Third quarter 2022 financial results

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Zalaris ASA (Zalaris, OSE:ZAL) reported record-high revenues in the third quarter of 2022 of NOK 223.6 million, up 14.4 percent from the same period in 2021, reflecting strong underlying fundamentals. 

"The company grew more than 17 percent in the quarter in constant currency. We made several notable wins in the third quarter, and our pipeline of potential new contracts remains strong,” says Hans-Petter Mellerud, Chief Executive Officer of Zalaris.  

The reported revenues of NOK 223.6 million in the third quarter of 2022 compares to NOK 195.4 million in the third quarter 2021. Adjusted EBIT*, excluding the APAC operations launched in the first quarter, was NOK 11.4 million in the third quarter, compared to NOK 14.1 million in the third quarter of 2021. The reported EBIT ended at NOK 4.3 million (7.7). 

To increase earnings, a detailed plan for annual EBIT improvements of minimum 40 - 50 million by the end of 2023 has been launched. The increase will come through direct cost improvements, as increased use of delivery centers in Latvia, Poland and India, improved scheduling of resources and contribution from new signed contracts. 

"Based on these structural improvements we are confident that our current operation, as well as newly signed contracts, will contribute to delivering on our expressed EBIT margin target of 10% or more,” adds Mellerud. 

Zalaris is well positioned and benefiting from an underlying positive market, with double-digit growth rates for multi-country payroll and cloud-based HR services. 

“Our underlying fundamentals remain strong, and we have a solid pipeline of potential new sales in all regions. As our services allow customers to focus on their core business and streamlining their operations, we believe we will continue to benefit from the current uncertainties in the market and targeting becoming a NOK 1 billion revenue and 100 NOK million EBIT company toward the end of 2023" 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 or directly on Teams.

The presentation of the third quarter 2022 financial result and the Board of Director's 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 third quarter 2022 financial report on page 26 and 28. 


Hans-Petter Mellerud, Chief Executive Officer Zalaris
Mobile: +47 928 97 276 

Gunnar Manum, CFO Zalaris
Mobile: +47 951 79 190 

About Zalaris

Zalaris simplifies HR and payroll administration, and empowers customers with useful information so that they can invest more in their people. We are a leading service provider of Human Capital Management (HCM) solutions, serving more than 1.5 million employees monthly with an annual revenue of more than 80 million Euros. We carry over two decades of experience in transforming HR and support creating sustainable businesses with our clients. Simplify work life. Achieve more. For more information about us, go to