• news.cision.com/
  • Pagero AB/
  • Pagero publishes interim report for Q3 2023: Positive third quarter developments and increasing growth
English

Pagero publishes interim report for Q3 2023: Positive third quarter developments and increasing growth

Report this content

Pagero Group AB (publ) publishes interim report for the period January-September 2023.

“The company’s ARR shows a growth of 38% and a NRR of 122%. We are seeing a continued very strong growth in our investment markets during the period (122%), but also that revenue increases in relation to costs - a development that will lead to good profitability for the group. Pagero is only at the beginning of this journey and our potential, vision and ambition extend far beyond the goals we set for 2025”, says Bengt Nilsson, CEO at Pagero.

Third quarter of 2023

  • Net sales amounted to SEK 204.0 million (151.1), which is an organic increase of 35% (26%) and 28% adjusted for currency.
     
  • Recurring revenue amounted to SEK 176.2 million (129.9), which is an organic increase of 36% (21%). The increase is a result of a strong growth of both transactions and licences in the Pagero Network.
     
  • Operating loss after depreciation/amortization (EBITA) amounted to SEK 5.9 million (16.4). Adjusted EBITA amounted to a loss of SEK 5.9 million (15.7). This result is in line with the international expansion strategy.
     
  • Cash flow from operating activities amounted to an outflow of SEK 34.6 million (31.3) for the quarter.
     
  • Earnings per share after dilution amounted to a loss of SEK 0.49 (0.91).
     
  • Pagero entered into an advance payment agreement with the minority shareholders of Gosocket to strengthen cooperation (Note 7).
     
  • Belgium announce country-wide e-invoicing mandate.
     

January-September of 2023

  • Net sales amounted to SEK 572.4 million (430.5), which is an increase of 33% (40%) and 26% adjusted for currency. Organic growth amounted to 33% (22%).
     
  • Recurring revenue amounted to SEK 497.5 million (377.4), which is an increase of 32% (36%). 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 32% (19%).
     
  • Annual Recurring Revenue (ARR) amounted to SEK 739.5 million (535.9), which is an organic growth of 38% (19%).
     
  • Operating loss after depreciation/amortization (EBITA) amounted to SEK 57.7 million (77.5). Adjusted EBITA amounted to a loss of SEK 57.7 million (60.6). The result is in line with the international expansion strategy.
  • Cash flow from operating activities amounted to an outflow of SEK 44.8 million (22.4). The company’s cash and cash equivalents amounted to SEK 395.3 million.
     
  • Earnings per share after dilution amounted to a loss of SEK 1.45 (1.42).
  • Pagero’s warrants programme 2020/2023 raised SEK 54 million for the company fully utilised.
     
  • Pagero received an order for EUR 4.2 million.
     
  • Pagero and Thomson Reuters announce a partnership to offer customers a service for indirect tax compliance.
     

Events after the period

  • Pagero and PwC announce alliance to support successful e-invoicing implementations.
  • Pagero and Vertex announce partnership to deliver a global e-invoicing solution.
  • Pagero opens office in Japan.


Webcast in conjunction with publication

Bengt Nilsson, CEO, will be delivering a presentation and Q&A in relation to the interim report on 2 November at 09.00 CET. To participate in the live event, follow this link. A recorded version will also be available on Pagero’s website after the event.
 

Interim reports

The interim report is available on Pagero’s website.
 

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 2023-11-02 at 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

Subscribe

Documents & Links