Transcom Holding AB (publ): Year-end-report 2021

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Fourth quarter 2021 highlights

  • Revenue increased to 175.3M€ (157.4)
  • EBITDA excluding non-recurring items* increased to 26.2M€ (23.7)
  • EBITDA margin excluding non-recurring items amounted to 14.9% (15.1%)
  • Operating cash flow amounted to 4.3M€ (8.5)
  • Net debt/EBITDA* amounted to 4.1 (3.3)

January-December 2021

  • Revenue increased to 623.1M€ (557.8)
  • EBITDA excluding non-recurring items* increased to 74.8M€ (70.8)
  • EBITDA margin excluding non-recurring items amounted to 12.0% (12.7%)
  • Operating cash flow amounted to 22.0M€ (50.3)

Comments by the CEO: Good ending of the year

Transcom ends the year with both solid growth and increased EBITDA. Revenue growth in the fourth quarter was 11%, while EBITDA increased to €26.2 million (23.7). 

The growth in the fourth quarter is mainly driven by continued positive development in the eCommerce & Tech sector, amounting to 48% of total revenue (42%). The acquisition of City Connect contributed positively to revenue growth, while ramp down of temporary projects, including Covid hotlines, had a negative impact on organic growth.

The increase of EBITDA is mainly related to growth with attractive clients in profitable locations, compared to the same quarter 2020. After two quarters of weaker profitability, the fourth quarter marks a comeback, mainly driven by operational improvements and positive seasonal effects.

Our sales momentum continues to be strong. Annual revenue of new contracts closed in the quarter amounted to €21 million.

During the quarter we passed 30,000 employees and our employee satisfaction improved to an all-time high level. Labor markets are tight and we are continuously adjusting our employee value proposition to attract and retain the right team members. To mitigate the labor cost inflation, we have renegotiated pricing of clients representing more than 2/3rd of total revenue. The rate increases are expected to fully compensate the labor cost inflation during 2022.

We expect a continued good market for outsourced customer experience services, in particular to cost efficient near/offshore locations, as clients are facing increasing difficulties to recruit onshore and to handle the labor cost inflation. During the quarter, we opened new near/offshore locations in Slovenia, Serbia, Poland, Croatia and Albania, to meet the client demand. During the first half of 2022, we expect to open new near/offshore sites in North Macedonia, the Philippines, and Spain.

Our strategy is focused on client service and operational excellence, through strong culture and leadership. Moreover, we are continuing our shift towards digital services, eCommerce & Tech and increased near/offshore delivery.

We’re entering 2022 with a positive momentum and we stand committed to our long-term targets of double digit organic growth and 16% EBITDA margin.

Jonas Dahlberg, President & CEO

Q4 2021 results webinar

Transcom will host a webcast on Thursday, February 24, at 9:00 am CET. The presentation will be available on, direct link here.

Presentation details

Date/Time: Thursday, February 24, at 9:00 am CET

Online Registration link:

Important note: Please register via the link above at least 5-10 minutes prior the webcast in order to obtain the webcast link. If you register in advance, you will be sent an email reminder an hour prior to the webcast.

*EBITDA and Net debt including IFRS 16 Leases, please refer to note 13 for details of restated figures for comparison periods.

For further information, please contact

Jonas Dahlberg, President & CEO
Phone: +46 (0)70 347 23 83, email:

Snejana Koleva, Chief Financial Officer
Phone: + 46 (0)70 508 3830, email:

Helene Ruda, Head of Group Communications
Phone: +46 (0) 70 311 7560, email:

About Transcom

Transcom provides digitally enhanced customer experience (CX) services to some of the world's most ambitious brands. More than 300 clients globally, including disruptive e-commerce players, category redefining fintechs, and technology legends rely on us for on-, off-, and nearshoring services. Transcom’s over 30,000 employees work in 69 contact centers and work-at-home networks across 26 countries, creating brilliant experiences in customer care, sales, content moderation and backoffice services. We help our clients drive their brands forward, customer satisfaction up and operating costs down. For more information, visit