leverage to 12 months rolling adjusted EBITA was 1.6x.

Financial overview

For full details on financial performance, see enclosed Company announcement Q4 2022 and Annual Report 2022 (incl. iXBRL)

Conference details

In connection with the publication of the results for Q4 2022, Netcompany will host a conference call on 25 January 2023 at 11.00 CET.

The conference call will be held in English and can be followed live via the company’s website;

Dial-in details for investors and analysts

DK: +45 7876 8490

UK: +44 203 769 6819

US: +1 646 787 0157

PIN: 598046

Webcast Player URL:

Additional information

André Rogaczewski, CEO
+45 70 13 14 40

Thomas Johansen, CFO
+45 51 19 32 24


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