EcoOnline Q4 and Full Year 2021 financial report – Strong performance confirming successful growth journey in rapidly expanding global industry
ECO.OL
Oslo, 28 February 2022 EcoOnline Holding AS ("EcoOnline") continues its growth journey and is reporting annual recurring revenues (ARR) at the year-end 2021 of NOK 434 million, with a year-over-year (YoY) growth of 37% and Full Year (FY) 2021 revenue growth of 41% with a proforma revenue of NOK 454 million.
EcoOnline, the leading European EHSQ SaaS provider of digital solutions for creating safer, healthier, and more sustainable workplaces, is reporting strong performance in all areas confirming the foundation for long-term profitable growth:
- NOK 434 million in ARR at the end of Q4 2021, up 37% YoY (23% organic growth)
- Strong recurring revenue growth
- Q4 2021 recurring revenue of NOK 102 million, up 32% YoY
- FY 2021 recurring revenue of NOK 373 million, up 45% YoY
- High customer acquisition rate
- 275 new customers in Q4 2021, 215 acquired organically and 60 through acquisition
- 1,187 new customers in FY 2021, 752 acquired organically and 435 through acquisitions
- Investment in the organization to facilitate for further strong growth with FY 2021 FTE increase of 153, mainly in Sales, Marketing and R&D
- Acquisition of the leading Norwegian EHS eLearning and Access management company Munio AS in Q4 2021
- 4 acquisitions in 2021 in total, bringing stronger UKI and Nordic position and key new offerings
- Solid financial position at year-end 2021
- NOK 365 million cash, providing a strong financial platform for further organic growth
- EUR 114.5 million credit facility, securing financing of potential further acquisitions
- Solid outlook with improving market conditions and stronger platform than in 2021. On track towards 2025 organic ARR target of NOK 1.1 billion
“I am pleased to see that we have good organic growth on track towards our 1.1b ARR target in 2025, developing well in all areas. I am also proud that we continue to add value and sustainability to our customers with our products, in addition to bringing in substantial competence and new offerings through acquisitions. We have a solid growing team, with a common purpose to protect people and the environment and an even more robust platform for continuing our growth journey in 2022 and forward,” says Göran Lindö, CEO of EcoOnline.
Please see the attached combined report and presentation for more information and detailed financial statements for Q4 and FY 2021.
The results will be presented in a webcast with CEO Göran Lindö, CFO Siw Ødegaard and VP Corporate Development Andreas Nordsjö today at 08.30 a.m. CET. The presentation and subsequent Q&A session will be held in English. Click here to view the webcast live.
A recording of the presentation will be made available on EcoOnline.com after the presentation.
Disclosure regulation
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
Contacts
- Siw Ødegaard, CFO and Head of IR at EcoOnline, +47 957 59 848, [email protected]
About EcoOnline
EcoOnline is a European EHSQ SaaS market leader dedicated to developing software creating safer & sustainable workplaces while ensuring compliance and environmental sustainability. EcoOnline has offered a positive contribution to customers and society since its inception and is a leader in the Nordics, UK and Ireland with customers also in US and many other countries. The company has a clear history of successfully acquiring and integrating companies with same level of employee engagement as EcoOnline.