Techstep ASA: Q4 2023 results
Profitability still improving, EBITA adj. of NOK 11 million in Q4 and NOK 30 million for the year
- Positive EBITA adj. for the fifth consecutive quarter
- Net gross profit impacted by lower device volumes, margin up from 28% to 30% y/y due to positive momentum in software sales
- Successfully delivered on the cost optimisation plan
Commercial momentum accelerated towards year-end, recurring revenue base up 5% y/y
- Signed frame agreement with the public sector purchasing agency Kammarkollegiet in Sweden, as one of six suppliers. The total frame agreement has a value of SEK 1.25 billion over a 48-month contract period
- Growth in recurring revenue driven by 9% growth in ARR from Own Software to NOK 115 million
Subsequent events
Refocused commercial strategy, increasing focus on partner sales
- Launched a new Go-to-Market strategy internally and deployed a revised indirect business model for partner ready and highly scalable solutions
- Signed transformative strategic partnership agreement with devicenow for Lifecycle Portal
Morten Meier appointed new Group CEO
- Over 25 years’ experience from the software and technology industry
- Held several senior leadership positions at Microsoft Norway, IBM and Hewlett Packard
“I joined Techstep last November in an advisory role, closely engaging with management, the board and the organisation, especially sales. I immediately felt a strong connection to the company and I was, and still are, highly impressed by Techstep’s unique expertise and burning passion for technology and its customers. In January I was appointed as the new CEO, and I would like to thank the Board and the organisation for the trust.
I strongly believe we are in a great position to create history and become the market leading mobile tech company in Europe, combining our own software, world-class expertise and managed services, with market-leading devices for office and frontline workers. Going forward, I’ll deepen my understanding of the organisation, identify growth opportunities, and collaborate closely with customers and partners to deliver value. I’m excited for the journey ahead, as our value proposition and solutions resonate so well with customers need and market demand”, says Morten Meier, new CEO of Techstep
Material
Please find the report and presentation for Q4 2023 enclosed.
Presentation and Q&A:
A live presentation and Q&A session will take place today at 8:00 am CET and can be accessed by clicking and registering using the following link:
The registration link is also available under the investor section on Techstep’s homepage, which can be accessed clicking here.
Questions for the Q&A session may be submitted in advance to [email protected], or live during the session itself. A recording of the Q&A session will be made available on www.techstep.io after the session has concluded.
For more information:
Morten Meier, CEO, Techstep ASA: +47 970 57 717
Ellen Solum, CFO, Techstep ASA: +47 976 66 717
About Techstep ASA
Techstep is a mobile technology company, enabling organisations to perform smartly, securely, and sustainably by combining mobile devices, software and expertise to meet customers’ business and ESG goals. We are a leading provider of managed mobility services in Europe, serving more than 2,100 customers in Europe with an annual revenue of NOK 1.1 billion in 2023. The company is listed on the Oslo Stock Exchange under the ticker TECH. To learn more, please visit www.techstep.io.
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. This stock exchange announcement was published by Marie Christophersen, Head of Treasury & Analysis, Techstep ASA, on 29 February 2024 at 07:00 CET.