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Third quarter 2022 financial results

Published: 26. October 2022

(Oslo, 26 October 2022) StrongPoint ASA (StrongPoint, OSE: STRO) reported revenues of NOK 346 million in the third quarter of 2022, 76% growth compared to same quarter in 2021 (196) and an EBITDA of NOK 21 million (8). The company reiterates its 2025 revenue ambition of NOK 2.5 billion and a 13-15% EBITDA margin.

“In difficult economic times, people will always shop for groceries which is why serving the resilient and non-cyclical grocery market is as close to certainty as possible. This is evident for StrongPoint, and it is evident in the third quarter financial results: a very strong 76% topline growth, of which 20% was organic. Almost 2.5 times EBITDA improvement and EBIT increased 7-fold,” says Jacob Tveraabak, Chief Executive Officer of StrongPoint.

StrongPoint reported revenues of NOK 345.9 million (196.4) in the third quarter of 2022 and an EBITDA* of NOK 20.7 million (8.0). The third quarter EBIT was NOK 10.2 million (1.4) and the net profit after tax ended at NOK 8.0 million in the
quarter (-0.3). Cash flow from operating activities was NOK 4 million.

“Delivering a turnover of NOK 346 million in the third quarter is a great achievement. The absence of component shortages would have generated an additional NOK 15 million revenue in the quarter and foreign exchange had a negative NOK 9 million impact on sales. The third quarter is obviously positively impacted by the inclusion of recently acquired Air Link Group with NOK 110 million in revenue. However, organically StrongPoint grew its topline a very healthy 20% driven by in-store efficiency solutions,” Tveraabak continues.

“We strongly believe in bringing StrongPoint’s own, proprietary products and solutions, as well as key partner solutions, to these new markets. I continue to be optimistic about achieving our 2025 strategic ambitions,” Tveraabak concludes.

*EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the third quarter 2022 financial report on page 28.

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Hilde Horn Gilen
CFO StrongPoint ASA
+47 920 60 158,