Høvik, 18 August 2022: House of Control Group AS (HOC) reported an annual recurring revenue (ARR) growth of 35% to NOK 208 million, with organic growth of 17%. Revenue increased 30% to NOK 53 million in the second quarter 2022, with organic growth of 19%.
- Organic ARR growth of 17% to NOK 208 million
- Revenue of NOK 53 million (+30%), with organic growth of 19%
- Positive EBITDA of NOK 0.5 million and adjusted EBITDA of NOK 1.7 million
- Reduced employee base by 26% YTD, corresponding to a reduction of the annualized cost base by approximately NOK 45 million
- Expecting positive EBITDA for the full year 2022 and positive Cash EBITDA after capitalized R&D investments from mid-2023
“We turned EBITDA positive in the second quarter and expect the positive trend to continue in the second half of the year and into 2023. This means we expect to show positive EBITDA for the full year 2022, and a positive Cash EBITDA from mid next year,” says CEO Lasse Sten in House of Control Group.
Adjusted Cash EBITDA has improved from NOK -15 million in the fourth quarter 2021 to NOK -10 million in the first quarter and NOK -5 million in the second quarter 2022. The company believes this improvement will continue and that the company is on track to achieve positive Cash EBITDA from mid-2023.
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
About the House of Control Group
House of Control Group is a tech company that develops software as a service (SaaS) solutions for contract management and IFRS 16 compliance. The CFO and the finance departments of medium‐sized and large companies are the main target groups, and the group’s software helps them improve financial and operational management. Private and public enterprises use the software to manage contracts and assets, communicate with suppliers, and get a faster overview over their business via dashboards. 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. House of Control’s strong revenue growth is supported by a unique salesforce, with recurring revenues accounting for approximately 95 per cent of total sales.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.