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Lime Technologies AB: Interim Report January-June 2020

Second quarter

  • Net sales amounted to MSEK 85.0 (70.0), rendering a net sales growth of 21% (14%). Organic net sales growth was 17% (14%)
  • Recurring revenue amounted to MSEK 48.5 (41.3)
  • The quarter was impacted by one-off items affecting comparison amounting to MSEK 0.0 (0.6), The comparative figure is attributable to acquisitions
  • Adjusted EBITA amounted to MSEK 21.8 (13.8) which corresponds to an adjusted EBITA margin of 26% (20%)
  • Net income amounted to MSEK 13.3 (7.4)
  • Earnings per share, before dilution, amounted to SEK 1.00 (0.56) and diluted to SEK 1.00 (0.56)

The first six months

  • Net sales amounted to MSEK 170.0 (139.9), rendering a net sales growth of 22% (17%). Organic net sales growth was 16% (16%)
  • Recurring revenue amounted to MSEK 95.4 (80.4)
  • The first six months were impacted by one-off items affecting comparison amounting to MSEK 0.0 (0.9) The comparative figure is attributable to acquisitions and the company's listing on Nasdaq Stockholm
  • Adjusted EBITA amounted to MSEK 45.3 (27.7) which corresponds to an adjusted EBITA margin of 27% (20%)
  • Net income amounted to MSEK 27.5 (14.9)
  • Earnings per share, before dilution, amounted to SEK 2.07 (1.12) and diluted to SEK 2.07 (1.12)
  • Acquired an additional 35% of the shares in janjoo AB


CEO's comments 

As previously mentioned, at Lime we approach the crisis as a tiger would. We attack when faced with a crisis. We retain our focus on growth and invest in sales and marketing. Thanks to the adopted strategy we achieved growth of 21% and an EBITA margin of 26% in the second quarter.

In the early stage of the COVID-19 pandemic, we took an operational approach and looked for new ways to generate income. Our attitude is that we must put in even more hard work to get through this crisis in the best possible way. We ensured our staff early on that we did not intend to lay off any employees or utilize any government support that became available. The challenge we now face will be battled by us - as a team!

I feel very proud of how we have handled the crisis so far - we have done it together. Our leadership has been open and receptive to ensure we maintain social interaction and productivity, even when many of us have been working from home. Through impressive commitment and remarkable efforts, our staff members have exceeded my expectations. We have developed new features, launched new products and marketed promotion campaigns to inject extra support into our sales organisation. We have helped our existing customers with flexible payment terms and we have adjusted the number of users, if required. As an affect the ARR growth for the quarter was weaker than previously, 17% compared to the same period last year. We feel very confident that our approach and focus will pay off in the long run. It is my hope and belief that our joint efforts will lead to stronger and even more loyal bonds among us.

Growth in the second quarter reached 21%, whereof organic growth reached 17% compared with the same period last year. Sales in Sweden - where the economy has been more open than in other Nordic countries - grew by 23%. Other Nordic countries, where more severe lockdown measures were in place until the end of May, lost some momentum and reached 15%.

Our most recent offering, Lime Intenz - which helps our customers drive behavioural change within sales and customer services - is impacted by COVID-19 to a higher extent than the rest of our operations. This is due to a delivery model based on more physical interactions. We have therefore been focused on product development and adapted parts of the offering to be based on digital delivery. This will be useful in similar situations in the future; it will increase efficiency and create more recurring revenues.

Since mid-March, we have experienced negative impacts from COVID-19 on order intake from new customers. This has partly been compensated by sales of add-on modules and Expert Services to existing customers. There is evidence of improvement in the economy in June and July, with new customers now showing a stronger investment appetite. Order intake in June and early July have exceeded last year. A significant deal was, for example, concluded with Upplands Motor after the second quarter.

Based on our communicated growth strategy, we have recruited 45 new colleagues since early February. Most of them will commence their trainee program in early August. Among the new recruits are three sales reps in the Netherlands, who will open our new office in Utrecht. Costs relating to these investments will not impact profitability until the second part of the year.

The adjusted EBITA margin reached 26% in the second quarter, an improvement compared to 20% during the same period last year. One reason for the improved profitability is that less money has been spent on business travel and conferences due to COVID-19.

Our previous estimates showed that the CRM market in the Nordic region will grow by 10 - 12% annually until 2023. Due to the pandemic, we now estimate lower market growth during 2020. As new behaviours are emerging, such as working from home, less travelling and fewer co-workers, our belief is that this will lead to a higher degree of digitalisation followed by more investment in software. New ways of working will require better collaboration among co-workers and will require better follow-up. This will lead to increased demand for CRM systems in the medium to long term.

It is hard to predict what impact COVID-19 will have on the rest of the financial year. What I do know is that at Lime we will continue to fight it the same way as we did during the two first quarters - like a tiger! We will continue to take an operational approach with investments in sales and marketing. We want to grab opportunities that arise from the crisis. We will therefore continue to recruit new employees, further develop our offices, search for suitable acquisitions and we will prioritise growth over profitability.

Now it's time to take a break and recharge the batteries. We wish all customers, employees and shareholders a relaxing and enjoyable summer. Take care, keep your distance and wash your hands!

Have a nice summer!

Erik Syrén, CEO of Lime Technologies


Read the entire report in the attached PDF.  

Invitation to webcast for the presentation of Lime Technologies' Interim Report for January-June 2020 

On Friday, July 17, at 09:30 CEST, are analysts, investors, media and other interested parties invited to attend a webcast where Lime's CEO, Erik Syrén, and CFO, Magnus Hansson, will comment on the published report and answer questions. The presentation will be held in English.

The presentation material will be available on Lime's website.

The link to the webcast can be found here (

For more information, contact:

Lime Technologies AB (publ)

Erik Syrén, CEO / +46 707-38 50 72 /
Magnus Hansson, CFO / +46 708-55 55 40 /
Lars Andersson, Head of Investor Relations /+46 704-33 53 83 /


This information constituted inside information prior to publication. This is information that Lime Technologies AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CET on July 17, 2020.

About Lime

Lime helps businesses all over the Nordics to become better at customer care. The company develops and sells digital products for "Customer Relationship Management", development and management of customer relationships. Lime was founded in 1990 and has 250 employees. The company has offices in Lund, Stockholm, Gothenburg, Gävle, Oslo, Copenhagen and Helsinki. Their customers include everything from sole traders to large organisations. (

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