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With 29,5M DKK ARR Penneo realized significantly more revenue in 2020-H1 than the +28M DKK outlook communicated during the IPO

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Company Announcement No. 6-2020
Copenhagen, August 27 2020

Financial report for the period January 1 2020 - June 30 2020

Highlights from 2020-H1

In the outlook for 2020-H1 a main goal was announced: Annual Recurring Revenue (ARR) of more than 28M DKK. The goal was achieved at 29,5M DKK ARR, despite the fact that management at the same time was heavily involved in running the IPO.

Annual Recurring Revenue Growth

  • Penneo increased ARR in 2020-H1 with 4,5M DKK from 25,0M DKK to 29,5M DKK, representing a 45% growth compared with the growth in 2019-H2.

  • Penneo successfully onboarded 199 customers.

  • Penneo increased average ARR per new customer by 79% in 2020-H1 compared to 2019-H1.

  • Penneo achieved 12% net annual growth from existing customers.

Management review

Developing an international SaaS business

Penneo continued to see the effects of its digital marketing activities, which resulted in a 194% increase in the ARR generated from inbound leads, compared to 2019-H1.

As part of the internationalization and entry into the Belgian market, Penneo succesfully integrated the Belgian eID itsme®-standard.

Penneo entered into a strategic partnership and built an integration with the international accounting software provider Silverfin, which is an important step in the continued execution of Penneo’s internationalization strategy.

Organizational growth

In 2020-H1, Penneo’s organization grew substantially from 41 to 52 team members of 18 different nationalities. The many different professional and personal backgrounds all add diversity, talent, skills, competencies, creativity, and innovation to Penneo and Penneo’s customers.

Read the full report at penneo.com/investors or in attached pdf.

Further Information 

CEO, Niels Henrik Rasmussen

Mobile (+45) 2123 4634
Email nhr@penneo.com
PENNEO A/S
VEGA, Enghavevej 40, 4th floor
1674 Copenhagen V
Denmark
 

Certified Advisor

Grant Thornton
Jesper Skaarup Vestergaard
Direct(+45) 35 27 50 11,  Mobile (+45) 31 79 90 00
Grant Thornton 
Stockholmsgade 45
2100 Copenhagen Ø
Denmark

About Penneo A/S

Penneo A/S (Penneo) is a Software-as-a-Service (SaaS) company originally founded to help companies digitally sign documents. Penneo was founded by 6 Danish entrepreneurs, who got together with a shared ambition to reduce the “hassle to get documents signed” by replacing pen and paper with a digital alternative. This new digital “pen” (Pen-neo) was launched in 2014 where Penneo was officially established.

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.

 

Important information 

This notice does not constitute a business description or prospectus. No person should buy or subscribe for shares in Penneo A/S, unless this is done on the basis of information in the company description published by Penneo in connection with the offering and admission of shares to trading on Nasdaq First North Growth Market Denmark. The company description is available on the Company's website. This notice does not constitute an offer to sell or an invitation to offer to purchase shares issued by the Company in any jurisdiction where such offer or sale would be illegal and the notice and information contained therein may not be directly or indirectly distributed or disclosed in or to such jurisdictions. The offering is carried out in accordance with Danish law and the new shares are only offered in Denmark. Relationships dealt with in this Communication may constitute forward-looking statements that do not constitute historical facts. The forward-looking statements in this announcement are based on a number of assumptions, many of which are based on additional assumptions. Although Penneo estimates that these assumptions were reasonable as they were made, they are inherently associated with significant known and unknown risks, uncertainties, unforeseen events, and other material issues that are difficult or impossible to predict or beyond the control of the Company. Such risks, uncertainties, unforeseen events, and other material matters may cause actual events to differ materially from the expectations expressed or implied in the forward-looking statements contained herein. The information, views and forward-looking statements contained in this notice apply only to the date of publication of this notice and are subject to change without notice.
 

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