OrderYOYO was Cash EBITDA positive in
Company Announcement No. 63 - 2023
OrderYOYO A/S
Inside Information
Highlights
Strong performance in both Q1 and Q2 2023 with June ARR of
H1 2023 EBITDA of
June was the first month where our profitability strategy showed a positive Cash EBITDA*. This is a very important milestone for OrderYOYO as the organic operations are now self-sustaining and independent of external capital. Going forward, we expect to be Cash EBITDA positive on a quarterly basis
Our capital base develops as planned and, as OrderYOYO is now Cash EBITDA positive, our capital base is sufficient to realise OrderYOYO's organic growth and consolidation strategy
H1 2023 results are proof that our two stringed strategy with strong profitable growth and extending our leadership position across
FY2023 guidance raised on
Financial Highlights
|
| Consolidated |
|
(DKKm) | H1 2023 | H1 2022 | Growth (%) |
Annual Recurring Revenue (ARR - Annualized June MRR) | 246 | 167 | 47% |
GMV (Annualized June GMV) | 2,304 | 1,785 | 29% |
Pro forma Net Revenue (app smart proforma consolidated H1 22) | 116 | 87 | 33% |
EBITDA before other extraordinary items (2022 pro forma) | 9.0 | -6.0 | Nm |
Accounting Net Revenue (app smart only consolidated in H1 2023) | 116 | 51 | 127% |
|
| ||
Total assets | 393 | 386 | 2% |
Equity | 197 | 204 | -3% |
Cash | 53 | 61 | -13% |
*Cash EBITDA defined as EBITDA before other extraordinary items minus capitalized R&D expenditures
** Annualized June ARR of
** H1 2023 Net revenue of
** Annualized June GMV of
** Positive EBITDA before other external costs for H1 2023 of
** Cash EBITDA* positive in June. Going forward, we expect to be Cash EBITDA positive on a quarterly basis
** Capital base of
Consolidated 2023 guidance raised 18th
(DKKm) |
|
250-260 | |
2,500-2,700 | |
Net Revenue 2023 | 220-235 |
EBITDA before other extraordinary items 2023 | 15-20 |
OrderYOYO consolidation strategy and focus on profitability
As European market leader, we keep seeing increased consolidation opportunities in our markets. Our consolidation strategy focuses on two types of acquisition targets:
- Local market leaders in European countries where OrderYOYO is currently not present to expand our European market leading position, and
- Local participants in the markets where OrderYOYO is already market leader to drive economies of scale and increased profitability for the Group
In H2 2022 and Q1 2023 OrderYOYO was EBITDA profitable in all months. A strategic milestone for us driven by market leadership focus, strong commitment to profitable growth, increased economies of scale resulting from the OrderYOYO/app smart merger and a strict focus on cost management. The monthly EBITDA profitability has continued into Q2 2023 securing an H1 2023 EBITDA of
It is our goal to continue to be EBITDA profitable and our raised guidance for 2023 EBITDA of
As we continue our growth, both organically and through consolidation, economies of scale and cost control will increase EBITDA. In addition, acquisitions of local participants in markets where we are already market leader will provide the opportunity to increase profitability through cost savings and efficiency gains.
We are confident that our strategy will result in a continued expansion of our EBITDA margin in the coming years.
June was the first month where our profitability strategy showed a positive Cash EBITDA defined as EBITDA before other extraordinary items minus capitalized R&D expenditures, i.e., the organic operation before extraordinary items and costs related to M&A activities was cash flow positive in June. This was a very important milestone for OrderYOYO that means that the organic operations are now self-sustaining and independent of external capital. Going forward, we expect to be Cash EBITDA positive on a quarterly basis.
Integration of Kingfood acquired
Conference call
The H1 2023 Report will be presented at an online conference call on
Register for the conference call at:
https://www.inderes.dk/videos/orderyoyo-presentation-of-half-year-report-h1-2023
For additional information, please contact
OrderYOYO A/S
https://www.orderyoyo.com/investor-relations/
Mobile (+45) 21 67 84 92
Email jesper.johansen@orderyoyo.com
OrderYOYO A/S Masnedøgade 26, 2100 Copenhagen Ø
Certified Advisor
Mobile (+45) 31 79 90 00
Grant Thornton Stockholmsgade 45, 2100 Copenhagen Ø
About OrderYOYO
OrderYOYO is the market leading European online ordering, payment, and marketing software solution provider. OrderYOYO's solution is offered as Software-as-a-Service (SaaS) and enables small independent takeaway restaurants to have their own-branded online presence direct to consumers. OrderYOYO helps takeaway restaurants drive online takeaway orders through their own tailored software solution in the individual takeaway restaurant's own brand. We liberate restaurants.
https://news.cision.com/orderyoyo-a-s/r/orderyoyo-a-s-publishes-first-half-year-report-2023-confirming-earlier-announced-arr-growth-of-47--t,c3821193
https://mb.cision.com/Main/20605/3821193/2240108.pdf
https://mb.cision.com/Public/20605/3821193/add467fbdfe5bfb6.pdf
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