First quarter 2022 financial results
Zalaris ASA (Zalaris, OSE:ZAL) reported revenues in the first quarter of 2022 of NOK 209.7 million, up from NOK 192.8 million, and an adjusted EBIT of NOK 14.9 million (Q1 2021: 13.8).
“Zalaris had a solid start of the year with record high revenues, strong customer wins and strategic growth initiatives proven by the acquisition of vyble. We experience an uptick of demand in the market for our services, as customers increasingly look to digitise and improve the resilience of their people processes. In combination with increased brand awareness, and a strengthened sales organization, this has resulted in a significant increase in new opportunities across our all our regions," says Hans-Petter Mellerud, Chief Executive Officer of Zalaris.
Zalaris reported revenues of NOK 209.7 million in the first quarter of 2022, up 8.8% from the same period in 2021 (192.8), and an adjusted EBIT of NOK 14.9 million, up 8.0% from the same period last year (13.8) The reported EBIT ended at NOK 4.7 million (10.3).
“The company grew 12% when adjusting for currency and the NOK 115 million we added in annual recurring revenues during 2021 will continue propagating throughout 2022. Add to this NOK 18.8 million of deferred revenue, and you find a business that is really humming," Mellerud adds.
Zalaris acquired vyble during the first quarter of 2021, with the ambition to become a significant player in the growing German market for fully digitised payroll and HR solutions for small and medium sized businesses.
“We see vyble as a complimentary extension to our portfolio, and to cover the overall payroll and HR market in all segments even better in the future. The German market has an estimated annual value of EUR 1.5 billion and we´ll also explore the potential of porting vyble to our other markets," Mellerud continues.
Zalaris is well positioned for future revenue growth, having signed an all-time high level of new long-term contracts during 2021. This high activity level has continued into 2022, with a new major contract entered into with Stora Enso and contracts with new customers in Germany and UK.
“We have a pipeline and opportunity space continuing to support organic growth ambitions exceeding 10% and will drive efficiency initiatives to deliver on our EBIT target of 10%. In addition, Zalaris is well capitalized to continue exploring M&A to grow, increase geographic coverage and add own IP to cover white space in our own solution footprint. Zalaris reiterates the strong outlook," Mellerud concludes.
Zalaris will host a streamed management presentation at 08:30 CET followed by a Q&A session.
The webcast will be available on ir.zalaris.com or directly on Teams.
The presentation of the first quarter 2022 financial result and the Board of Director's report are enclosed.
Zalaris ASA Q1 2022 Presentation
*Adjusted EBIT and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the first quarter 2022 financial report on page 24 and 25.
Contact:
Hans-Petter Mellerud, CEO
Mobile: +47 928 97 276
E-mail: hans-petter.mellerud@zalaris.com
Gunnar Manum, CFO
Mobile: +47 951 79 190
E-mail: gunnar.manum@zalaris.com
About Zalaris
Zalaris (OSLO: ZAL) simplify HR and payroll administration, empower you with useful information so that you can invest more in people. We are a leading service provider of Human Experience Management (HXM) solutions across Europe, serving more than 1.5 million employees with an annual revenue of ~76 million Euros (2021). We hold #1 or #2 positions in most of our markets. Our consultants have more than 21 years of experience in transforming HR with our clients. Simplify work life. Achieve more. For more information, go to www.zalaris.com.
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
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