Spir Group ASA increased revenues by 7 percent in the third quarter of 2024 compared to the same quarter last year to NOK 282.0 million, while adjusted EBITDA improved 14 percent to NOK 58.7 million.
Spir Group’s real estate business area grew revenues by 15 percent, as Ambita, Boligmappa and Metria all delivered double-digit revenue growth in the quarter. Within public administration, Sikri won all public tenders during the quarter and delivered 4 percent revenue growth adjusted for the bi-annual election revenue.
“During Q3 2024, Spir Group performed well with solid revenue growth and significantly improved profitability. The Spir companies provide mission-critical software and data across two core business areas – real estate and public administration – with market leading positions. The enhanced financial performance is a result of the strategic initiatives we have implemented during the past 12-18 months. We have continued to improve our commercial, sales-focused organization, while maintaining strict cost discipline,” says Per Haakon Lomsdalen, CEO of Spir Group.
Spir Group’s real estate business area was strengthened during the third quarter through the acquisition of Unbolt AS, the market-leading software provider for appraisers. Unbolt brings NOK 50 million of Software-as-a-Service Annual Recurring Revenue (ARR) and ARR-like revenues with significant growth potential and is a natural extension to the company’s real estate business area. Spir Group’s ARR increased by 10 percent to NOK 425 million at quarter-end.
“This strategic acquisition generates important synergies within our real estate offering. Unbolt, through its subsidiary iVerdi AS, provides software and analysis utilized by the majority of real estate-appraisers across Norway, enabling us to offer a broader range of services to our customers, strengthening Spir Group's position as a trusted provider of software and data in the property transaction market,” says Lomsdalen.
In Sweden, Spir Group’s continued initiatives to streamline Metria is proving effective. Metria increased revenues by 16 percent in the quarter, while also enhancing profitability.
“We are continuing to execute on our strategy. There is a growing demand for secure and effective IT solutions across both business areas, as well as steady growth in subscription revenues. The improvements in the real estate markets of Norway and Sweden are positively impacting our financials, while Sikri continues to deliver solid results within public administration in Norway. We are only at the beginning of tapping into the Group’s potential, and we are eager to improve our performance even further going forward,” says Lomsdalen.
For further queries, please contact:
Cecilie Brænd Hekneby
Chief Financial Officer & IR
Tel: +47 99 29 38 26 Email: cecilie.hekneby@spirgroup.com
