Financial Results for the Second Quarter 2021
“Volue delivered 18% growth in a very busy second quarter, adjusted for the cyber-incident, following continued solid performance for our Energy segment delivering a growth of 26% adjusted for the cyber-incident. The reported revenue growth for the group was 8% in the quarter. We also closed 700 smaller and larger sales in the period, including three larger international contracts in the Energy segment. Volue generally sees a strong development on building a continually increased recurring revenue base, where the SaaS-transformation of the company is steadily progressing with a robust development from the corresponding quarter last year,” says Trond Straume, Volue’s chief executive officer
Volue reported revenues of NOK 233 million in the second quarter of 2021, up from NOK 217 million in the corresponding quarter last year, and an adjusted EBITDA* of NOK 57 million, up 10 percent year-on-year. Recurring revenues represented 69 percent of the total turnover in the quarter, growing 17 percent to NOK 164 million year-on-year, while revenues from the Software as a Service offering amounted to 22 percent of the total.
After the closing of the quarter, Volue announced the completion of the final documentation following the 5 May 2021 cyber-incident and that normal operations have resumed. Reference is also made to the Stock Exchange Announcement 12 July 2021, regarding the financial impact of the incident, where the company announced NOK 40 million in one-off cost in the second quarter.
“We deployed all relevant resources to manage the situation and immediately decided to share all knowledge during and after the incident. Volue has received tremendous support and feedback from our customers and the cyber security environment, and our position as a leading provider of safe operations is verified as battle proven,” says Straume.
Following the closing of the quarter, Volue also announced the acquisition of German ProCom GmbH (ProCom) to strengthen its position as the leading provider of sustainable technology solutions to the European energy sector.
“We are pleased to announce the investment in ProCom to strengthen our European offering further. ProCom has an ambitious growth and expansion strategy, and we look forward to working with the ProCom team in expanding their offering and market presence in this rapidly growing and changing industry, “ Straume continues.
Through the acquisition, Volue will add three million euros in annual recurring revenues, approximately 60 employees and over 60 customers to its business. ProCom is headquartered in Aachen, Germany and has offices in Cologne and Berlin, serving primarily customers in Germany.
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 second quarter of 2021, and with all the business development initiatives under development by the entire Volue team, we reiterate our strong outlook and long-term ambitions, ” Straume concludes.
Please find the full financial report and presentation enclosed.
*EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the second quarter 2021 financial report on page 46.