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Pagero AB: Pagero Group AB (publ) publishes interim report for Q3 2021

Pagero Group AB (publ) publishes interim report for the third quarter (July - September) 2021

"An intense quarter with strong growth figures is at an end. We continued our investments in Pagero's newly established markets outside the Nordic region in order to meet the growing global demand. With a completed new share issue at the beginning of the last quarter of 2021, we raised SEK 465 million in capital and Pagero is now well equipped organizationally, financially and in terms of products to deliver according to our growth plan", says Bengt Nilsson, CEO at Pagero
 

Third quarter 2021

Strong third quarter with increased growth
  • Net sales amounted to SEK 120.0 million (82.8), which is an increase of 45% (46% adjusted for currency). Organic growth amounted to 16% (4%).

  • Recurring revenue amounted to SEK 107.8 million (76.0), which is an increase of 42% (43% adjusted for currency). The increase is mainly a result of a strong growth of transactions. Organic growth amounted to 14% (8%).

  • Operating loss after depreciation/amortization (EBITA) amounted to SEK 1.9 million (profit: 7.4). The change compared with the previous year is driven by international expansion according to the set strategy.

  • Cash flow from operating activities amounted to an outflow of SEK 3.1 million (inflow: 1.4), which is a combination of a lower operating profit/loss and a positive change in working capital.

  • Earnings per share before dilution amounted to a loss of SEK 0.49.

  • As of 1 July, Pagero acquired the Gosocket SA Group in Latin America. See the acquisition analysis in Note 3.

  • B2B (business-to-business transactions increased by 23 % YoY while our "clearance" transactions in South America increased by over 29 % YoY.

 

January - September 2021
  • Net sales amounted to SEK 307.0 million (253.5), which is an increase of 21% (23% adjusted for currency). Organic growth amounted to 12% (11%).

  • Recurring revenue amounted to SEK 277.0 million (224.7), which is an increase of 23% (25% adjusted for currency). Organic growth amounted to 14% (14%).

  • Annual recurring revenue (ARR) amounted to SEK 459.0 million (316.3), which is an increase of 45% (13%). Organic growth in ARR amounted to 20%. ARR from the acquisition of Gosocket amounted to SEK 79.6 million.

  • Operating loss before depreciation/amortization (EBITA) amounted to SEK 22.1 million (profit: 5.2). The change compared with the previous year is driven by international expansion according to the set strategy.

  • Cash flow from operating activities was SEK 12.7 million (18.3), which is a combination of a lower operating profit/loss and a positive change in working capital.

  • Earnings per share before dilution amounted to a loss of SEK 0.72.

  • Pagero (Pty) Ltd was formed in South Africa.

  • During the period, 38 new partner agreements were added to Pagero's expanding ecosystem.

Significant events since the end of the period
  • Pagero was listed on the First North Growth Market on 22 October 2021. In connection with the listing, a new share issue comprising SEK 500 million was carried out and the company raised SEK 465 million in new capital after issue expenses.
 
  • The need for Pagero's services is growing strongly as the date for legal requirements in Saudi Arabia approaches. More than 70 new local and international customers have chosen Pagero's services. Saudi Arabia is one of the company's new establishment markets that is under development.

 

Webcast in conjunction with publication

Bengt Nilsson, CEO, will be delivering a presentation and Q&A in relation to the interim report on 23 November at 12.00 CET. To participate in the live event, go to https://www.finwire.tv/webcast/pagero-group/q3-presentation-2021/. A recorded version will also be available on Pagero's website after the event: www.pagero.com.

For further information, please contact:

Bengt Nilsson, CEO

E-mail: bengt.nilsson@pagero.com

Jan-Olof Ohlsson, CFO

E-mail: jan-olof.ohlsson@pagero.com

Certified adviser

Erik Penser Bank is Certified Adviser and can be contact on +46 (0) 8-463 83 00 or certifiedadviser@penser.se.

This information is information that Pagero Group AB (publ) is obliged to make public pursuant to the

EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact persons set out above, at 2021-11-19 17:30 CET.

About Pagero

Pagero provides a Smart Business Network that connects buyers and sellers for digital, compliant, and secure exchange of business documents, anywhere in the world.

Powered by application, we help businesses streamline order-to-cash and purchase-to-pay while unlocking the power of accurate and reliable data - regardless of system

Pagero's share is traded on Nasdaq First North Growth Market under ticker PAGERO and ISIN SE0016830517.

Read more on www.pagero.com

Source: Cision
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