Techstep ASA: Q2 2021 results

Highlights Q2 2021

  • Revenue was NOK 325 million, up 36% from NOK 238 million in the second quarter of 2020
  • Gross profit was NOK 114 million, up 46% from NOK 78 million in the second quarter of 2020
  • EBITDA adjusted was NOK 13 million in the quarter vs NOK 17 million in the second quarter of 2020, a 23% decline
  • ARR reported increased to NOK 64 million, up 73% from NOK 37 million in the second quarter of 2020. Proforma ARR including Famoc was NOK 93 million, up 149%
  • Signed 6 new managed mobility service contracts, with an estimated value of NOK 77 million and ~7,300 managed devices in the second quarter of 2021  
  • Acquired software provider Famoc S.A. to strengthen Techstep’s MMS capabilities and unlocking a European expansion opportunity. Techstep raised NOK 100 million in gross proceeds on 20 May to fund the acquisition, closing it on 1 July
  • Børge Astrup, an experienced software services leader and entrepreneur, was appointed as CEO effective from 1 August 2021
 

Commenting on the future of Techstep, new CEO, Børge Astrup says:

“Techstep has taken a position and built a growth platform that provides extraordinary value creation opportunities in the years to come.

What Techstep does, making work mobile, with all the benefits it brings to our customers, end users and other stakeholders, matters to a lot of people.

That’s why I joined the Techstep team as the company’s new CEO. We are improving the work lives of so many people, and we can make a lot of companies more productive, more profitable and more sustainable at the same time.

Techstep faces a truly exciting growth opportunity in the Nordics and Europe, and I look forward to capturing this together with our customers, our partners, the team, the Board, and not least our dedicated investors.

Techstep is in pole position to help businesses and people adopt and enjoy next generation mobility, and deliver substantial value to customers and end users. I look forward to using my experience from sales leadership and from developing and commercialising software and mobile services, as we now move forward to make work mobile at scale in an easy, secure, and sustainable way for more end users and companies.

To make sure we deliver growth, create stakeholder value and good returns to our investors, I believe it really boils down to some simple truths: Embrace digital transformation and deliver great user, customer, partner and employee experiences. And that is what we are going to do!”, says Børge Astrup, Techstep CEO.

Material

Please find the report and presentation for Q2 2021 enclosed.

Presentation and audiocast:

The presentation will be held as an audiocast with slides. The presentation, released today at 07:00 CET, is made in English by new CEO Børge Astrup, CFO Marius Drefvelin and CCO Erik Haugen. To watch the presentation please use this link: https://youtu.be/6A2WVnZzy0c

A Q&A session will take place as a virtual event today at 10:00 CET. Please join the session via the following link: https://bit.ly/2UbbYNn

Questions for the Q&A session may be submitted in advance to ir@techstep.no, or live during the session itself.

A recorded version of the Q&A-session will be made available on www.techstepasa.no shortly after the webinar has been concluded.

For more information:

Børge Astrup, CEO, Techstep ASA: +47 928 27 676

Marius Drefvelin, CFO, Techstep ASA: +47 958 95 690

Erik Haugen, CCO, Techstep ASA: Mobile: +47 967 90 101

About Techstep ASA

Techstep is purpose-built to become a Managed Mobility Services (MMS) leader. Techstep provides a complete Managed Mobility Services offering that presents enterprises and their employees with access to efficient, secure, and value-creating mobile work solutions - wherever and whenever they choose to work. Customer benefits include reduced IT complexity and costs, improved employee capabilities and engagement, as well as increased productivity and sustainability. Techstep has more than 350 employees based in Norway, Sweden, Denmark, and Poland, serving more than 2,000 customers across different industries and sectors. The company is listed on the Oslo Stock Exchange under the ticker TECH. To learn more, please visit www.techstepasa.no.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange release was published by Marius Drefvelin, CFO, on 19 August 2021 at 07:00 CET.