Pagero publishes interim report for Q1 2023: Strong start of the year with accelerating organic growth

Pagero Group AB (publ) publishes interim report for the period January-March 2023

“The stars that support our business are aligned and we continue to see a growing need in all our markets. During the quarter, we grew net sales by 32% and we had an increase in Annualized Recurring Revenue (ARR) of 33%. We also see increasing efficiency in our direct sales and were pleased to receive our largest order to date of EUR 4.2 million during the quarter”, says Bengt Nilsson, CEO at Pagero.
 

First quarter of 2023

• Net sales amounted to SEK 179.8 million (136.7), which is an increase of 32% (53%) and 27% adjusted for currency. Organic growth amounted to 32% (24%).
• Recurring revenue amounted to SEK 154.8 million (120.5), which is an increase of 28%. The increase is a result of a strong growth of both transactions and licences in the Pagero Network. Organic growth of recurring revenue amounted to 28% (19%).
• Annual Recurring Revenue (ARR) amounted to SEK 660.6 million (496.8), which is an organic growth of 33% (18%).
• Operating loss after depreciation/amortization (EBITA) amounted to SEK 21.1 million (12.8). The result is in line with the international expansion strategy.
• Cash flow from operating activities amounted to an outflow of SEK 9.7 million (inflow: 7.5) for the quarter. The company’s cash and cash equivalents amounted to SEK 378.2 million.
• Earnings per share after dilution amounted to a loss of SEK 0.39 (0.28).
• Pagero’s warrants programme 2020/2023 fully utilized and brings the company SEK 54 million.
• Pagero and Thomson Reuters partner to bring a new and comprehensive indirect tax compliance suite to customers.

Significant events after the end of the period

• Malaysia introduces country-wide e-invoicing mandate
• Pagero receives a EUR 4.2 million order
   

Webcast in conjunction with publication
Bengt Nilsson, CEO, will be delivering a presentation and Q&A in relation to the interim report on 11 May at 09.00 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

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 2023-05-11 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