Year-end report 2022 with interim report Q4

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October - December 2022

Net sales increased by 21.3% Y-O-Y. Consolidated net sales ended at 69,611 (SEK 000s). EBITDA totaled -34,715 (SEK 000s). Operating profit, EBIT, was -65,535 (SEK 000s). Profit after tax was -67,491 (SEK 000s). Earnings per share was SEK -0.993.

January - December 2022

Net sales increased by 21,9% Y-O-Y. Consolidated net sales ended at 257,162 (SEK 000s). EBITDA totaled -101,945 (SEK 000s). Operating profit, EBIT, was -190,808 (SEK 000s). Profit after tax was -218,299 (SEK 000s). Earnings per share was SEK -3.212.

CEO's comments

2022 has been a demanding yet progressing year for 24SevenOffice. I started in 24SevenOffice as a new CEO from December 2021 with an ambitious and good plan for growth and path to profitability. However, the impact from the macro environment with war in Ukraine, inflation and the challenging business environment had a reverse effect which turned some of the focus to other challenges, but also delayed the visible effect on the revenues due to the ongoing processes which 24SevenOffice initiated. 

Although the journey to profitable growth has taken longer than expected and wanted for me as a CEO, I’m still eager to see the outcome of all the changes and improvements we have done in the whole organization. The full financial year results show a moderate growth of 21.9% to MSEK 257 in revenues for 2022, a MSEK 46 increase from last year. EBITDA ended negative at MSEK 102. During the fourth quarter the company had MSEK 70 in revenues, up 21.3% from last year, with a negative EBITDA of MSEK 35. 

In light of the financial development throughout last year we started implementing several profitability-driving initiatives on top of the planned ones, in order to secure a sustainable cost base in the future. Starting 2023 we have already observed early positive signs of improvement from these initiatives, the majority of the effects are also expected in 2023, and we will monitor the development of this trend closely going forward. As communicated earlier, our goal is to reach EBITDA break-even in 2023, even though we acknowledge the increased uncertainty in the world around us and the potential impact on our customers, thus our ambitions and goals have not been decreased.

During 2022 we have also been establishing the fundamental elements and correct structures necessary for future success, including an enhanced platform for increased new sales and up-sales, and necessary investments integrating the product portfolio for our customers. Even though our core ERP products account for the majority of the revenue and is expected to continue to grow in the future, our new business areas have shown good growth rates by both upsell to existing customers and new sales to new customers.The MRP-system, Pay-roll and AI-accounting, are each approaching or surpassing MSEK 10 in ARR. Whilst we have high expectations for continued growth for these product areas in 2023, we also have additionally promising plans for the newly launched payment reminder and debt collection system, already having more than 1000 customers only four months into the launch. In addition, we’re planning to release our new HRM-product to the market over the next few quarters.

However, the continued critical geopolitical situation and the awaited economic downturn with higher interest rates and inflation, increased costs from suppliers, and increased rate in defaulted payments observed in the markets are still unknown variables that we are cautious of, and its potential long-term effects on our customers are yet to be determined.

The uncertainties may impact 24SevenOffice both directly through an increased cost base, but also possible indirectly through increased defaults, churn and down-grades due to our new pricing model. So far we have seen few signs of slow down and we remain positive in our plan for profitable growth and we’re looking forward to returning value to our patient shareholders and employees throughout this upcoming year.

Summarized, while 2022 was challenging and the financial results were not satisfactory, and we are cautious of the challenging market environment, geopolitical development and tougher conditions for our customers, we remain positive observing the early optimistic signs of 2023 and the promising plans of our company. We are getting closer to hiring the new CFO, as communicated in the previous report, and I’m also glad to see that the CMO and COO that were hired last fall are starting to create a significant impact in the organization and towards our customers. We will continue taking the necessary steps to address our financial position and are confident that our strategy will result in a stronger, more efficient organization in the long run.

Eirik Aalvik Stranden


This disclosure contains information that 24SevenOffice Group AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 28-02-2023 08:00 CET.

For further information please contact:

Eirik Aalvik Stranden, CEO

Tel: +47 247 00 030,

24SevenOffice in brief

24SevenOffice's vision is to empower businesses for the future, through delivering world class cloud based business systems. The business system is module-based, where the modules are provided independently or packaged as complete solutions. For more information see