Oslo, 10 February 2022: Volue ASA (OSE: VOLUE) reported operating revenues of NOK 312 million in fourth quarter 2021 (Q4 2020: 240), of which recurring revenues was 60 per cent in the period. Adjusted EBITDA* was NOK 57 million (54) with an adjusted EBITDA margin of 18 per cent. Volue experienced strong sales performance in the quarter, including a break-through contract in Iberia. Based on a successful 2021, Volue is lifting its long term revenues ambition to exceed NOK 2 billion in revenues by 2025.
Feb 10, 2022
“We delivered a strong financial performance in the fourth quarter, with the Energy Segment reporting 51% revenue growth, driven by extraordinary high activity within the Trading area, including trading advisory services. The annual recurring revenues (ARR) increased by 17% from the fourth quarter last year with steady growth in new SaaS business of 35% in the same period,” says Trond Straume, CEO of Volue.
Volue reported fourth-quarter 2021 operating revenues of NOK 312 million, up from NOK 240 million in the corresponding quarter last year, and NOK 1,040 million (892 million) for the full year 2021. Adjusted EBITDA* for the quarter totalled NOK 57 million and NOK 214 million for 2021. Recurring revenues represented 60 per cent of operating revenues in the quarter, growing to NOK 188 million, while revenues from the Software as a Service offering amounted to 21 per cent of the total. Organic growth compared to the same period last year was 21 per cent.
“2021 was an exciting year for Volue and I’m proud to say that we met our bold ambitions. I’m especially pleased that we managed to exceed our target of NOK 1 billion in operating revenues and also complete the integration of the acquired companies Likron and ProCom, despite the challenges caused by the cyber incident in May," Straume continues.
As communicated in November 2021, Volue is working on several new initiatives such as Distributed Energy Resources and new products related to optimisation and trading solutions. Volue continues to prioritise strategic investments in its SaaS platform and expansion into new markets which create short- to mid-term EBITDA impact, and increased R&D capitalisation in line with plans.
“The high volatility in power markets is increasing the need for sophisticated, flexible and scalable software solutions. This is what Volue delivers and we help our customers with wall-to-wall digitalisation of the clean-energy value-chain every day," says Straume.
Volue sees continued strong markets and has a strong foundation for continued profitable growth and expansion. Based on a successful 2021, Volue is now lifting its long term revenues ambition to exceed NOK 2 billion in revenues by 2025. In addition, Volue has set the following priorities and ambitions for 2022:
For further details, please see the attached fourth quarter 2021 presentation.
Trond Straume, CEO and Arnstein Kjesbu, CFO, will present the fourth quarter 2021 results today at 08:00 am at Hotel Continental in Oslo, Norway.
You can follow the webcast from this link: https://channel.royalcast.com/landingpage/hegnarmedia/20220210_4/
*EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as part of the APM section of the fourth quarter 2021 presentation on page 40.