Financial Results for First Quarter 2021
Volue continues to deliver on the growth and expansion strategy, with a solid performance in the first quarter, especially in the Energy segment which posted 21% growth in the quarter.
Published
May 6, 2021
We see a strong development on building a continually increased recurring revenue base, where the SaaS transformation of the company is steadily progressing with a solid development from the corresponding quarter last year.
Volue reported revenues of NOK 256 million in the first quarter of 2021, up from NOK 227 million in the corresponding quarter last year, and an adjusted EBITDA of NOK 52 million, up 30 percent year-on-year, and an EBIT of NOK 21 million (24).
Recurring revenues represented 64 percent of the total turnover in the quarter, growing 16 percent to NOK 164 million year-on-year, while revenues from the Software as a Service offering amounted to 19 percent of the total.
The first quarter saw continued ARR growth and sales closing above target. We will seek to accelerate ARR growth further through SaaS transformation going forward, as we offer wall-to-wall SaaS solutions and have already built up a customer base comprising leading European companies.
Trond Straume
CEO, Volue
Volue listed on Oslo Stock Exchange
Following the listing on Euronext Growth during the autumn of 2021, Volue was listed on the Oslo Stock Exchange 4 May 2021.
Volue is focused on securing the availability of the core services societies rely on – from energy, power grid, water to infrastructure – today and tomorrow, and this new milestone will enable us to broaden our investor base and provides a stronger foundation to accelerate structural and organic growth. By being admitted to Oslo Børs, we’ve achieved one of our 2025 ambitions.
Trond Straume CEO, Volue
Targets & Ambitions
Volue has a 2025 ambition of creating a NOK 2 billion revenue company with an adjusted EBITDA margin towards 30%, SaaS revenues increasing to 50% and recurring revenues towards 80%.
Following a solid performance in the first quarter of 2021, and with all the business development initiatives under development by the entire Volue team, we reiterate our long-term ambitions and increase our 2021 revenue guidance to exceed NOK one billion.
Trond StraumeCEO, Volue