SmartCraft ASA (SMCRT) - Annual Report 2023
11 April 2024 - SmartCraft ASA, the leading Nordic provider of mission-critical SaaS solutions to small and mid-sized companies in the construction sector, today published its Annual Report and Sustainability Report for 2023. The report is enclosed, together with the company's annual financial statements in European Single Electronic Format (ESEF). The documents are also available on the Company's website.
“SmartCraft continued to show steady growth, solid profitability and a strong cash flow during 2023, despite volatile market conditions. Our SaaS based solutions help small and medium sized construction companies to strengthen the control on their business processes and therefore improve efficiency. This is more important than ever in challenging times and has led to low churn and continued growth for SmartCraft,” said CEO Gustav Line.
SmartCraft increased revenue by 20 percent to NOK 402 million in 2023 and the adjusted EBITDA margin was 42 percent (39 percent in 2022).
“2023 was a proof point of SmartCraft’s resilience whilst facing the economic downturn impacting the construction industry in general. The reason is that our solutions improve our customers efficiency, which is of extra importance in challenging times. Furthermore, most of our customers are mainly involved in the renovation part of the construction industry, which has stable demand. This sector is also larger than the new build part of the construction industry” said Gustav Line.
SmartCraft continues to focus on acquisitions as a growth driver alongside organic growth, and in 2023 the Swedish company Coredination was added to the SmartCraft family.
“Our acquisition targets are typically best of breed solutions within the construction industry, solving mission critical tasks. Our solid balance sheet allows us to act on good opportunities in the M&A market, and our proven model for integration and improving our acquired companies is a strong value driver. We have a significant pipeline of M&A targets both in our existing geographies and beyond. At the same time, a disciplined capital allocation practice will remain the highest priority,” said Gustav Line.
SmartCraft’s annual report for 2023 includes an expanded ESG section.
“Decarbonization, safe working environment and worker’s rights are hugely important areas for the construction industry, and we have an important role to play supporting the industry’s ESG agenda in the years to come. Additionally, we will in 2024 establish a plan for emission reductions in the years to come, aiming for net zero in accordance with the Paris agreement,” said Gustav Line.
DISCLOSURE REGULATION
This information is considered to be inside information pursuant to the EU Market Abuse Regulation, and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
The stock exchange announcement was published by the contact person, at the date and time as set out above.
CONTACTS
* Gustav Line, CEO, +47 952 67 104, [email protected]
* Kjartan Bø, CFO, +47 410 27 000, [email protected]
ABOUT SMARTCRAFT ASA
SmartCraft is the leading Nordic provider of mission-critical SaaS solutions to SME's in the construction sector. The company's business model is highly scalable, based on 97% recurring revenue and low churn. The construction sector is among the least digitalized industries and represents a NOK 10bn software market in the Nordics, growing at a double-digit rate. SmartCraft's solutions help customers to increase their productivity, margins, and resource efficiency.
