BIMobject: Interim Report January – March 2019
The complete report is available on the Company’s website info.bimobject.com.
First quarter 2019
- Billing increased by 58 percent to SEK 30 (19) million.
- The Group’s net sales increased by 52 percent to SEK 33 (21) million. The distribution between projects and web services (subscriptions) was 34/66 (44/56) percent.
- The Group’s operating profit/loss amounted to SEK -30 (-19) million.
- Basic earnings per share amounted to SEK -0.23 (-0.43).
- Cash flow from operating activities was SEK -25 (0) million.
- The accumulated number of users in thousands increased by 93 percent to approximately 1,429** (740).
- The accumulated number of downloads was 40.6 million**.
- The number of manufacturers (Brands) was 1,502**.
- Stefan Larsson resigns as CEO and takes on a new role as CSO. Johan Svanström is appointed Acting CEO.
- Acquisition of French company Polantis brings new users and manufacturers.
- Acquisition of Swedish company Convergo brings mainly manufacturers.
- Kim Mortensen appointed new CEO and takes up his position on 1 June 2019.
Significant events after the end of the period
- Alexander Dahlquist has been appointed as CFO to replace Stefan Hansson who leaves for a new role after four years with BIMobject.
- Mario Ortega has been appointed as SVP AECO.
** Including calculated net addition from Polantis and Convergo.
Strong first quarter
The business developed very well during Q1. We had good sales momentum and showed strong growth, primarily in the Nordic region and the rest of EMEA. Billing increased by 58 percent to SEK 30 (19) million, while net sales increased by 52 percent to SEK 33 (21) million. On a rolling 12-month basis, net sales increased to SEK 126 (91) million. We experience and keep working on a strong development of our SaaS web services offering according to our strategy - and where over time there is clear leverage effects and margin expansion opportunity.
As announced previously, we expect billed sales to show volatility from period to period and in different markets. In a longer perspective, BIMobject’s SaaS platform, data sets and their value are growing both strongly and in one direction: upwards.
For the first quarter, EMEA including the Nordic region has shown strong growth. However, we still face a challenge in North America, where we are encountering tougher competition, particularly in our project business and new sales, as well as contractual problems from the previous takeover of Seek, which we however are turning to a positive trend by means of an action programme. GDPR presents a challenge for many companies and in the US in particular there is both scepticism and uncertainty about the administration and regulations. We are clarifying and simplifying the contract structure and working with agility to meet customers’ different needs.
Continuing focus on core operations and efficient upscaling
We see the opportunity to expand to millions more users and 40-50 thousand manufacturers around the world with our platform – in other words, a great “run-way” from current volumes. The most and the best cloud-based content is our world-leading position. It is also the basis for a continuation of exciting product innovation and strategic opportunities in the larger eco-system. The geographical focus is on the main markets of North America, the Nordic region, and Western Europe, while Asia and Latin America are in a build-up phase.
In Q1, costs increased mostly in line with continuing growth for the Company and its needs as an international player. As previously announced, we have adopted a more disciplined approach to personnel in early 2019, with a total increase of 13 individuals. We put the right people in the right place and build for future growth with continued investments and costs for product, data and system development, and the sales force.
We closed two successful acquisitions in the first quarter – Convergo in the Nordic region and Polantis in France. With Polantis as part of the Company, we have an extremely strong position in the French market. The transaction and our large platform were well received by the manufacturing customers and we also gained several hundred thousand users. We will initially retain the Polantis brand in the French market, and are in the process of realising synergies in terms of content, sales and team.
Goals for 2019
As we stated earlier, we wanted to have achieved an even stronger position as the market-leading cloud-based BIM content service in the world by the end of 2019. This will be achieved by:
- increasing billed sales by at least 30 percent
- achieving 1.5 million registered users
- reaching an object volume of 450,000
- streamlining core operations for further scalability
- preparing for listing on Nasdaq Stockholm
With our acquisition activities, we see good opportunities to reach even higher levels in several of our operational goals and we intend to revise them once the acquired companies are properly integrated.
I look forward to welcoming Kim Mortensen, who was appointed as new CEO at the end of March and takes up his position on 1 June. I also look forward to continuing as a member of the Board. After the end of the quarter, we announced that Mario Ortega was appointed as SVP AECO in order to accelerate our offering and potential future commercialization with regard to these user groups. We also announced the appointment of Alexander Dahlqvist as new CFO. His experience and knowledge are a valuable and natural next step for the Company. We have evolved from a start-up to a global company, with both a large number of opportunities and needs for business control and strategic capital allocation. We thank CFO Stefan Hansson for his contributions to BIMobject’s development over the last four years.
Finally, it should be remembered that BIMobject contributes to more efficient and sustainable development for the whole of society. In Europe alone, more than 800 million tonnes of material are wasted each year. With smarter and more connected processes and data flow through our platform, it is our intention to make that figure much better, and not just in Europe. And thank you to all passionate co-workers at BIMobject that not only contribute to a better business, but also to a better world!
For more information, please contact:
Johan Svanström – Acting CEO
Tel. +46 40 - 685 29 00
This information is information that BIMobject AB (publ) is obliged to publish in accordance the EU Market Abuse Regulation. The information was provided by Johan Svanström for publication on 15 May 2019 at 08.00 CEST.
About BIMobject Group
BIMobject is a leading global IT company at the forefront of digitalisation of the construction industry. BIMobject offers cloud-based platforms, with over 1,500 manufacturers providing digital product information. Around the cloud-based platforms, which currently have over 1,4 million users, BIMobject offers a number of solutions aimed at manufacturers, property owners, architects/designers and construction companies and the trade sector. BIMobject, founded in 2011, operates in 20 countries and has over 200 employees. Revenue for 2017 amounted to SEK 84 million. BIMobject's shares are traded on Nasdaq First North under the ticker: BIM. Certified Advisor: FNCA Sweden AB, firstname.lastname@example.org, +46-8-528 00 399. www.bimobject.com