First quarter 2022 financial results
April 28, 2022
(Oslo, 28 April 2022) StrongPoint ASA (StrongPoint, OSE: STRO) reported revenues of NOK 301 million in the first quarter of 2022, up 21% compared to same quarter in 2021 (249) and an EBITDA of NOK 12 million (14). The company delivered a solid quarter for the retail technology business and reiterates the strong outlook.
“The demand for grocery retail technology and StrongPoint’s solutions continues to be strong. The first quarter of 2022 shows that in-store productivity solutions are in high demand and that only challenging component access holds back even larger growth. Behind the scenes, our e-commerce offering is being continuously improved with hardware and software improvements as well as significant ramp-up investments in sales and marketing resources. Further in the quarter, we have engaged intensively with Air Link Group in a due diligence phase, as part of the announced intention to acquire the company, paving the way for a StrongPoint presence into the UK and Ireland. StrongPoint is delivering its best quarter ever as a Retail Technology focused company,” says Jacob Tveraabak, Chief Executive Officer of StrongPoint.
StrongPoint reported revenues of NOK 300.7 million (249.3) in the first quarter of 2022 and an EBITDA of 11.5 million (13.6). The first quarter EBIT was NOK 4.8 million (7.5) and the net profit after tax ended at NOK 3.2 million in the quarter (8.3). Cash flow from operating activities was NOK 11.9 million.
“In the quarter we welcomed two new members to StrongPoint’s Executive Management Team, Chris Mackie and Magnus Rosèn. Chris is now leading our E-commerce sales efforts and brings a wealth of experience in the area. Magnus now leads our Swedish operations as well as our E-commerce product development,” Tveraabak continues.
In a strategy update session held in February 2022, StrongPoint reiterated the ambition of NOK 2.5 billion in revenues and EBITDA margins of 13-15 % in 2025.
“Having commented on our Spanish operations throughout last year as we have undergone a significant turnaround of our operations in the country, I am pleased to announce a topline growth rate of more than 50% with a close-to break-even result in the first quarter of 2022. The future remains bright and promising, and I am confident about our success in the future. As more and more grocery retailers discover our solutions, I believe we can be optimistic in achieving our 2025 strategic ambitions,” Tveraabak concludes.
For more information:
Hilde Horn Gilen
CFO StrongPoint ASA
Tel:+47 920 60 158
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