Volue: Financial Results For Third Quarter 2020
Volue delivered a solid performance in the third quarter, driven by the European expansion and growth in annual recurring revenues, a robust order intake, and improved margins. The transition to carbon-free energy production continues to depend on a successful digitalisation of the green energy value chain, and Volue is perfectly positioned to take the leadership position in this rapidly changing industry,” says Trond Straume, chief executive officer.
Volue reported revenues of NOK 209 million in the third quarter of 2020, up from NOK 189 million in the corresponding quarter last year, and an EBITDA of NOK 40 million, representing a growth of 33 percent. Recurring revenues represented 63 percent of the total turnover in the quarter, while revenues from the Software as a Service offering amounted to 16 percent of the total.
”We continue to see a positive development with ARR growth and the scale advantages boost our margin levels. We will continue to accelerate the ARR growth through SaaS transformation going forward as we offer wall-to-wall SaaS solutions and have already built up a customer base comprising the leading European energy companies,“ Straume adds.
Volue was listed on Merkur Market 16 October 2020 after a successful private placement raising NOK 500 million to the company.
“The listing on Merkur Market was an important milestone to accelerate structural and organic growth. It is important to attract a broader investor base going forward and the company prepares for a listing on Oslo Stock Exchange in the first half of 2021,” says Straume.
“Volue will leverage on the arising market opportunities and reiterates the ambition of creating a NOK 2 billion revenue company by 2025 with EBITDA margins towards 30 percent. In addition, we want to play an active role in the much-needed consolidation of a fragmented energy technology market and has an active M&A pipeline,” Straume concludes.
EBITDA and other alternative performance measures (APMs) are defined as a part of the APM section in the third quarter 2020 presentation.
Volue presented its third-quarter 2020 report on Friday, 13 November 2020. The streaming event is available here.