Announcement no. 06 2024
Copenhagen – 27 August 2024 – Agillic A/S
ARR Subscriptions decreased 6% in H1 2024 due to clients’ technology consolidations and M&A driven changes primarily in Q1 2024. Agillic maintains its 2024 guidance due to expected growth from both existing clients and new sales in the second half 2024 as well as cost measures implemented during the first half 2024. Net profit was DKK 3.6 million vs. DKK -4.7 million 30 June 2023. The increase is mainly due to the final decision of the Danish Tax Authorities review, approving 71% of the applied tax credit for 2019-2022.
Key financial and SaaS highlights
|
Income statement (DKK million) |
1H 2024 |
1H 2023 |
Change |
Q2 2024 |
Q2 2023 |
Change |
|
|
Revenue Subscriptions |
24.9 |
26.6 |
-6% |
12.3 |
13.5 |
-9% |
|
|
Revenue Transactions |
4.7 |
6.1 |
-23% |
2.5 |
2.9 |
-14% |
|
|
Other revenue |
0.0 |
0.0 |
– |
0.0 |
0.0 |
– |
|
|
Total revenue |
29.6 |
32.7 |
-9% |
14.8 |
16.4 |
-10% |
|
|
Gross profit |
24.4 |
26.2 |
-7% |
12.1 |
13.2 |
-8% |
|
|
Gross margin |
82% |
80% |
– |
82% |
80% |
– |
|
|
Other operating income |
0.4 |
0.3 |
33% |
0.2 |
0.2 |
– |
|
|
Employee costs |
-16.6 |
-18.1 |
8% |
-8.0 |
-9.4 |
15% |
|
|
Operational costs |
-7.6 |
-7.4 |
-3% |
-4.3 |
-3.0 |
-43% |
|
|
EBITDA |
0.6 |
1.0 |
-40% |
0.0 |
1.0 |
– |
|
|
Net profit |
3.6 |
-4.7 |
– |
7.0 |
-1.8 |
– |
|
|
|
|
|
|
|
|
|
|
|
Financial position (DKK million) |
|
|
|
|
|
|
|
|
Cash |
4.4 |
18.3 |
-76% |
4.4 |
18.3 |
-76% |
|
|
|
|
|
|
|
|
|
|
|
ARR development (DKK million) |
|
|
|
|
|
|
|
|
ARR Subscriptions |
51.7 |
54.9 |
-6% |
51.7 |
54.9 |
-6% |
|
|
ARR Transactions |
10.0 |
11.5 |
-13% |
10.0 |
11.5 |
-13% |
|
|
Total ARR |
61.7 |
66.4 |
-7% |
61.7 |
66.4 |
-7% |
|
|
Change in ARR |
-4.7 |
2.2 |
– |
-4.7 |
2.2 |
– |
|
|
Change in ARR (%) |
-7% |
3% |
– |
-7% |
3% |
– |
|
Reclassification between other operating income, employee costs and operational costs is updated in 2023 figures.
Half-year report 2024
The full half-year report 2024 is attached to this press release and can be found on our website here: https://agillic.com/investor/financial-reports/
Financial guidance 2024 (unchanged)
|
Revenue |
DKK million |
62 to 66 |
|
EBITDA |
– |
0 to 2 |
|
ARR Subscriptions |
– |
56 to 60 |
|
ARR Transactions |
– |
10 to 14 |
|
Total ARR |
– |
66 to 74 |
For further information, please contact:
Emre Gürsoy, CEO
+45 30 78 42 00
emre.gursoy@agillic.com
Claus Boysen, CFO
+45 28 49 18 46
claus.boysen@agillic.com
Certified Adviser
John Norden, Norden CEF A/S
Disclaimer
The forward-looking statements regarding Agillic’s future financial situation involve factors of uncertainty and risk, which could cause actual developments to deviate from the expectations indicated. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the presented outlook. Furthermore, some of these expectations are based on assumptions regarding future events, which may prove incorrect. Please also refer to the overview of risk factors in the ‘risk management’ section of the annual report.
About Agillic A/S
Agillic is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create. automate and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark, with teams in Germany, Norway, and Romania.
For further information, please visit www.agillic.com
Appendix: Financial development per quarter
|
DKK million |
|
2024 |
|
2023 |
|
2022 |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT |
|
Q2 |
Q1 |
|
FY |
Q4 |
Q3 |
Q2 |
Q1 |
|
FY |
Q4 |
Q3 |
Q2 |
Q1 |
|
Revenue Subscriptions |
|
12.3 |
12.6 |
|
52.4 |
12.2 |
13.6 |
13.5 |
13.1 |
|
49.9 |
13.5 |
13.1 |
12.2 |
11.1 |
|
Revenue Transactions |
|
2.5 |
2.2 |
|
12.0 |
2.9 |
3.0 |
2.9 |
3.2 |
|
16.7 |
6.0 |
4.8 |
3.3 |
2.6 |
|
Other revenue |
|
0.0 |
0.0 |
|
0.3 |
0.3 |
0.0 |
0.0 |
0.0 |
|
0.4 |
0.0 |
0.0 |
0.1 |
0.3 |
|
Total revenue |
|
14.8 |
14.8 |
|
64.7 |
15.4 |
16.6 |
16.4 |
16.3 |
|
67.0 |
19.5 |
17.9 |
15.6 |
14.0 |
|
Gross profit |
|
12.1 |
12.3 |
|
52.2 |
12.6 |
13.4 |
13.2 |
13.0 |
|
49.6 |
15.5 |
11.4 |
11.7 |
11.0 |
|
Gross margin |
|
82% |
83% |
|
81% |
82% |
81% |
80% |
80% |
|
74% |
80% |
63% |
75% |
78% |
|
Other operating income |
|
0.2 |
0.2 |
|
0.6 |
0.1 |
0.2 |
0.2 |
0.1 |
|
0.3 |
0.3 |
0.0 |
0.0 |
0.0 |
|
Employee costs |
|
-8.0 |
-8.6 |
|
-36.8 |
-10.8 |
-7.9 |
-9.4 |
-8.7 |
|
-32.5 |
-9.2 |
-7.3 |
-8.0 |
-8.0 |
|
Operational costs |
|
-4.3 |
-3.3 |
|
-14.1 |
-3.5 |
-3.2 |
-3.0 |
-4.4 |
|
-16.3 |
-5.1 |
-2.7 |
-3.7 |
-4.8 |
|
EBITDA |
|
0.0 |
0.6 |
|
1.9 |
-1.6 |
2.5 |
1.0 |
0.0 |
|
1.1 |
1.5 |
1.4 |
0.0 |
-1.8 |
|
Net profit |
|
7.0 |
-3.4 |
|
-27.5 |
-22.4 |
-0.4 |
-1.8 |
-2.9 |
|
-10.6 |
-2.0 |
-1.2 |
-2.7 |
-4.7 |
|
BALANCE SHEET |
|
|
|
|
|
|
|
||||||||
|
Cash |
|
4.4 |
7.2 |
|
9.8 |
9.8 |
11.5 |
18.3 |
26.9 |
|
7.4 |
7.4 |
1.8 |
12.6 |
7.5 |
|
Total assets |
|
45.8 |
51.5 |
|
47.1 |
47.1 |
64.9 |
69.0 |
75.8 |
|
52.8 |
52.8 |
54.0 |
58.7 |
55.4 |
|
Equity |
|
-16.0 |
-23.6 |
|
-20.2 |
-20.2 |
1.5 |
1.8 |
3.4 |
|
-15.0 |
-15.0 |
-13.2 |
-12.0 |
-9.6 |
|
Borrowings |
|
21.4 |
24.3 |
|
23.7 |
23.7 |
23.0 |
24.2 |
25.7 |
|
24.3 |
24.3 |
23.7 |
26.1 |
26.4 |
|
CASH FLOW |
|
|
|
|
|
|
|
||||||||
|
Cash flow from operations |
|
2.6 |
0.0 |
|
-6.5 |
-0.6 |
-2.8 |
-4.3 |
1.2 |
|
3.1 |
7.3 |
-4.9 |
9.0 |
-8.3 |
|
Cash flow from investments |
|
-2.7 |
-3.0 |
|
-11.7 |
-2.1 |
-3.1 |
-3.2 |
-3.3 |
|
-13.5 |
-3.3 |
-3.3 |
-3.7 |
-3.2 |
|
Cash flow from financing |
|
-2.7 |
0.4 |
|
20.6 |
1.0 |
-0.9 |
-1.1 |
21.6 |
|
-2.8 |
1.6 |
-2.5 |
-0.2 |
-1.6 |
|
Net cash flow |
|
-2.8 |
-2.6 |
|
2.4 |
-1.7 |
-6.8 |
-8.6 |
19.5 |
|
-13.2 |
5.6 |
-10.8 |
5.1 |
-13.1 |
|
EMPLOYEES & CLIENTS |
|
|
|
|
|
|
|
||||||||
|
Employees end of period |
|
39 |
41 |
|
50 |
50 |
50 |
50 |
46 |
|
48 |
48 |
47 |
51 |
47 |
|
Clients end of period |
|
113 |
116 |
|
122 |
122 |
120 |
120 |
118 |
|
118 |
118 |
111 |
108 |
105 |
|
ARR & SAAS METRICS |
|
|
|
|
|
|
|
||||||||
|
ARR Subscriptions |
|
51.7 |
52.2 |
|
57.8 |
57.8 |
56.8 |
54.9 |
54.2 |
|
54.1 |
54.1 |
50.3 |
49.6 |
48.5 |
|
ARR Transactions |
|
10.0 |
8.9 |
|
12.3 |
12.3 |
12.1 |
11.5 |
17.3 |
|
22.6 |
22.6 |
19.6 |
14.6 |
10.3 |
|
Total ARR |
|
61.7 |
61.1 |
|
70.1 |
70.1 |
68.9 |
66.4 |
72 |
|
76.7 |
76.7 |
69.9 |
64.2 |
58.8 |
|
Change in ARR (DKK) |
|
0.6 |
-9.0 |
|
-6.6 |
1.2 |
2.5 |
-5.1 |
-5.2 |
|
21.0 |
6.8 |
5.7 |
5.4 |
3.1 |
|
Change in ARR % |
|
1% |
-13% |
|
-9% |
2% |
4% |
-7% |
-7% |
|
38% |
10% |
9% |
9% |
6% |
|
Average ARR |
|
0.5 |
0.5 |
|
0.6 |
0.6 |
0.6 |
0.6 |
0.6 |
|
0.6 |
0.6 |
0.6 |
0.6 |
0.6 |
|
Yearly CAC |
|
– |
– |
|
0.2 |
– |
– |
– |
– |
|
0.1 |
– |
– |
– |
– |
|
Months to recover CAC |
|
– |
– |
|
6 |
– |
– |
– |
– |
|
3 |
– |
– |
– |
– |
Definitions
-
Cash is defined as available funds less bank overdraft withdrawals.
-
ARR, i.e. the annualised value of subscription agreements and transactions at the end of the actual reporting period.
-
Average ARR, i.e. the average Total ARR per client.
-
Customer Acquisition Costs (CAC), i.e. the sales and marketing cost (inclusive salaries, commissions, direct and share of costs of office) divided by the number of new clients. CAC is calculated end of year.
-
Months to recover CAC, i.e. the period in months it takes to generate sufficient gross profit from a client to cover the acquisition cost.
-
Reclassification between cash flow from investments and cash flow from finance has been updated.
Published on 27 August 2024
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