Pagero publishes interim report for Q1 2022: Strong growth in the first quarter

Pagero Group AB (publ) publishes interim report for the period January-March 2022.

“In Q1 2022, net sales increased by 53% and transaction revenue increased by 78%, proof that our offer gives our customers real value in terms of automation of their business processes. New revenues give us the necessary resources to continue our journey towards establishing the Pagero Network as the leading B2B network for automated and secure communication of business documents”, says Bengt Nilsson, CEO at Pagero.

First quarter of 2022

• Net sales amounted to SEK 136.7 million (89.4), which is an increase of 53% (49% adjusted for currency effects). Organic growth amounted to 24% (4%).
• Recurring revenue amounted to SEK 120.5 million (81.7), which is an increase of 47% (43% adjusted for currency). The increase is mainly a result of a strong growth of transactions in the Pagero Network. Organic growth of recurring revenue amounted to 29% (10%).
• Annual Recurring Revenue (ARR) amounted to SEK 496.8 million (341.7), which is an increase of 45% (10%). Organic growth in the ARR amounted to 18%. ARR from the acquisition of Gosocket amounted to SEK 93.8 million.
• Operating loss after depreciation/amortisation (EBITA) amounted to SEK 12.8 million (7.9). The change is in line with the set strategy and is driven by international expansion.
• Cash flow from operating activities is positive and amounted to SEK 7.5 million (22.8).
• Earnings per share before dilution amounted to a loss of SEK 0.28.
• Pagero announced that the company has advanced preparations regarding a potential bid for Tungsten Corporation plc.
• Pagero acquired the previously outsourced R&D operations in Sri Lanka.
• The Government of Malta chose Pagero for the provision of e-invoicing services.
• Pagero’s platform became ISO 27001 and ISO 27701 certified as a step in the active commitment to deliver data protection and security at the highest level.

Significant events after the end of the period

• Existing bank loan of SEK 90 million was amortized in full.
• Announced offer to acquire Tungsten Corporation plc.
• New credit facility of SEK 1,500 million secured, whereof SEK 750 million drawn down, of which some will be used for funding the potential Tungsten acquisition.
• Pagero launches support for P27, the new Nordic payments platform.
• Marianne K. Knudsen proposed as new Board member in Pagero Group.

Webcast in conjunction with publication
Bengt Nilsson, CEO, will be delivering a presentation and Q&A in relation to the interim report on 12 May at 11.00 CET. To participate in the live event, follow this link. A recorded version will also be available on Pagero’s website after the event.
 

Interim reports
The interim report is available on Pagero’s website. 
 

For more information

Bengt Nilsson, CEO
[email protected]

Jan-Olof Ohlsson, CFO
[email protected]
 

Certified adviser

Erik Penser Bank is Certified Adviser and can be contact on +46 (0) 8-463 83 00 or [email protected].

This information is information that Pagero Group AB (publ) is obliged to make public pursuant to the 
EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact persons set out above, at 2022-05-12 07:30 CET.

About Pagero

Pagero provides a Smart Business Network that connects buyers and sellers for automated, compliant, and secure exchange of orders, invoices, payment instructions and other business documents. With an open network and a wide range of value-added apps, Pagero helps businesses streamline their order-to-cash and purchase-to-pay processes while unlocking the full potential of accurate and reliable business data. All of this, regardless of location, industry, size or systems. 

Pagero’s share is traded on Nasdaq First North Growth Market under ticker PAGERO and ISIN SE0016830517.

Find out more on www.pagero.com