Second quarter 2023 financial results
Zalaris ASA (Zalaris, OSE:ZAL) reported record-high revenues in the second quarter of 2023 of NOK 280.5 million, up 33 percent from the same period in 2022, reflecting strong underlying fundamentals.
"The company grew more than 33 percent in the quarter, and 20 percent in constant currency, and delivered the sixth consecutive quarter with all time high revenues. We closed the first six month with all-time-high volume of new signings in Managed Services that in total generated around 90% of our sales target for the year, and we are well on track to deliver well above our target of generating NOK 1 billion in revenue by the end of 2023. In fact, we have now delivered a major milestone of becoming a EUR 100 million run rate company” says Hans-Petter Mellerud, Chief Executive Officer of Zalaris.
The reported revenues of NOK 280.5 million in the second quarter of 2023 compares to NOK 210.2 million in the second quarter 2022. Adjusted EBIT*, excluding investment in greenfield Asia-Pacific (APAC) operations launched in 2022, was NOK 22.3 million in the second quarter, compared to NOK 10.2 million in the second quarter of 2022, an increase of 119%. The reported EBIT ended at NOK 13.0 million compared to NOK 1.2 million in the second quarter of 2022.
The EBIT improvement project is on track and continues to be Zalaris’ number one priority. The target is for an adjusted EBIT margin of 10% by the end of 2023.
“Over the past two years, we have invested in standardizing and improving our PeopleHub solution to support customers with global footprints. Including using AI technology to automate and improve customer service and innovative solutions to track employees CO2 footprint. We are confident that our strategy of providing Global PeopleHub platform-based solutions to mid-market customers with multi-country needs will support both our tagline “Simplify work life. Achieve more” and help us sustain our current growth rate and achieving our margin expansion goals” Mellerud concludes.
Zalaris will host a streamed management presentation at 08:30 CET today followed by a Q&A session. The webcast will be available on ir.zalaris.com or directly on Teams.
The presentation of the second quarter 2023 financial result and the financial report are enclosed.
* 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 second quarter 2023 financial report on page 25 to 27.
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) simplifies HR and payroll administration and empower customers with useful information so that they 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 NOK 893 million (2022). 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 considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act.