Pagero AB: Pagero publishes interim report for Q2 2023: Strong second quarter with 32% organic growth

"Pagero delivers another strong quarter. Sales growth has not been below 25% since our listing and has now exceeded 30% for two consecutive quarters - not only indicating that our offer is well received, but also on stability and that our global investments are yielding results. We are in a technology race and our long-term investments ensure that we maintain our growth and market leading position", says Bengt Nilsson, CEO at Pagero.

Second quarter of 2023

• Net sales amounted to SEK 188.6 million (142.7), which is an increase of 32% (46%) and 27% adjusted for currency. Organic growth amounted to 32% (17%).
• Recurring revenue amounted to SEK 166.5 million (127.0), which is an increase of 31% (45%). The increase is a result of a strong growth of both transactions and licences in the Pagero Network. Organic growth of recurring revenue amounted to 31% (16%).
• Operating loss after depreciation/amortization (EBITA) amounted to SEK 30.7 million (48.3). Adjusted EBITA amounted to a loss of SEK 30.7 million (31.4). The result is in line with the international expansion strategy.
• Cash flow from operating activities amounted to SEK 12.9 million (12.0) for the quarter. 
• Earnings per share after dilution amounted to a loss of SEK 0.58 (0.69).
• Malaysia introduces national legal requirements for e-invoicing.
• Pagero signs a contract of EUR 4.2 million - the company's largest deal to date.

First half of 2023

• Net sales amounted to SEK 368.4 million (279.4), which is an increase of 32% (49%) and 27% adjusted for currency. Organic growth amounted to 32% (20%).
• Recurring revenue amounted to SEK 321.3 million (247.5), which is an increase of 30% (46%). The increase is a result of a strong growth of both transactions and licences in the Pagero Network. Organic growth of recurring revenue amounted to 30% (18%).
• Annual Recurring Revenue (ARR) amounted to SEK 702.0 million (527.6), which is an organic growth of 33% (19%).
• Operating loss after depreciation/amortization (EBITA) amounted to SEK 51.8 million (61.1). Adjusted EBITA amounted to a loss of SEK 51.8 million (44.2). The result is in line with the international expansion strategy.
• Cash flow from operating activities amounted to SEK 3.2 million (19.5) for the first half of the year. The company's cash and cash equivalents amounted to SEK 330.8 million.
• Earnings per share after dilution amounted to a loss of SEK 0.96 (0.97).
• Pagero's warrants programme 2020/2023 raised SEK 54 million for the company fully utilised.
• Pagero and Thomson Reuters are starting a partnership to offer customers a new and comprehensive service for indirect tax compliance.

Webcast in conjunction with publication

Bengt Nilsson, CEO, will be delivering a presentation and Q&A in relation to the interim report on 24 August at 09.00 CET. To participate in the live event, follow this link (https://www.finwire.tv/webcast/pagero-group/pagero-group-q2-presentation-2023/). A recorded version will also be available on Pagero's website (https://www.pagero.com/investors/financial-reports-and-presentations/) after the event.

Interim reports

The interim report is available on Pagero's website (https://www.pagero.com/investors/financial-reports-and-presentations/). 
 

For more information

Bengt Nilsson, CEO
Bengt.nilsson@pagero.com

Jan-Olof Ohlsson, CFO
Jan-olof.ohlsson@pagero.com

Certified adviser

Erik Penser Bank is Certified Adviser
 

This information is information that Pagero Group AB (publ) is obliged to make public pursuant to the 
EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-08-24 07:30 CET.
 

About Pagero

Pagero provides a Smart Business Network that connects buyers and sellers for automated, compliant, and secure exchange of orders, invoices, payment instructions and other business documents. With an open network and a wide range of value-added apps, Pagero helps businesses streamline their order-to-cash and purchase-to-pay processes while unlocking the full potential of accurate and reliable business data. All of this, regardless of location, industry, size or systems. 

Pagero's share is traded on Nasdaq First North Growth Market under ticker PAGERO and ISIN SE0016830517.

Find out more on www.pagero.com