BIMobject: Interim Report July – September 2018
The full report is also available on the company’s website (info.bimobject.com).
Third quarter 2018
- Billing increased by 28 percent to SEK 23 (18) million.
- The Group’s net sales increased by 95 percent to SEK 29 (15) million. The distribution between projects and web services (subscriptions) was 52/48 (40/60) percent.
- The gross margin increased to 88 (87) percent.
- The Group’s operating profit/loss amounted to SEK -23 (-17) million.
- Basic earnings per share amounted to SEK -0.19 (-0.31).
- Cash flow from operating activities was SEK -14 (-13) million.
- The accumulated number of users increased to about 970,000.
- The accumulated number of downloads was 28.6 million.
- The number of manufacturers (Brands) was 1,270.
- An agreement was signed whereby EQT Ventures invests SEK 240 million in BIMobject through a private placement.
- The Extraordinary General Meeting adopted a 2:1 share split, together with the election of Hjalmar Winbladh and Patrick Söderlund to the Board and the departure of Ben O´Donnell from the Board.
EQT Ventures invests SEK 240 Million
EQT Ventures’ investment in BIMobject has strengthened us financially and in terms of expertise. Operations continued to show strength during the quarter, with net sales increasing by 95 percent and billing by 28 percent.
The most notable event of the quarter was the agreement with EQT Ventures and their investment of SEK 240 million in BIMobject through a private placement. Having EQT Ventures as an owner has strengthened us both financially and professionally. The process of drawing up guidelines to increase the pace of our global expansion has been initiated during autumn, with new Board members Hjalmar Winbladh and Patrick Söderlund contributing valuable experience in developing fast-growing start-ups into global platform companies.
BIMobject Live and Creative Destruction
Intensive efforts to increase the number of downloads and users continue and we are participating in a large number of market activities around the world. Our own event, BIMobject Live, which took place at the beginning of October, is currently one of the most important conferences in the industry. This year, about 300 participants from around the world gathered in Malmö to network, exchange experiences and participate in workshops. My opening address was about “Creative Destruction” and what happens when 1 million professional users – and early adopters – have easily accessible tools for designing new buildings or digitalising existing ones. The construction industry faces a major transformation, driven by several correlated factors, but technological development that enables seamless transfer of intact data between different programs and devices is the real game changer.
Strong revenue growth continues
Net sales rose by 95 percent to SEK 29 (15) million. The gross margin was 88 (87) percent, maintaining its high level.
Billing increased by 28 percent to SEK 23 (18) million. There was strong billing growth in the rest of EMEA, while billing in the Nordic region and the United States was stable. Billing varies from quarter to quarter, but on a rolling 12-month basis, it has grown by 78 percent compared with the corresponding period the previous year.
Operating profit/loss showed a decline and amounted to SEK -23 (-17) million. Costs for the quarter were negatively affected by increased recruitment and salary costs for new employees.
Well positioned for growth
Our opportunities to become a global marketplace and single source of truth within BIM have improved significantly during the last quarter. The combination of BIMobject’s high technological innovation level and EQT Ventures’ experience and network is very promising, and has also generated increased interest from the stock market and a number of new large investors.
Growth will vary from quarter to quarter, but in terms of full-year growth, we reiterate our targets of two-digit organic growth in the next year and an improved cash flow for 2018. We have now set a solid foundation to further develop the company, and we look forward to 2019.
For more information, contact:
Stefan Larsson, CEO
Tel. +46 40 - 685 29 00
Stefan Hansson - CFO
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 Stefan Larsson for publication on 15 November 2018 at 08.00 CET.
About BIMobject AB
BIMobject is a leading global IT company at the forefront of digitalisation of the construction industry. BIMobject offers a cloud-based platform, with over 1,000 manufacturers providing digital product information. Around the cloud-based platform, which currently has over 970,000 users, BIMobject offers a number of solutions aimed at property owners, 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. BIMobject's Certified Advisor is FNCA Sweden AB.www.bimobject.com
This is an English version of an original Swedish press release communicated by BIMobject AB. In case of interpretation issues or possible differences between the different versions, the Swedish version shall apply.