Company Announcement No. 14-2024
Financial report for the period
Q1 2024 performance highlights
Strong new business performance and continued uplift from existing customers due to increased engagement, though negatively impacted by temporary downgrades, churn, and adverse currency fluctuations.
- ARR increased by
2.0M DKK compared to3.3M DKK in Q1-2023 -
ARR increase from Newbiz amounted to
3.5M DKK compared to2.0M DKK in Q1-2023 -
ARR increase from uplift amounted to
0.0M DKK compared to2.0M DKK in Q1-2023 -
ARR decrease from churn amounted to
1.5M DKK compared to0.6M DKK in Q1-2023 -
ARR from foreign markets increased by
1.1M DKK compared to0.9M DKK in Q1-2023 -
ARR amounted to
91.3M DKK at the end of Q1-2024 compared to74.2M DKK at the end of Q1-2023 (23% year-on-year growth) -
ARR from foreign markets amounted to
27.8M DKK at the end of Q1-2024 compared to20.5M DKK at the end of Q1-2023 (40% YoY growth) -
EBITDA improved to
(3.7)M DKK up from(6.6)M DKK in Q1-2023
2024 Guidance
ARR
Penneo continues to assume growth in ARR and guides ARR at the level of 105-112M DKK at the end of 2024 corresponding to an ARR growth rate of 18-25%.
The outlook is based on currency exchange rates at the end of 2023.
EBITDA
Business summary
In Q1-2024, the company continued its growth pattern ending with a year-on-year ARR growth of 23%. EBITDA in Q1 2024 has improved compared to Q1 2023, aligning with expectations.
Despite the typically quieter first quarter,
In addition,
In Q1-2024, fluctuations in currency exchange rates comparing the NOK and SEK to the DKK negatively impacted the Q1-2024 ARR by
The share of new business ARR from foreign markets continued to grow and now accounts for 35% YoY of our total new business ARR in Q1-2024. This growth is driven by
At the end of Q1-2024,
Presentation
Penneo's Q1-2024 financials will be presented at an online event hosted on 23 May 2024 at 10:00 CET. The call hosted by Penneo will be conducted in English and can be attended live here. Participants can also dial in via (DK) +45 70 71 41 69 PIN: 815 087 448#.
Before the event, investors and interested parties can also submit and upvote questions to Penneo's management via Stokk.io, a Q&A platform found here. During the live event, Penneo will answer questions posted on this platform after responding to analyst questions.
On 23 May, Penneo's financials will also be presented at a webinar hosted by HC Andersen Capital at 13.00 CET. This event is conducted in Danish and you can sign up here.
Further information
CEO,
Mobile (+45) 27 29 50 02
About
Founded in
Following our listing on Nasdaq Copenhagen Main Market in
For information about
https://news.cision.com/penneo/r/penneo-achieves-23--year-on-year-arr-growth-in-q1-2024,c3986582
https://mb.cision.com/Public/19412/3986582/9ed7321fe55260e1.pdf
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