Kollect reports quarterly revenues of SEK 13.4 million for continuing operations, up 42% on Q1 2021 and gross profit up 28% for continuing operations for the same comparative period

Highlights from the quarter

• Revenue for continuing operations in Q1 2022 was SEK 13.4 million, up 42% on Q1 2021 revenue of SEK 9.4 million, and up 4% compared to Q4 2021 revenues of SEK 12.9 million. 
• Recurring revenue from continuing operations of SEK 7.0 million in Q1 2022 was up 51% compared to SEK 4.6 million in Q1 2021, and was up 6% compared to SEK 6.6 million in Q4 2021.
• Gross profit from continuing operations in Q1 2022 amounted to SEK 4.0 million, up 28% compared to SEK 3.1 million in Q1 2021,and was flat compared to SEK 4.0 million in Q4 2021. 
• Gross margin from continuing operations for Q1 2022 was 30%, compared to 34% in Q1 2021 and 31% in Q4 2021.
• The Company showed an EBIDTA profit of SEK 18.9 million during the quarter, though this was attributable to the disposal of the Waterford Bin Business which was a one-off transaction. At an operational level, the operational EBITDA loss was in line with Q4 2021 at SEK 4.6 million. 
• The Company successfully disposed of its Bin Collection Business (including domestic and commercial bins) to Beauparc on 4 March 2022 for approximately SEK 25 million, which was paid at closing.
• The cash balance at the end of the quarter was SEK 22.9 million compared to SEK 6.9 million in Q1 2021.

CEO Comments

“Once again, I’m pleased to report that the Company has maintained our track record of consistent revenue growth, up 42% year-on-year in Q1 2022. This growth was particularly pleasing given the challenging economic conditions worldwide and that the Company undertook a material transaction in the disposal of its bin business during the quarter”

Key Figures

• Revenue from continuing operations for Q1 2022 was up 42% compared with Q1 2021 and up 6% compared with Q4 2021.

• Gross Profit from continuing operations was up 32% in Q1 2022 compared to Q1 2021 as a result of revenue growth and consistently strong gross margins. 

• The Company was EBIDTA profitable during the period, when including the disposal of the Waterford Bin Business. At an operational level, the EBITDA loss was flat with Q4 2021 at SEK 4.6million.

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