Spir Group ASA increased revenues by 6 percent in the second quarter of 2024 compared to the same quarter last year to NOK 307.6 million, while EBITDA improved 10 percent to NOK 53.9 million in the quarter. Spir Group’s second quarter results reached all-time high and showed increased profitability for first half 2024.
“Delivering mission-critical software and data within our two business areas – real estate and public administration – the Spir companies all have market leading positions. Key KPIs as total revenues, EBITDA and net income are all improving and were all-time high in the second quarter. Entering the second half of 2024, our belief in the growth potential of Spir Group is reconfirmed,” says Per Haakon Lomsdalen, CEO of Spir Group.
Annual recurring revenue (ARR) increased by 6 percent to NOK 406 million at quarter-end. Spir Group delivers its offerings as recurring subscriptions, transaction-based data & software sales, and consulting services related to implementation and utilization of its solutions.
“We have three types of revenue streams from two business areas both with significant potential for digitalization. Spir Group’s business model is highly scalable and predictable. Our ambition is to provide attractive tools for streamlining and digitalization for the segments where we operate, driving Spir Group’s market share and profits,” says Lomsdalen.
In Norway, Sikri continued its high win rate on public tenders and increased ARR by 6 percent compared to one year ago. Ambita saw a higher demand for transaction-based revenues, leading to solid double-digit revenue growth in the quarter. Boligmappa has a steady increase in ARR and had a 35% growth in subscription revenues. With more than one million registered users the solution is rapidly becoming an important platform for all Norwegian homeowners. Metria is still impacted by a challenging Swedish real estate market but has steady growth in ARR and subscription revenues in addition to higher demand for its consulting-services related to climate and sustainability.
Spir Group’s financial position has improved during the first half of 2024 as net interest-bearing debt incl. lease liabilities declined from NOK 651 million at the end of 2023 to NOK 597 million at the end of June. The company’s operating cash flow ended at NOK 150 million in the first half of 2024.
“There is a growing demand for secure and efficient IT solutions across both business areas, and our customers are consistently looking to reduce costs by streamlining and digitizing their operations. With a continued improved financial position, we are well positioned for growth,” says Lomsdalen.
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