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2020-08-18

Efecte Plc's Half-Year Report 1-6/2020 - strong SaaS growth continued

EFECTE PLC  --  HALF-YEAR REPORT --  18 AUGUST 2020 at 9:30

Efecte Plc's Half-Year Report 1-6/2020 - strong SaaS growth continued

4-6/2020:

  • SaaS grew by 24% and international SaaS by 69%
  • EBITDA was -0.1 million euro (-0.4) and operating profit -0.2 million euro (-0.5)
  • EBIT profitability improved from -14% to -5%
  • Solid operational execution led to strong SaaS growth and bottom line performance
  • COVID-19 impacted services revenue (-4% YoY) as expected, and on the other hand brought cost savings that temporarily improved profitability in Q2

1-6/2020:

  • SaaS grew by 22% and international SaaS by 65%
  • EBITDA was -0.4 million euro (-0.8) and operating profit -0.6 million euro (-1.0)
  • EBIT profitability improved from -14% to - 8%

Guidance for 2020:

SaaS net sales is expected to grow between 20-25% and profitability to improve from the comparison period.


Group key figures

1000 EUR4-6/20204-6/20191-6/20201-6/20192019
      
Net sales3 7013 4327 3936 88413 839
EBITDA-69-387-366-806-998
EBITA-173-471-573-975-1 377
Operating profit-178-476-583-984-1 396
Profit for the period-179-465-612-958-1 373
      
Earnings per share, eur-0.03-0.08-0.10-0.16-0.23
Equity per share, eur0.270.430.270.430.37
      
SaaS MRR747587747587640
      

CEO Niilo Fredrikson:

COVID-19 and the changing market environment during the second quarter posed a serious test for Efecte. Delivering strong SaaS growth and significantly improving profitability during a turbulent quarter is testimony to the dedication of our team. I want to extend special thanks to everybody at Efecte for staying focused and making it happen in the middle of many distractions.

While operational execution was the highlight of the quarter, we made also important progress advancing our strategy. We help service organizations digitalize and automate their work and are the European Alternative to the global goliaths in this space. This basic proposition is now more and more integrated in our messaging and resonating with customers and partners alike. The launch of our partner program in June and continued development of our digital go-to-market capabilities form the foundation for further scaling of Efecte’s business across Europe.

Customer buying behavior evolved during the pandemic, with demand for SaaS remaining healthy, services demand softening, and digital customer journeys increasing in importance. Accordingly, we adjusted our sales approach and services organization, led by our new COO Steffan Schumacher. Reacting early and executing prudently helped us deliver solid results.  In accordance with our strategy, we focus on growing our SaaS net sales, and we believe that the now seen decline of the share of services will continue.

Good execution in the DACH region continued, including winning a significant customer in the logistics industry and multiple customers starting successfully production use of Efecte. In DACH as well as Scandinavia, both SaaS and net sales grew over 50% during Q2 compared to Q2/2019. Finland delivered a strong quarter too in terms of SaaS growth, marked by many existing customers expanding their relationship with Efecte. Overall, almost half of our year-over-year SaaS Monthly Recurring Revenue (MRR) growth came from existing customers.

Based on the strong half-year results and outlook for the second half, we are well positioned to reach our guidance for the full year. The market remains however unpredictable, and we expect we need to stay fully focused to make it happen. A key milestone in Q3 will be our digital customer event on 22-23 September 2020, and any interested analysts, investors and media are also wel...

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