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Penneo increases ARR growth rate to 52% in 2021-Q1

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Company Announcement No. 14-2021
Copenhagen, 26 May 2021
Financial report for the period 1 January 2021 - 31 March 2021

Highlights 

  • Annual Recurring Revenue (ARR) end of 2021-Q1 was 40,9M DKK which is 52% higher than 27,0M DKK in 2020-Q1
  • Penneo increased total ARR by 3,9M DKK in 2021-Q1 which is 77% higher than 2,2M DKK in 2020-Q1
  • Penneo increased the ARR from new customers by 2,4M DKK ARR in 2021-Q1 which is 100% higher than 1,2M DKK in 2020-Q1
  • Penneo increased ARPA by 25% compared to 2020-Q1

ARR Guidance 2021

Penneo maintains short-term ARR-guidance (Company Annoncement No. 12-2021) which continues to be 45-47m DKK for 2021-H1 and 54-59m DKK for 2021.

Management commentary

In 2021-Q1, Penneo’s organisation grew from 74 to 81 team members, primarily in the commercial and product development departments. The new team members have been onboarded according to the announced strategy and use of proceeds from the IPO document, to strengthen Penneo’s product and commercial activities. The increased ARR growth rate is an evidence of the success and efficiency of the organisational growth.

ARPA (Average Revenue Per Account) grew by 25% in 2021-Q1 compared to 2020-Q1. The growth rate is testament to Penneo’s ability to develop the existing customer base and onboard new high value customers.  

Events after 2021-Q1

Christian Sagild elected new Chairman of Penneo
As announced in Company Announcement no.10-2021, Christian Sagild was elected new Board member at the annual general meeting on 28 April 2021. Subsequently, as announced in Company Announcement no.11-2021, Christian Sagild was elected Chairman of the board at the constituent board meeting immediately after the annual general meeting on 28 April 2021.
 

Further information 
Interim CEO, Nicolaj Højer Nielsen
Mobile (+45) 25 46 25 80
PENNEO A/S

Certified Advisor
Grant Thornton, Jesper Skaarup Vestergaard
Direct (+45) 35 27 50 11

About Penneo A/S

Penneo A/S (Penneo) is a Software-as-a-Service (SaaS) company, originally focused on delivering the digital pen (Penneo = new pen) back in 2014. Today, Penneo has evolved into an eco-system of automation solutions that digitizes company workflows related to onboarding of customers (KYC), and signing and management of documents in a secure and easy way. The Company offers a RegTech solution that helps companies comply with regulations in an efficient and inexpensive way. Penneo has a strong position in the Nordics and in Denmark, where more than 620.000 people used Penneo’s workflow in 2020.

For information about Penneo visit https://penneo.com/investors/

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