Talenom Plc Half-Year Report January–June 2021 (unaudited): Net sales increased by 23% and operating profit improved by 17% – Growth accelerated, earnings improved and strategy implementation progressed


Talenom Plc, Half-Year Financial Report, 2 August 2021 at 13:30 EEST

Talenom Plc Half-Year Report January–June 2021 (unaudited): Net sales increased by 23% and operating profit improved by 17% – Growth accelerated, earnings improved and strategy implementation progressed

This release is a summary of Talenom Plc’s Half-Year Report January–June 2021. The complete Half-Year Report is attached to this release as a pdf file. It is also available on the company's website at

January–June 2021 in brief:

  •  Net sales 41.7 (33.9) million euros, increase 23.1% (14.6%)
  •  Operating profit (EBIT) 8.6 (7.3) million euros, 20.5% (21.6%) of net sales
  •  Net profit 6.4 (5.5) million euros
  •  Earnings per share 0.15 (0.13) euros

Net sales, thousands of euro41,68733,8527,835
Net sales, increase %23.1%14.6%8.6 percentage points
Operating profit (EBIT), thousands of euro8,5517,3121,239
Operating profit (EBIT), as % of net sales20.5%21.6%-1.1 percentage points
Return on investment (ROI), % (rolling 12 months)18.4%17.9%0.5 percentage points
Liquid assets, thousands of euro10,6019,627974
Earnings per share, euro0.150.130.02
Net profit, thousands of euro6,4115,456955

Net sales, thousands of euro21,38016,5034,877
Net sales, increase %29.6%11.8%17.8 percentage points
Operating profit (EBIT), thousands of euro4,1383,594545
Operating profit (EBIT), as % of net sales19.4%21.8%-2.4 percentage points
Return on investment (ROI), % (rolling 12 months)18.4%17.9%0.5 percentage points
Liquid assets, thousands of euro10,6019,627974
Earnings per share, euro0.070.060.01
Net profit, thousands of euro3,0622,650412

Guidance for 2021 remains unchanged

Guidance for 2021 (revised on 15 April 2021): 

Net sales for 2021 are expected to amount to 80–84 million euros and operating profit is expected to be 14–16 million euros. 

CEO Otto-Pekka Huhtala

In the first half of 2021, we continued our drive to expand in Sweden in line with our internationalisation strategy. Thanks to the experience gained in Sweden, we are now ready to harness our unique expertise that combines software production and accounting elsewhere in Europe, too. After the end of the review period, we took a decisive step in internationalisation by acquiring the share capital of the accounting firm Avail Services SL in Spain. This acquisition expands our presence into new markets – and adds a growth-oriented team with strong local expertise to our ranks. The acquisition opens up the opportunity for us to grow our business in one of Europe’s largest markets. There are around three million companies in Spain and the country’s accounting market is valued at about 10 billion euros – this provides us with an excellent opportunity to harness our software investments and the potential of digital transformation on an entirely new scale. Spain has an accounting market roughly ten times larger than that of Finland, and the digitalisation of financial management is still taking its first steps there. We believe that we can make use of our current strengths in the Spanish market: our highly automated services, easy routines and care services that make day-to-day life easier for our entrepreneur customers. 

We made concerted progress in the implementation of our growth strategy in the first half of 2021. Our profitable growth was strong and our net sales increased by 23% year-on-year. Around two-thirds of the growth came from acquisitions that we carried out in Finland and Sweden in line with our strategy. A third of net sales growth was organic, generated by our own proactive sales efforts. Our new customer acquisition recovered to pre-pandemic levels in late spring. The coronavirus pandemic no longer had a significant impact on our business during the review period.

Our operating profit improved by 17%, especially due to net sales growth and the development of the degree of automation in our Finnish accounting business. Our operating margin fell slightly short of the comparison period. The acquisitions burden our relative profitability. However, in our experience, the profitability of acquirees in Finland can be raised to the level of our core business within around three years of the acquisition. In Sweden, we expect that profitability will improve when we deploy our own software. Excluding the impact of acquisitions, our relative profitability saw year-on-year improvement.

In addition to profitable growth, we also made progress in other areas of our strategy. We deployed our own bank accounts and cards for our small customers in TiliJaska service in cooperation with our partner. In addition, we have submitted an application to obtain our own payment institution authorisation in Finland, so that we can offer our banking services even more cost-effectively. In Sweden, we started piloting KontoKalle – a service similar to TiliJaska – in the summer. With KontoKalle, we are taking the first step in the introduction of Talenom’s own bookkeeping system in Sweden.

In line with our strategy, we continued to invest in our own software and automation development. In Finland, we started the deployment of our renewed customer interface, Talenom Online, and achieved a degree of automation of over 75% in accounting (H1/2020: 68%) and over 50% (0%) in payroll services. The working time savings achieved thanks to automation accelerated our journey of evolving from accountants to consultants, and the net sales from consulting work by our accountants grew substantially during the review period. In our financing services, we are piloting a new working capital loan, utilising the exceptionally comprehensive real-time financial data at our disposal to improve the financeability of our customers. During the pilot, we have found that we still need to develop digital distribution to achieve scalability.

Talenom’s customer satisfaction continued to develop favourably. In Finland, our net promoter score (NPS), which measures customer loyalty and willingness to recommend, was 55 (48) during the review period, which was favourably reflected in customer retention. I would like to thank our excellent personnel for their commitment and motivation to working for our customers. In the spring, Talenom was once again recognised as one of the best workplaces in Finland in the survey carried out by the Great Place to Work Institute. In order to further deepen our understanding of our personnel, we have replaced the GPTW survey with the Siqni personnel survey.

Acquisitions, the favourable development of organic growth, the waning of the impacts of the coronavirus pandemic and the improved customer retention lay an excellent foundation for operations in the latter part of the year. Our financial outlook for 2021 has not changed, and we will keep our guidance issued on 15 April 2021 unchanged. 

Financial development

Key figures

Net sales, thousands of euro41,68733,8527,835
Net sales, increase %23.1%14.6%8.6 percentage points
Operating profit (EBIT), thousands of euro8,5517,3121,239
Operating profit (EBIT), as % of net sales20.5%21.6%-1.1 percentage points
Return on investment (ROI), % (rolling 12 months)18.4%17.9%0.5 percentage points
Interest-bearing net liabilities, thousands of euro38,14129,3658,777
Net gearing ratio, %100%110%-10 percentage points
Equity ratio, %35.6%34.3%1.3 percentage points
Working capital, thousands of euro-6,678-5,240-1,438
Net investments, thousands of euro 23,4549,02714,427
Liquid assets, thousands of euro10,6019,627974
Earnings per share, euro0.150.130.02
Weighted average number of shares during the period43,306,30242,303,6121,002,690
Net profit, thousands of euro6,4115,456955

Net sales, profitability and financial performance, January–June 2021

During the period from January to June, Talenom’s net sales increased by 23.1% year-on-year. Amounting to 41.7 (33.9) million euros, net sales grew by around 7.8 million euros. 

Net sales grew due to organic growth and an increase in the number of accounting service customers as well as acquisitions in Finland and Sweden. About two-thirds of growth was generated by acquisitions and one-third organically by proactive new customer acquisition efforts. New customer acquisition recovered to pre-pandemic levels in late spring and the pandemic no longer had a significant impact on business in the review period.

In January–June, personnel expenses amounted to 22.4 (17.3) million euros, 53.7% (51.2%) of net sales. Personnel expenses grew due to acquisitions as well as higher occupational pension and social security contributions.

Other operating expenses, including materials and services, totalled 5.2 (4.2) million euros, accounting for 12.4% (12.3%) of net sales.

In January–June, operating profit (EBIT) was 8.6 (7.3) million euros, 20.5% (21.6%) of net sales. Net profit was 6.4 (5.5) million euros. Operating profit increased by 16.9%, especially due to net sales growth and the development of the degree of automation in the Finnish accounting business. Savings on fixed costs also had a favourable impact on the development of operating profit. As Talenom’s growth is based on acquisitions to a greater extent than before, the weaker profitability of the acquirees and integration costs burdened relative profitability. In Finland, the profitability of businesses acquired by Talenom has typically been lower than that of other operations for around three years after the acquisition date on average, after which it has risen to the level of core business

During the period from April to June, Talenom’s net sales increased by 29.6% year-on-year. Amounting to 21.4 (16.5) million euros, net sales grew by around 4.9 million euros. In April–June, operating profit (EBIT) was 4.1 (3.6) million euros, 19.4% (21.8%) of net sales, and net profit was 3.1 (2.7) million euros. Operating profit (EBIT) for April–June improved by 15.2% year-on-year. 

Balance sheet, financing and investments 

On 30 June 2021, the consolidated balance sheet total was 107.6 (78.0) million euros. The Group’s equity ratio was 35.6% (34.3%) and the net gearing ratio was 100% (110%).

The Group’s interest-bearing financial loans at the end of the review period were 40.0 (30.0) million euros, excluding instalment debts. Other non-current interest-bearing liabilities (instalment debts) were 0.3 (0.2) million euros and other current interest-bearing liabilities (instalment debts) were 0.2 (0.2) million euros. 

In June, Talenom agreed with Danske Bank A/S, Finland branch on a 40 million euro collateralised loan and a 10 million euro finance limit for potential acquisitions and projects in support of growth. Thanks to this arrangement, Talenom’s annual financing costs will decline by a total of around 0.18 million euros. The loan period is three years and it can be extended twice by a period of one year each with the separate consent of the bank. With this new loan, Talenom repaid its collateralised loan and finance limit from Danske Bank, which totalled 37 million euros.

In accordance with IFRS 16 Leases, as of 1 January 2019, the Group recognises leases of business premises in the balance sheet mainly as assets and liabilities. In accordance with IFRS 16, non-current lease liabilities on 30 June 2021 stood at 5.7 (6.3) million euros and current lease liabilities at 2.6 (2.2) million euros.

The Group recognises the costs of new customer contracts, such as costs of obtaining and fulfilling a contract, as investments as specified in IFRS 15. These costs are presented in the balance sheet under “capitalised contract costs”. Furthermore, the Group recognises a part of the development costs related to software and digital services as investments according to the requirements outlined in IAS 38. These costs are presented in the balance sheet under “other intangible assets”. Investments stemming from new customer contracts amounted to 1.9 (2.2) million euros in the review period. Investments concerning software and digital services amounted to 5.7 (4.9) million euros.

During the review period, Talenom acquired five business entities in Finland and Sweden as share transactions as well as six business entities through asset deals. The purchase prices of the share transactions carried out during the review period totalled 12.6 million euros, including the recognition of contingent consideration, and the purchase prices of asset deals amounted to 1.7 million euros, including contingent consideration. In the acquisitions, part of the purchase price was paid with new Talenom shares subscribed for in directed issues. Acquisitions accounted for 14.2 (1.6) million euros of Talenom’s net investments. More information on acquisitions is presented under “Significant events in the review period” and “Business acquisitions in 2021”.

Net investments in the review period 1 January–30 June 2021 totalled 23.5 (9.0) million euros. 

Liquid assets at 30 June 2021 were 10.6 (9.6) million euros. 


Certain statements in this release contain forward-looking statements based on the company's and management's views at the time they were made. For this reason, they involve risks and uncertainties. The future development may also change, if significant changes occur in the general economic situation or the company's business environment.


Further information:

Otto-Pekka Huhtala
CEO, Talenom Plc
tel. +358 40 703 8554

Talenom is an agile and progressive accounting firm established in 1972. Our business idea is to make day-to-day life easier for entrepreneurs with the easiest-to-use digital tools on the market and highly automated services. In addition to comprehensive accounting services, we support our customers’ business with a wide range of expert services as well as financing and banking services. Our vision is to provide unbeatable accounting and banking services for SMEs.

Talenom has a history of strong growth – the average annual increase in net sales was approximately 15.5% between 2005 and 2020. At the end of June 2021, Talenom had 1,057 (841) employees in Finland and Sweden, at a total of 63 locations. Talenom’s share is quoted on the main list of the Helsinki Stock Exchange. 

Nasdaq Helsinki
Main media


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire

One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

Nelson Labs® and Sterigenics® Open State-of-the-Art Laboratory and Expand Sterilization Facilities to Meet Growing Customer Demand in Europe28.9.2021 10:00:00 CEST | Press release

SALT LAKE CITY and OAK BROOK, Ill., Sept. 28, 2021 (GLOBE NEWSWIRE) -- Nelson Labs and Sterigenics Germany GmbH, global leaders in comprehensive laboratory testing and sterilization services, announced today the opening of a newly expanded, center of excellence for microbiological laboratory testing as well as increased sterilization capacity in their Wiesbaden, Germany facilities. This expansion will address the significantly increased demand for these services by the medical device and pharmaceutical industries. The Wiesbaden laboratory facility, part of the global Nelson Labs network since 2016, has significantly increased overall laboratory space and state-of-the-art capabilities to meet the increased global regulatory demands of medical and pharmaceutical customers. “With the continued growth and success of our laboratory in Wiesbaden, Nelson Labs had outgrown its current facility. To better serve our customers, we needed to expand,” said Joe Shrawder, President, Nelson Labs. This


Bid date, 2021-09-28Auction date2021-09-28Settlement date2021-09-29Maturity Date2021-10-06Nominal amount533 billion SEKInterest rate, %0.00Bid times09.30-10.00 (CET/CEST) on the Bid dateConfirmation of bids to e-mailrbcert@riksbank.seThe lowest accepted bid volume1 million SEKThe highest accepted bid volume533 billion SEKAllocation Time10.15 (CET/CEST) on the Bid dateProjected minimum liquidity surplus during the term1065 billion SEKExpected excess liquidity at full allotment532 billion SEK Stockholm, 2021-09-28

Another important step for dLab and Dala Energi28.9.2021 09:00:00 CEST | Press release

We are happy to announce that our journey with Dala Energi takes yet another important step! The product dAnalyzer Lite from cleantech company Dlaboratory Sweden AB (dLab), are being integrated to one more station, Lindan. Dala Energi's business concept is to offer solutions in energy and digital communication that help people and companies live and develop in our countryside in an easy, efficient, and sustainable way and dLab is happy to support Dala Energi in realizing their mission. dLab’s dInsight Analytics Platform provides a decision support system including a broad set of features and services. One of these features is dAnalyzer, collecting grid data from its minimal hardware, completely independent of age and make, including high-resolution sensors. The data is analyzed and put into meaningful context through a web-based interface; thereby enabling proactive fault detection as well as proactive maintenance. In modern substations equipped with digital protection relays including

DNO Updates North Sea Drilling28.9.2021 08:27:36 CEST | Press release

Oslo, 28 September 2021 – DNO ASA, the Norwegian oil and gas operator, today reported an oil discovery on the Gomez prospect in its operated PL006C license offshore Norway. The exploration well encountered hydrocarbons in the primary target in the Våle Formation of Paleocene Age. The reservoir is a 23 meters thick, homogeneous sandstone of poor to moderate quality. A small amount of oil was recovered during logging. The oil/water contact was not encountered. Based on preliminary assessments, there is uncertainty whether the reservoir can be commercially produced and no estimate of recoverable volumes has been established at this stage. DNO holds a 65 percent interest in the PL006C license and together with its partner Aker BP (35 percent) will study the extensive data collected during the operation before deciding next steps. In a separate announcement, Equinor as operator of license PL159B (DNO 32 percent) has reported that the recently completed Black Vulture exploration well did not

Statkraft sells Andershaw Wind Farm and retains long-term management role28.9.2021 08:10:13 CEST | Press release

- Greencoat UK Wind PLC has purchased 100% of Statkraft’s ownership in Andershaw Wind Farm - Statkraft to retain long-term operations and maintenance as well as asset management - The two companies have also signed an extension of the existing PPA agreement (UK and Norway, 28 Sept 2021) Statkraft, Europe’s largest generator of renewable energy, has today announced the sale of Andershaw Wind Farm in Scotland, to Greencoat UK Wind PLC for a purchase price of £121m (including cash and working capital). Statkraft, who together with Catamount Energy*, began joint development of the project in 2006 and operation in 2017, will maintain day-to-day operation and maintenance, as well as asset management responsibilities until 2037. The company has also negotiated an extension of its existing long-term market access power purchase agreement. * Andershaw Wind Farm (36 MW installed capacity), south of Glasgow, produces enough energy to meet the annual needs of about 26,000 homes. Eivind Torblaa, Vi

Statkraft selger Andershaw Wind Farm i Skottland og fortsetter å drifte vindparken28.9.2021 08:10:13 CEST | Pressemelding

- Greencoat UK Wind PLC har kjøpt hele Andershaw Wind Farm fra Statkraft - Statkraft vil levere alle drifts- og vedlikeholdstjenester for vindparken til Greencoat UK Wind - Partene har også forlenget en eksisterende kraftkjøpsavtale (Oslo/London, 28. september 2021) Statkraft, Europas største produsent av fornybar energi, har solgt Andershaw Wind Farm i Skottland til Greencoat UK Wind PLC for 121 millioner pund, inkludert kontanter og arbeidskapital. Statkraft startet utviklingen av prosjektet i 2006 og vindparken ble satt i drift i 2017. I forbindelse med salget er det avtalt at Statkraft skal fortsette å drifte anlegget, samt levere alle vedlikeholds- og eieroppfølgingstjenester til Greencoat fram til 2037. En forlengelse av den eksisterende kraftkjøpsavtalen er også avtalt. Vindparken som ligger sør for Glasgow har elleve turbiner, en samlet installert effekt på 36 MW og produserer nok fornybar energi til å dekke forbruket i rundt 26.000 britiske husstander. Eivind Torblaa, Vice Pre