Revenue growth of 36% to NOK 54 million in Q1

by House of Control | Apr 28, 2022 7:00:00 AM

House of Control Group AS (HOC) reported 36% revenue growth to NOK 54.0 million in the first quarter 2022, with organic growth of 20%. 

  • 20% organic growth in ARR to NOK 199 million, adjusting for acquisitions in 2021 and divestment of the on-premises business in Q1 2022 
  • Revenue of NOK 54 million (+36%), with organic growth of 20% 
  • EBITDA loss of NOK 3 million in Q1 and NOK 2 million adjusted for special items 
  • Expecting positive EBITDA for Q2 and FY 2022 with positive Cash EBITDA including capitalized R&D investments from 2023 
  • Growth plan to ARR of NOK 500 million by end of 2025 is fully funded with current financing 

Høvik, 28 April 2022: House of Control Group AS (HOC) reported 36% revenue growth to NOK 54.0 million in the first quarter 2022, with organic growth of 20% excluding the effects of acquisitions and divestments. 

Annual recurring revenue (ARR) was NOK 199 million at the end of Q1 2022, which also reflected 20% organic growth. Divestment of the on-premises business with effect from 1 March 2022 reduced ARR by NOK 16 million in Q1. 

“The divestment of the non-core business tightens up the organization, sharpens the focus on our core portfolio of cloud-based products, and lowers our cost base by approximately NOK 30 million. This will enable us to generate positive EBITDA this year and positive Cash EBITDA including capitalized R&D investments from 2023 onwards. Our growth plan – to reach ARR of NOK 500 million by the end of 2025 – is fully funded with current financing,” says CEO Lasse Sten in House of Control Group. 

The company will host a webcast today at 10:00 CEST. Please use the following link to access the presentation: 

https://channel.royalcast.com/landingpage/hegnarmedia/20220428_3/

The presentation will be followed by a Q&A session. Questions may be asked in writing during and after the presentation in the comments section below the webcast window. The report, presentation and the link to the webcast will also be made available at https://www.houseofcontrol.com/investor-relations. 

For further information please contact:  

 

CFO Carl Fabian Flaaten  

Cell: +47 90 04 31 84 

Email: carlfabian@houseofcontrol.no  

  

About House of Control Group 

House of Control develops SaaS (Software as a Service) solutions. These are digital tools that the CFO can easily apply to improve the performance of the finance department and – ultimately – the whole company. The CFO toolkit contributes to at least four important tasks: Cut costs, save time, reduce risk, and improve compliance – all key ingredients of a better-working finance department. Private and public enterprises use the software to manage contracts and assets, comply with IFRS 16 requirements, communicate with suppliers, and organize procurement. House of Control’s strong revenue growth is supported by a unique salesforce, and approximately 94 percent of sales are annual recurring revenues. 

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. 

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