Pagero publishes year-end report 2021

Fri, Feb 25, 2022 07:30 CET

Pagero Group AB (publ) publishes year-end report for January-December 2021.

“The quarter saw an organic growth in transactions of 26% and a growth in the number of customers of 61%. Together with the increase in recurring revenues (49%) and a growing demand in the market, this sets us up for a good start of 2022. The world is now beginning to see the light at the end of the tunnel and the end of the pandemic that had a dampening impact on Pagero’s growth”, says Bengt Nilsson, CEO of Pagero.

Fourth quarter of 2021

Net sales amounted to SEK 134.7 million (94.7), which is an increase of 42% (43% adjusted for currency). Organic growth amounted to 17% (16%).
Recurring revenue amounted to SEK 115.5 million (78,0), which is an increase of 48% (49% adjusted for currency). The increase is mainly a result of strong growth of transactions in the Pagero Network. Organic growth of recurring revenue amounted to 19% (7%).
Operating loss after depreciation/amortization (EBITA) amounted to SEK 17,6 million (4.6). The change compared with the previous year is driven by the international expansion according to the set strategy.
Cash flow from operating activities is positive and amounted to SEK 8.3 million (16.6).
Earnings per share before dilution amounted to a loss of SEK 0.41.
Amazon Business chose Pagero to provide automated document management to corporate customers.
The need for Pagero’s services is growing strongly as the date for legal requirements in Saudi Arabia approaches. More than 70 new local and international customers have purchased Pagero’s services. Saudi Arabia is one of the company’s new establishment markets that is under development.

January-December 2021

Net sales amounted to SEK 441.8 million (348.2), which is an increase of 27% (28% adjusted for currency). Organic growth amounted to 13% (12%).
Recurring revenue amounted to SEK 392.4 million (302.7), which is an increase of 30% (31% adjusted for currency). Organic growth of recurring revenue amounted to 15% (12%).
Annual recurring revenue (ARR) amounted to SEK 475 million (337.4), which is an increase of 41% (15%). Organic growth in ARR amounted to 17%. ARR from the acquisition of Gosocket amounted to SEK 81.8 million.
Operating loss before depreciation/amortization (EBITA) amounted to SEK 39,6 million (profit: 0.6). The change compared with the previous year is driven by the international expansion according to the set strategy.
Cash flow from operating activities is positive and amounted to SEK 21.0 million (40.9).
Earnings per share before dilution amounted to a loss of SEK 1.15.
Pagero (Pty) Ltd was formed in South Africa.
As of 1 July, Pagero acquired the Gosocket SA Group in Latin America. See the acquisition analysis in Note 3.
Pagero was listed on the First North Growth Market on 22 October 2021. In connection with the listing, a new share issue comprising SEK 500 million was carried out and the company raised SEK 465 million in new capital after issue expenses.

Significant events after the end of the period

Malta’s government signed an agreement with Pagero for the provisioning of e-invoicing services via Peppol for all of its units.
In February, Pagero established a subsidiary in Poland to meet the upcoming legal requirement concerning electronic invoicing that affects all companies in Poland.

Webcast in conjunction with publication

Bengt Nilsson, CEO, will be delivering a presentation and Q&A in relation to the year-end report on 25 February at 10.00 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 year-end 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 and can be contact on +46 (0) 8-463 83 00 or certifiedadviser@penser.se.

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 2022-02-25 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