OCTOBER -
- Net sales increased 15.3% and were
EUR 7,437 thousand (6,449) - EBITDA was
EUR 2,512 thousand (2,287), 33.8% (35.5) of net sales - Adjusted EBITDA was
EUR 2,028 thousand (2,301), 27.3% (35.7) of net sales - EBIT was
EUR 2,119 thousand (2,037), 28.5% (31.6) of net sales - Adjusted EBIT was
EUR 1,811 thousand (2,142), 24.3% (33.2) of net sales - Profit of the review period was
EUR 1,729 thousand (1,594), 23.2% (24.7) of net sales
JANUARY -
- Net sales increased 16.8% and were
EUR 26,344 thousand (22,550) - EBITDA was
EUR 8,215 thousand (7,332), 31.2% (32.5) of net sales - Adjusted EBITDA was
EUR 7,951 thousand (7,589), 30.2% (33.7) of net sales - EBIT was
EUR 6,890 thousand (6,594), 26.2% (29.2) of net sales - Adjusted EBIT was
EUR 7,195 thousand (7,054), 27.3% (31.3) of net sales - Profit of the review period was
EUR 5,349 thousand (5,128), 20.3% (22.7) of net sales
10-12/2023 | 10-12/2022 | Change | 1-12/2023 | 1-12/2022 | Change | |
Net sales | 7,437 | 6,449 | 15.3 % | 26,344 | 22,550 | 16.8 % |
SaaS | 5,076 | 4,581 | 10.8 % | 19,146 | 16,989 | 12.7 % |
Transaction | 857 | 308 | 178.0 % | 2,265 | 1,172 | 93.3 % |
Consulting and other | 1,503 | 1,560 | -3.7 % | 4,933 | 4,390 | 12.4 % |
Gross margin | 6,826 | 5,798 | 17.7 % | 23,285 | 19,982 | 16.5 % |
Gross margin, % of net sales | 91.8 % | 89.9 % | 88.4 % | 88.6 % | ||
EBITDA | 2,512 | 2,287 | 9.8 % | 8,215 | 7,332 | 12.0 % |
EBITDA, % of net sales | 33.8 % | 35.5 % | 31.2 % | 32.5 % | ||
Adjusted EBITDA | 2,028 | 2,301 | -11.9 % | 7,951 | 7,589 | 4.8 % |
Adjusted EBITDA, % of net sales | 27.3 % | 35.7 % | 30.2 % | 33.7 % | ||
EBIT | 2,119 | 2,037 | 4.0 % | 6,890 | 6,594 | 4.5 % |
EBIT, % of net sales | 28.5 % | 31.6 % | 26.2 % | 29.2 % | ||
Adjusted EBIT | 1,811 | 2,142 | -15.5 % | 7,195 | 7,054 | 2.0 % |
Adjusted EBIT, % of net sales | 24.3 % | 33.2 % | 27.3 % | 31.3 % | ||
Profit (Loss) of the period | 1,729 | 1,594 | 8.4 % | 5,349 | 5,128 | 4.3 % |
Profit (Loss) of the period, % of net sales | 23.2 % | 24.7 % | 20.3 % | 22.7 % | ||
Equity ratio, % | 61.9 % | 69.7 % | 61.9 % | 69.7 % | ||
Net debt | 1,010 | -8,661 | 1,010 | -8,661 | ||
Gearing, % | 3.3 % | -32.9 % | 3.3 % | -32.9 % | ||
Earnings per share (EPS) | 0.09 | 0.09 | 7.4 % | 0.29 | 0.28 | 3.3 % |
Return on invested capital, % (ROIC) | 5.7 % | 7.0 % | 18.1 % | 22.5 % | ||
Return on equity, % (ROE) | 6.1 % | 6.6 % | 18.1 % | 21.2 % | ||
Number of employees at the end of the period | 208 | 184 | 13.0 % | 208 | 184 | 13.0 % |
Outstanding shares at the end of the period | 18,562,005 | 18,393,440 | 18,562,005 | 18,393,440 | ||
Average outstanding shares during the period | 18,562,005 | 18,393,440 | 18,527,914 | 18,343,559 |
CEO
2023 was a year of market uncertainty and difficult macroeconomic conditions in
Our customer base expanded even further to 12,600 customers. Revenue churn rate in 2023 was -5.4% (-3.5% in 2022) and Net Revenue Retention rate (NRR) at 101.3% (102.6% in 2022). The long-term potential of this customer base is a significant upsell opportunity and during the year we invested in developing our sales and delivery capability, scaling up for 2024.
We are a SaaS-product company and as such, our wide product portfolio is our competitive advantage. Having a well-integrated product offering covering our customers’ business-critical needs drives quicker time to value. Going forward we see excellent opportunities to deliver even more value to customers by helping them with data insights, ESG reporting and automating routine tasks using AI.
In 2023 we at
Group financial result and profitability
October -
Net sales for the review period were
The share of SaaS income was 68.3% (71.0), the share of transaction income 11.5% (4.8), and consulting and other income 20.2% (24.2). The share of transaction income increased especially due to the acquisition of
EBITDA was
EBIT was
Profit for the review period was
Cash flow from operating activities was
January -
Net sales for the review period were
The share of SaaS income was 72.7% (75.3), the share of transaction income 8.6% (5.2), and consulting and other income 18.7% (19.5).
EBITDA was
EBIT was
Profit for the review period was
Cash flow from operating activities was
Balance sheet, financing and investments
The balance sheet total at the end of the review period was
The Group has capitalized development expenses of
Total equity was
Equity ratio was 61.9% (69.7 at the end of the year 2022) and interest-bearing debt was
Cash and cash equivalents at the end of the review period were
Personnel
The Group number of employees was 208 (184) on
- R&D 93 employees
- Customer functions 101 employees
- Other functions, a total of 14 employees
Shares and shareholders
Share capital and number of shares
The company has one series of shares, and all shares have equal rights. At the end of the review period, Lemonsoft Oyj’s share capital consisted of 18,562,005 (18,393,440) shares. The average number of outstanding shares during the review period October - December was 18,562,005 (18,393,440).
The company's share is traded on the First North Growth Market Finland marketplace maintained by
On
Authorizations of the Board of Directors
- By virtue of the authorization, the Board of Directors is authorized to decide on the repurchase of a maximum of 1,800,000 of the company’s own shares. The proposed maximum number of shares to be repurchased corresponds to approximately 9.7% of all the company’s shares. The authorization includes the right to accept the company’s own shares as a pledge.
The authorization is valid until the 2024 Annual General Meeting, but not beyond
The Annual General Meeting authorized the Board to decide on a share issue against payment or a share issue without payment and the granting of special rights (as defined in Section 1, Chapter 10 of the Limited Liability Companies Act) in one or more instalments with the following terms and conditions:
- By virtue of the authorization the share issue may be a maximum of 2,000,000 shares. The authorization applies to both issuing new shares and to transferring of treasury shares held by the company. The authorization may be used to fund or complete acquisitions or other business transactions, for implementation of share-based incentive schemes, to develop the company’s capital structure, and for other purposes decided by the Board.
- The authorization entitles the Board of Directors to resolve on all the conditions of the issuance of shares and the issuance of special rights entitling to shares, including the right to deviate from the shareholders’ pre-emptive subscription right.
The authorization is in force until the next Annual General Meeting; however, no longer than until
As part of the completion of the acquisition of
Significant short-term risks and uncertainties
The deterioration of the economic situation, the impact of inflation and events with a global impact, such as the war in
In the longer term, the biggest challenge for our industry is the availability of skilled personnel. Success of the Group and opportunities for growth depend largely on how well we can recruit, motivate, and engage more skilled personnel and develop our expertise.
In
The ERP market is generally a highly competitive market, and the industry is fragmented. Smaller players are primarily focused in a specific sector of SMEs and larger players do not compete directly for customers in the same market. However, competition in
Risks related to information security and the IT systems of service providers are a significant factor affecting the security and continuity of the Group's business.
Success in acquisitions and related integration work is a key factor for
Board of Director’s proposal for dividend
At the end of the financial year 2023, the Group's parent company’s distributable funds were
Lemonsoft Oyj’s Board of Directors proposes to the Annual General Meeting that a dividend of
Events after the review period
There were no significant events after the review period.
Outlook 2024
Profit forecast for 2024
Financial information and Annual General Meeting in 2024
- Interim Report January -
March 2024 on Thursday,25 April 2024 - Half-year Report January -
June 2024 on Thursday,8 August 2024 - Interim Report January -
September 2024 on Tuesday,5 November 2024
The company's annual report for the financial year ending
Webcast for investors and media
https://lemonsoft.videosync.fi/2023-results
A recording of the event and the presentation material will be available after the event at https://investors.lemonsoft.fi/.
Board of Directors
Distribution
Principal media
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